The email that helps you start a business by keeping things simple.

This week:

Update: Things have not been going my way recently. I’ve been doing this long enough now to know that this is par for the course but oh my goodness do I feel as though I’m due a break! Since returning to work after maternity leave at the start of July, I feel as though I’ve been on an endless treadmill of little fires everywhere, both personally and professionally. A few weeks ago I was hoping for a positive outcome as the culmination of two years of work, alas it is not meant to be and I’m now in the thick of the aftermath of implementing plan B. When I’m no longer under NDA I’ll happily share the whole story but until then, if you are feeling as though nothing is working for you right now, know that you are not alone.

Instead of focusing on the seeming unfairness of the situation, I’m choosing to focus on the positives and take actions on my controllables. Remembering that good or bad, this too shall pass.

Words to live by: You can do anything, but not everything.

Food for thought: Last week Netflix dropped a new documentary - part one of Simone Biles: Rising. As the 2024 Olympics start in Paris this week, the 4-part docu-series shares previously unseen footage of American gymnast Simone Biles’ shock decision to pull out of the 2020 competition in Tokyo citing mental health reasons. The documentary shines a light on the intense pressure of international sport, the impact of the media spotlight and the immense weight of expectation placed on one woman’s shoulders.

“Put mental health first, because if you don't, then you're not going to enjoy your sport and you're not going to succeed as much as you want to," she said. "So it's OK sometimes to even sit out the big competitions to focus on yourself, because it shows how strong of a competitor that you really are, rather than just battle through it."

Watch the series here >

Good To Know

Keeping on top of what is going on in the world of starting a business is overwhelming. Let’s keep it simple. Here’s what you need to know this week:

OpenAI is testing out SearchGPT. A new way for users to get real-time information from the internet >

Sam Altman, OpenAI CEO confirmed that ChatGPT voice mode will launch new week in alpha for ChatGPT Plus users >

Do I need to pay tax on my side hustle? The crucial £1,000 tax rule >

Could AI be a bubble? >

When it comes to networking, is pickleball the new golf? >

An open conversation about entrepreneurship and mental health

Starting your own business is often glamourised as the path to unlimited freedom. A future of uncapped earning potential, the ability to “work from anywhere” and take a day off at a moments notice. Yet few talk about the other side of the coin - the price you pay for this freedom is unfortunately often with your mental health.

In fact a recent study showed that 72% of entrepreneurs and business owners have stated that starting a business has negatively impacted their mental health including suffering from extreme levels of anxiety, stress, burnout and overwhelm, often triggered by the uncertainty that comes as part of the package of running a business.

As someone who has been running businesses for the best part of 18 years, I too have felt the detrimental effects of entrepreneurship on my mental health. In 18 years I’ve had 7 businesses and 2 failures. During this time I’ve also had 3 big bouts of problems with my mental health manifesting in physical symptoms including panic attacks, stress-related alopecia, anxiety, severe weight-loss and insomnia. At one of my lowest points in 2023 when I was liquidating one business (the aftermath of covid finally caught up with us and I couldn’t personally bank roll the losses of unpaid invoices any longer), I was even prescribed diazepam by my GP.

I share this not to put anyone off starting a business. I don’t regret anything I’ve done to date, even the mistakes that undoubtedly played a part in my mental health challenges, instead I choose to see them as learning experiences.

I share this because not enough people talk about it.

Starting a business, whether it’s a one-person show as a freelancer, or a venture-backed tech company with a weighty payroll, comes with it’s own unique set of stressors including financial uncertainty, constant decision-making and responsibility that only those who choose this path truly understand. The weight is heavy and can often feel unbearable, made 1,000 times worse when you keep it all in.

Whilst some founders share their struggles openly, including Monzo’s Tom Blomfield, it is often only after they have reached a certain level of perceived success.

My take on this is that sharing your struggles sooner, whilst you are still in your scrappy start-up phase, is still seen as a sign of weakness, from peers, customers and investors alike.

But with entrepreneurs exponentially more likely to suffer from mental health problems, I think it’s high time this changed.

So what are some practical things you can do to consciously work on your mental health when you are starting a business?

1. Write it down. I started writing morning and evening pages after my first business failure in 2013 and I’ve never looked back. Often I find that the simple act of getting everything out of my head and onto paper or into my phone notes is enough to calm my racing mind.

2. Talk to someone. This is where having a support system of other business owners who truly understand what you are going through, you can relax in their company knowing that you can fully offload and they just get it is invaluable. Being a business owner is often lonely work and my mental wellbeing has infinitely improved since I started making a conscious effort to make genuine business friends.

3. Walk and water. The first thing my counsellor (therapist?!) said to me when I was referred to her during my second bout of extreme anxiety in 2017 was: are you drinking enough water and are you walking? The answer to both of these was of course no, I don’t have time for walks and I live on caffeine. Funnily enough these two small steps and daily habits make a huge difference to how you feel and it’s the first thing I check myself on if I feel overwhelmed.

4. Talk to a professional. During all three bouts of really struggling with my mental health due to the stress of entrepreneurship, I’ve been to my GP. The first time in 2013 I was referred to a counsellor. The second time in 2017 I was referred again for cognitive-behavioural therapy (CBT). And finally in 2023, I was prescribed a very short course of diazepam. If you are struggling with your mental health, like so many of us are or have been in the past, I cannot stress enough how important it is to seek professional help.

The reality of entrepreneurship is that you are the most important asset. It’s only by acknowledging the mental health challenges of starting and growing a business and taking positive steps to stay mentally well will you ultimately ensure you get to enjoy the rewards of being your own boss.

Last week I shared the evolution of this platform I have created over the last 18 months. The Keep It Simple Club.

If you’re looking for an action-orientated supportive community of like-minded people who are also starting and growing a business then this is for you.

This is not a community or course sharing endless streams of information that just add to your overwhelm. Instead we’ll have 6 live sessions with me a month where we focus on implementation.

Doors will be open next Monday 5th August for 48hrs at £37 per month and you can cancel any time.

If that sounds like something you might be interested in then you can join the waitlist below.

Have a great week ahead & remember to keep it simple.

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