Stress-busting tips for sole traders

Just because your “team” is just you right now, you don’t have to feel alone in times of stress.

Team Transmit is a business breeding ground.

The entrepreneurial culture here means that a high proportion of our staff are able to run their own businesses alongside their day job. We support them to do that because we believe it benefits our customers as well - after all, wouldn't you rather take business advice from someone who’s done it themselves?

When Transmit employees have the chance to turn their passion projects into independent businesses, their knowledge, skills and confidence grows. Since our business advisors and wider team are able to guide entrepreneurs and startups from both a practical and a personal perspective, everyone wins… as long as we help our people take care of themselves.

On the lookout for burnout

A lot of independent small businesses take the form of freelancing in the beginning. The latest estimate from HMRC is that over half (56%) of all UK businesses are sole traders. Even though business ownership can feel lonely at times, you’re really not alone!

With so many side-hustling sole traders in our midst, we’ve got considerable experience when it comes to juggling priorities and we’re mindful of what can happen when enthusiastic entrepreneurs start burning the candle at both ends.

In our efforts to make self-employment as enjoyable and accessible for as many people as possible, we’d like to share with you what we’ve learned.

As the founder of a fledgling company, it’s tempting to invest every waking minute into starting, running and growing your business. But this can result in both psychological stress and physical symptoms (from eye strain to sleep issues), and in the long run, prioritising your health will set your business up for greater success.

If you’re fully self-employed

There’s a common misconception that working for yourself is “easier” than working for someone else. We know as well as you do that starting your own business ain’t the easy route! 

As Victoria, one of our Start Up Loan success stories, puts it:

“It's funny, when you start your own business you end up working harder for your own clients than you ever did for someone else! Especially when you're trying to build a reputation, deliver great work for your clients and develop more business.”

For any business owner, it can be hard to step away from a mounting To Do List when you’re the boss and the responsibility to your customers, partners and investors, ultimately sits with you. This is especially tricky for sole traders who don’t have a team to help pick up some slack.

What you have got, however, is the freedom to design your working week the way you want it.

• Optimise your energy levels
  Try planning the tasks you find most demanding (whether that’s making sales calls or working through a financial forecast) at a time when you’re most likely to feel on form.

• Decide what time your working day ends and try to stick to it
  Even when you work from home, shut the laptop and walk away, as if you were “leaving the office”. If you find it helpful, add in something symbolic like putting on some music at the same time each evening, to mark the beginning of your non-working time.

If you’re side-hustling

Think about the top priorities for your business and what time of day you could smash them out in record time (again, thinking about how you feel at different times of the day).

Some people feel fired up first thing in the morning and can make loads of progress on their side-hustle before starting their other job. But you might feel more energised later in the evening after you’ve had time to unwind from the day. It’s also worth considering whether you can turn your lunch break into a super productive power hour!

Once you’ve identified the time of day when you’re likely to achieve more in less time, make these dedicated blocks of time your working hours for your business. You can even communicate to people on your website, social media and email signature that these are the best times to reach you. Outside of these hours, protect time for yourself and ask friends and family to hold you accountable if necessary.

Tip 2: Get the most out of your tech

There are a large number of apps and tools that allow you to automate some of your business processes or help you manage your time and tasks, which in turn can reduce stress.

Here are some we’ve tried and love:

• Trello - a visual tool that helps you manage any type of project, workflow, or task list. You can use it as a sole trader and then invite collaborators in as you begin to work with others. Our Commercial Director Rich has been known to say “If it’s not on Trello, it doesn’t exist”. This gives you an idea of how embedded this tool has become in our team!

• Otter - records meetings and conversations and transcribes them so you don’t need to scribble everything down. If you conduct some of your business over Zoom, Microsoft Teams or Google Meet, you can invite Otter to automatically take notes for you.

• Crunch accounting offer easy and intuitive software that gives you the ability to invoice in a couple of clicks, snap-and-save receipts, auto-match your bank transactions with business activity and more

• Todoist - a task list that allows you to switch between different projects and can be integrated with lots of other apps. It can help you stay focused, organised, and calm.

• Structured - An app that lets you split your day into small tasks and see a visual timeline of your activities and move them around as things change.

Tip 4: Ask for help

Outsource the work that takes you ages

If you’re struggling to complete some tasks which are outside your comfort zone or your area of expertise, it might be time to look for another freelancer or small business to help you.

Whilst it can be hard to part with the cash to pay someone else, you may find it more cost-efficient to outsource this work to someone who can do it in a fraction of the time, freeing you up to make your contribution in areas that can ultimately bring more money into your business.

If bookkeeping is something you find hard and/or stressful, getting yourself an accountant could save you bags of time, several sleepless nights and ultimately some cash as well.

Our co-founder, Ian Straker, shared this true story from his startup days:

"When I first started out my impression was that accountants were expensive and wouldn’t be worth the money, so I did all the self-assessment stuff myself. How wrong I was!

When I finally approached an accountant they a) took all the hassle and worry away from doing the self-assessment, and b) saved me more money in tax than it actually cost to pay them because they knew how to do it properly."

When you lessen your own workload, you’ll feel less overwhelmed and more able to focus on what you do best.

You could also consider taking advantage of flexible e-learning and micro courses that will enable you to develop business skills in the areas you feel less confident.

Use your network

In times of stress, every sole trader needs a support system. Family and friends can help create opportunities to socialise and things to look forward to if you’re feeling a bit buried under business activities. But you’re also part of a network of other sole traders and small business owners.

If you’ve been to a few networking events and picked up some useful contacts, get in touch and ask those people for advice on the specific aspects of self-employment that you are finding stressful. Don’t feel bad about asking for help: your new connections are likely to feel extremely flattered that you remembered them and admire them and their business enough to ask for advice.

If you’ve not yet found a networking event that suits you, have a read of this article:

Six steps to being a better networker

And if you’re looking for an online community to connect with like-minded people, share your experiences and get some practical help, there's a new way you can access help from Team Transmit:

Join us for Backchat - the free Start Up Loan information exchange

Finally, if you’re not clear on what the different types of business are, and feel unsure whether ‘sole trader’ is right for your business, check out this resource about registering your business in the UK. 

When you apply for a Start Up Loan, our team of business advisors can help you work out which type of business structure is best for you. So there’s one less thing to stress about!