Hidden dangers: Problems with your new business

It doesn’t matter how great your idea is, setting up a new business is never easy. From start up costs to underestimated budgets, the whole process of taking an idea from concept to fruition takes both time and money; something many of us can ill afford in the modern day.

Naturally, for those that do take the plunge and reach for the stars, the process of setting up a new business and watching it flourish is hugely rewarding.

However, getting from point A to point B is often a long and arduous road and one that will likely put a strain on your home life. One of the biggest problems new business owners face is the impact their venture has on their life outside of work. Often overlooked but nonetheless important, things such as lack of money, no time to socialise and increased stress levels all make setting up a new business a huge burden on your life in general. Fortunately, there are some ways you can ease the strain and make the transition from employee to employer a lot smoother.

Stress

One of the toughest things you’ll have to deal with as a new business owner is stress. Between problems with the company and issues at home, the pressure of making everything work in harmony can push some people to breaking point. While it’s certainly true that everyone deals with stress differently, one of the best ways to ease the pressure and find some sanity in the madness is to download a stress monitoring app.

Like all things in life, it’s now possible to solve a problem using your smartphone and the latest helpful app comes courtesy of Soma Analytics. Called Keela, the company’s app actively monitors a user’s voice when they are on the phone and reads their energy levels. Anyone that shows signs of stress is then alerted and given time to relax before they continue working.

Money

One of the biggest problems start ups face is cash flow, but the financial burden of a new venture can also hit you at home. Not having the necessary means to buy necessary provisions at home can be enough to kill someone’s business dream, so it’s important to address this area of your life before you set off on a new journey.

With interest rates still extremely low, a personal loan is never a bad idea. With rates for cash amounts between £10,000 and £25,000 hovering just below the 4% mark with most major banks, the process of borrowing money in the short term to help ease your worries at home can be a wise one. Another way of managing financial difficulties is moving.

Although it might seem like an extreme step, your business is your life and if you want to make it work you may have to make certain changes. Property agencies allow you to sell your home with the minimum amount of fuss which means you could sell up, buy a cheaper property and use the excess cash to live more comfortably all within the space of a month.

Naturally, if you are thinking about selling your house, then you need to find the right agent. Reliability, accessibility and fees are all things that should be taken into consideration. However, there are also a number of additional things you need to look for, so it’s important to check out an expert guide to quick sale companies and see how they can make the process as pain free as possible.

Time

The final thing you need to watch out for is time. Many new business owners are content to work all day and night to get their venture off the ground. While this is a commendable business attitude, it’s not a realistic one. Burnout is a very real thing and many novices often find that they fail way before they should simply because they’d burned themselves out too early on.

Being balanced is the key to success in business, which means you need to play just as hard as you work. Looking out for the signs of burnout are crucial for addressing the issue and some of the main markers of stress include: cognitive problems, lack of motivation, exhaustion and not taking care of yourself. If these signs start to characterise your personality then it’s best just to walk away for a while and leave the business. Although it may stunt its growth in the short term, it will help its chances in the long term.

Setting up a new business is tough, but the moment it becomes a burden on your social life you’ll notice that things get even tougher. However, by taking some simple steps to combat the problems at home, you should find that your fortunes increase dramatically in the boardroom.