With Mental Health Awareness Week well and truly underway, Virgin StartUp is shining a spotlight on small business founders’ mental health and the challenges they face.
According to new research from the not-for-profit, more than half of start-up founders reported experiencing burnout this year, with one in five saying their mental health and stress levels have got worse over the past six months.
But despite struggling with their mental health, the pressure of being a founder means 31% say they just don’t have enough time to improve their wellbeing.
It’s clear that something needs to change.
What Is Putting Pressure On Modern Founders?
Whilst running a startup is never an easy venture, founders have certainly had a tough time recently.
In the UK in particular, the last 3 years have had business owners contend with prices that are up by over 20% according to Statista. This was not only driven by high costs of goods, but high interest rates too, making borrowing incredibly expensive.
In addition to this, the UK government has increased income tax rates, as well as increasing employer’s national insurance contributions. Because of this, it now costs more than ever to pay and retain talent.
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What Helps Founders Feel Better?
When asked what helped most with their mental wellbeing, 38% of founders said that simply taking a break made a difference.
Support from family (37%) and friends (31%) also played a big role, showing the importance of a strong support network to founders’ wellbeing.
Community, too, matters. Nearly one in six founders said spending time with other founders helped improve their mental health. Meanwhile, 15% found face-to-face events and networking sessions to be helpful for both mindset and motivation.
Andy Fishburn, Managing Director at Virgin StartUp commented
“Being a founder is incredibly rewarding but also comes with its challenges. The latest figures reflect the reality founders across the UK are facing right now, from economic pressure to mental health struggles. But they’re also a reminder of the importance of building effective support networks.
“At Virgin StartUp, we’re proud to have created a space to empower founders to look after their mental health, connect with their peers through the community platform and events, and access the tools they need to thrive both at work and beyond.”
How Can Startups Help?
While the pressures on founders are real, many startups and apps are helping take some of the stress out of everyday tasks.
Whether it’s reclaiming time, finding ways to unwind or reconnecting with others, here are some startups that can help reduce stress for burnt out founders.
Gousto
Meal-kit services like Gousto take the stress out of cooking by delivering recipes straight to your door. You just need to order, pay and assemble the meals – which are already pre-portioned.
For time-poor founders, that means fewer decisions, faster meals, and healthier eating without the faff.
Nike Run Club
When it comes to switching off, fitness apps like Nike Run Club are a great way to unwind and meet people in the process.
With guided runs and social events, it’s an easy way for entrepreneurs to de-stress, clear their head, and even meet new people in their local area.
Calm
Calm has become a go-to mindfulness app for people all over the world, giving them easy meditations, breathing exercises, and sleep support.
Whether it’s on the commute, 5 minutes before bed or in between meetings, Calm can help founders reset and unwind.
Spill
Spill is a mental health app that integrates directly with Slack, giving founders and their teams access to qualified therapists for quick chats, therapy sessions and check-ins.
Spill not only helps founders get the support they need, but their employees too – taking away some of the mental burden of supporting their colleagues.
Second Home
Sometimes, all you need is a change of scene to help shift your mindset. Second Home is a co-working space in London that is designed around wellness, creativity, and community.
For founders that need to get out of their office and plug into a new environment, it’s a mental reset disguised as a workspace.
