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5 Ways to Recover From Entrepreneurial Burnout Even If You Feel Like Giving Up

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entrepreneurial burnout

If you want to be successful in your life and business, you need to know how to safely set both on the balance beam. Two years ago I started an online business. I was thrilled and scared at the same time; the thought of strangers paying me to implement solutions I recommend was far from what my 5+ years of college education taught me.

But that excitement was short-lived. While I was inaugurating my online business, I started a new life as a graduate student in an accelerated nursing program. Now my life consisted of these things: writing blog posts, social media promotion, interviewing guests, studying for classes, going for clinical rotations, working my almost full-time job, and launching an online business.

For the first time in my life, I was diagnosed with critically low vitamin D levels. My memory suffered as I could not keep up with the demands of school, running a blog, and creating a course. Finally, I crashed. It has taken me 2 years to regain my mind-body balance and get back in the game.

Here’s 5 things that I’ve learned about the recovery process after burnout:

1. Check where your intention is coming from

With the number of online entrepreneurs closing down shops, pivoting to other business ideas, and just getting burned out in general, it is important to address your WHY.

Making money is cool but ask yourself why you’re really doing this. Are you in business to cash in on the next marketing fad or organically working your way towards building an audience? Are you just concerned with conversion tactics and traffic instead of selling with integrity?

This sounds very trivial, however, the only thing that would keep you from pulling the plug on your business on days you don’t feel like showing up is your WHY. Your intentions for starting your business will always find a way to become relevant when you’re stuck with indecision. When you feel like you’ve lost your voice in the sea of entrepreneurs who operate in similar niches like you, checking in with your intention will give you a boost in clarity.

“Self-awareness is your most important attribute.” – Gary Vaynerchuk

2. Don’t go gung-ho with your passion

Before you jump on the next popular challenge to create a video or audio series, know your body and mind more than anyone else. At some point during my burnout period, I was sitting in front of my laptop for 12 hours straight.

There were social media posts to schedule, lead generation systems to automate, CSS and HTML to be learned, and tons of webinars to sift through. If anything, what your passion needs right now is serenity. Delete the multiple checklists on your desktop to allow serenity to prevail.

3. Pivot to a business model that works for YOU

In July 2017, I exited the online copywriting scene with relief. Prior to that, I listened to some coaches and online mentors who want you to do things exactly the way they envision them, with their exact blueprints, in their exact language. If this makes you cringe or makes you want to claw your way to freedom, I’ve got good news for you.

It is okay to only do work that excites you. It is absolutely okay to be brave enough to hold pause on a product that seems like a cash cow but locks you in an unsustainable lifestyle. If producing monthly content for a membership site gives you anxiety every month, you need to examine why you think you need this in your life. You should never sacrifice your health or relationships for money.

4. Develop tiny sustainable habits instead of to-do lists

For the longest time, I hated to-do lists and always found procrastination more fascinating. To me, these lists were never ending and was always a sign of busyness and lack of freedom. So I did away with all lists and what every marketing expert said I should do.

This sounds like a controversial way to be productive but it soon paid off. Instead of sticking to lengthy to-do lists and schedules, I focused on little incremental changes I could manage and track.

For example, waking up an hour early than my usual time made me realize that my thoughts flow better when there is less chatter around me. Before I wasn’t aware of this but this realization now comes handy when I need to schedule time for content creation.

So, ask yourself, “Would I be able to do this thing for the next 21 days, unhindered?” Commit to little tiny steps to get in the habit of respecting your time and energy. As a result, you will know where your margin is and how you can optimize this creatively and productively.

 “Meditation is not about stopping thoughts, but recognizing that we are more than our thoughts and our feelings.” – Arianna Huffington

5. Seek a community that embraces and supports the entrepreneurial spirit

If you are currently navigating the space between being an employee, a hustler, and a full-time business owner, the realities of what it takes to be an entrepreneur can be frightening. There are days when you will question your calling and be tempted to quit because you aren’t making sales. Maybe your most recent promotion flopped despite all the careful planning and expenses on a strategy coach.

In moments like this, I have found membership in a community that embraces the fragile dynamics of the entrepreneurial life to be comforting. Sharing and marketing your work can be scary, soul-draining, and make you want to hide under the covers. Yet, as an entrepreneur, you simply can’t do it alone. Just as you would feel compelled to share your wins and successes, you need a community of like-minded people who will rally around you and encourage you to take the next adventure.

Recovering from my burnout has taken over two years but it has now equipped me with the strategies I need to thrive as a creative entrepreneur.

Have you ever experienced an entrepreneurial burnout? How have you recovered from one? Please share your thoughts below.

Image courtesy of Twenty20.com

Margaret Olatunbosun is a writer and creative entrepreneur who helps passionate & creative misfits uncover profitable ideas so that they can design a life and business on their own terms and build meaningful brands that leave a legacy. Most of her work is dedicated to helping you find your path to creative freedom through her insightful weekly emails and free ultimate guide on how to create profitable offers dream clients want. Her thoughts on career and entrepreneurship have been featured on MSN Money, Thrive Global, The Huffington Post, Career Contessa, UYD Media, Inspired COACH magazine, and many more.

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Entrepreneurs

How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups

LLCs have unique advantages for starting up and growing a successful business

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why you should set up an LLC

In my entrepreneurial journey, I’ve learned that LLCs have unique advantages for starting up and growing a successful business. But, before delving into the advantages, it’s essential to grasp the fundamentals of what an LLC is and how it operates. 

What is an LLC?

An LLC is a hybrid business entity that combines the liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. This unique blend provides entrepreneurs with the best of both worlds: personal asset protection and simplified taxation.

One of the most significant advantages of an LLC is its limited liability feature. This means that as the owner, my personal assets are shielded from any liabilities or debts incurred by the business.

In the event of lawsuits or financial obligations, only the assets of the LLC are at risk, offering me peace of mind and protecting my personal wealth.

Advantages of Forming an LLC

Flexibility in Management and Structure

Another aspect of the LLC that appealed to me was its flexibility in management and structure. Unlike corporations, which have rigid hierarchies and formalities, LLCs allow for a more relaxed approach to governance. As the founder, I have the freedom to structure the company in a way that suits the needs and goals of my startup.

For instance, LLCs can choose to be managed by their members (owners) or appoint a manager to oversee operations. This flexibility enables me to maintain full control of the business or delegate management responsibilities to trusted individuals while retaining ownership.

Additionally, LLCs are not bound by strict meeting requirements or extensive record-keeping obligations, reducing administrative burdens and allowing me to focus on building and growing the business.

Pass-Through Taxation and Financial Efficiency

One of the most attractive features of an LLC, particularly for startups, is its pass-through taxation. Unlike corporations, which are subject to double taxation (taxation at both the corporate and individual levels), LLCs pass profits and losses directly to their members’ personal tax returns.

This tax efficiency not only simplifies the filing process but also allows for greater flexibility in managing cash flow and reinvesting profits back into the business. As an entrepreneur, minimizing tax liabilities and maximizing financial efficiency are critical components of long-term success, and the pass-through taxation feature of an LLC aligns perfectly with these objectives.

Enhanced Credibility and Professionalism

Establishing an LLC can also enhance the credibility and professionalism of a startup. Unlike sole proprietorships or general partnerships, which may be perceived as informal or less legitimate, an LLC provides a formal business structure that instills confidence in customers, investors, and partners.

By operating under the umbrella of an LLC, I can present my startup as a reputable and established entity, which can open doors to opportunities such as securing financing, attracting top talent, and forging strategic partnerships.

This enhanced credibility can be a significant advantage, particularly in competitive industries or when seeking to differentiate my startup in the market.

Protection of Intellectual Property and Brand Assets

For startups built around innovative ideas or unique intellectual property, protecting these assets is paramount. An LLC offers an additional layer of protection for intellectual property and brand assets, safeguarding them from infringement or unauthorized use.

By registering trademarks, copyrights, or patents under the name of the LLC, I can establish legal ownership and enforce my rights more effectively in the event of disputes or infringement claims. This protection not only preserves the value of my intellectual property but also enhances the overall stability and longevity of the startup.

Steps to Form an LLC

Let us now look at the general steps to form an LLC for your business:

Step 1: Choose a Name for Your LLC

Selecting a unique and distinguishable name is the first step in forming an LLC. Ensure that the name you choose complies with the rules set by your state’s LLC division. Typically, the name must end with “Limited Liability Company,” “LLC,” or an abbreviation of these terms.

Additionally, the name should not infringe on the trademarks of existing businesses.

Step 2: Designate a Registered Agent

A registered agent is an individual or entity appointed to receive legal documents, such as lawsuits or subpoenas, on behalf of the LLC. The registered agent must have a physical address within the state where the LLC is formed.

For instance, if you are forming an LLC in Texas, ensure that your registered agent has a physical address in Texas.

This role is crucial for ensuring that the LLC remains compliant with legal requirements and maintains good standing.

Step 3: File Articles of Organization

The Articles of Organization, also known as a Certificate of Formation or Certificate of Organization in some states, is a document that formally establishes the LLC. You’ll need to submit this document to the appropriate state agency, usually the Secretary of State or Division of Corporations.

The articles typically include basic information such as the LLC’s name, address, registered agent details, and the purpose of the business.

Step 4: Create an Operating Agreement

While not always a legal requirement, drafting an operating agreement is highly recommended for LLCs. This document outlines the ownership structure, management roles, voting rights, profit-sharing arrangements, and other important aspects of the LLC’s operations.

Even if you’re the sole owner of the LLC, having an operating agreement in place can help clarify expectations and prevent disputes in the future.

Step 5: Obtain an Employer Identification Number (EIN)

An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your LLC for tax purposes.

Even if your LLC doesn’t have employees, obtaining an EIN is necessary for opening a business bank account, filing taxes, and conducting other financial transactions.

Step 6: Obtain Necessary Permits and Licenses

Depending on the nature of your business and its location, you may need to obtain various permits, licenses, or certifications to operate legally. These requirements can vary widely from one industry and jurisdiction to another. Common examples include business licenses, zoning permits, health permits, and professional licenses.

In my entrepreneurial journey, the decision to establish my startups as LLCs has been instrumental in mitigating risks, optimizing financial performance, and positioning my ventures for long-term success.

By harnessing the advantages of the LLC structure, I’ve been able to navigate the complexities of entrepreneurship with confidence and resilience, laying the groundwork for a bright and prosperous future.

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Entrepreneurs

Build a Strong IT Team with These Smart Hiring Tips

Without dedicated IT staff, your company may not be able to function as efficiently or effectively

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Hiring tips for tech industry

The role of IT staff in your company is not only essential but also ever-evolving. As your business grows, so does the need for qualified IT staff and more robust recruiting solutions.

After all, from maintaining and troubleshooting the computer systems that keep your business running smoothly, IT staff also help employees stay connected and productive by providing technical support at all times. (more…)

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Entrepreneurs

5 Important Legal Tips Every Entrepreneur Should Know

With a firm commitment to legal knowledge, you pave the way to grow your business sustainably

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legal tips for entrepreneurs

Embarking on the entrepreneurial path is a courageous venture that calls for a diverse skill set to achieve enduring success.

While creativity, drive, and strategic vision are paramount, integrating legal insight into your entrepreneurial toolkit can be a game-changer.

This comprehensive guide delves deeper into the five critical steps that can empower you to navigate the intricate legal landscape and propel your venture toward prosperity. (more…)

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Entrepreneurs

6 Hacks to Boost Your Productivity as a Business Owner

To improve how much you get done each day, it’s smart to establish routines and use careful planning

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productivity for business owners

Entrepreneurs are always looking for ways to get more done with the time and resources they have. Business owners can use clever productivity tricks to break these limits and make the most of their projects. (more…)

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