The pressures of self-employment are weighing on the nation’s business owners, with new research suggesting one in 10 regularly think about calling it quits altogether.
As part of its annual Shop Small campaign, American Express released research that found systemic thoughts of failure, of giving up on their business, with 13 per cent often thinking of walking away, and close to 10 per cent admitting they can’t see how they will be able to continue trading beyond this time next year.
“[Given these frightening figures,] Australians have a crucial part to play to ensure we have thriving small business communities in the future,” said Katrina Konstas, American Express’ vice president for small merchants.
The findings support the view of Andrew Conway, head of the Institute of Public Accountants, who said that mental health is becoming a growing problem for Australia’s SME owners and operators.
“As we travelled around the country on our small business roadshow, the most profound finding was that of the declining rates of mental health among small business owners,” said Mr Conway.
“Many small businesses and accountants serving them divulged the significant stress and other pressures they were trying to combat on a daily basis.”
For support for yourself or someone you know, reach out to Lifeline Australia on 13 11 14 or beyondblue on 1300 22 4636.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.