Balancing Mental Health with Financial Health as a Solopreneur

Imposter syndrome

Legitimate experts are often more prone to imposter syndrome, while those without expertise confidently self-promote.

I recently sat down with Maggie Patterson to talk about the pressure being faced by solopreneurs to grow a bigger business. The big names in online marketing are all praising growth and scaling, promising untold riches and a life of leisure. This can be very seductive to the self employed creative, coach, consultant or independent professional and result in impulsive course purchases due to FOMO.  

This phenomenon is prevalent in the entrepreneurial world, where success stories are highlighted and the path to success is presented as fast and easy, but the reality is that only a small percentage of individuals actually achieve the promised results. It's crucial to recognize the dangers of succumbing to manipulative marketing and the importance of critically evaluating opportunities and investments.

Our discussion also delved into imposter syndrome, a common experience for many entrepreneurs. It's interesting to note that legitimate experts are often more prone to imposter syndrome, while those without expertise confidently self-promote. This highlights the influence of mindset and societal expectations in the business world, and the impact it has on decision-making processes.

The pressure to scale and grow businesses indefinitely in the online space has been a dominant theme for several years. However, this pressure often comes at the cost of mental health and well-being. Maggie and I emphasized the importance of setting realistic business goals and separating personal desires from external societal expectations. Prioritizing mental health and well-being over financial success means both you and your business have a chance to thrive. 

Moreover, the conversation brought to light the issue of financial abuse within the online business ecosystem, particularly targeting women entrepreneurs. The exploitation of the "sunk cost fallacy" and preying on desperate business owners is a sobering reminder of the darker side of entrepreneurship. It's essential to remain vigilant and discerning in business interactions to avoid falling victim to financial abuse.

Maggie and I touched on the concept of "time for dollars". While it's often viewed as a negative by the “grow and scale” mavens, it's a fundamental component of running a business. Whether it's providing client services or creating courses, the exchange of time for money is intrinsic to most small business ventures.

We also explored the challenges faced by solo entrepreneurs, particularly around pricing strategy and feeling stuck due to undercharging for their services. It's crucial for solo entrepreneurs to analyze their strategies and pricing to ensure a sustainable income and avoid reaching a self-imposed income ceiling. I find this to be one of the most common struggles that comes up with my coaching clients. 

One notable aspect of the conversation was the emphasis on creating a supportive environment for solo business owners. The launch of Maggie’s Staying Solo Squad aims to provide a space for those who choose to keep their businesses intentionally small. Such spaces are crucial in providing support and permission for entrepreneurs who don't wish to conform to the expectations of scaling and growth.

One of the liveliest parts of our conversation was the discussion about the distinction between mindset issues and reasonable concerns, emphasizing the need to address them appropriately.  Some coaches are gaslighting their clients by telling them their very rational concerns are mindset issues they need to fix.  Staying small by choice and prioritizing your mental health and personal life is not a mindset issue.  Staying small is simply not playing small.  It is a perfectly legitimate choice.  The vast majority of small businesses in the United States are sole proprietorships, businesses of one.  They can’t all have mindset issues. 

It's evident that critical thinking, transparency, and a supportive environment are imperative for navigating the complexities of being a business of one,  while prioritizing mental health and well-being. As solopreneurs, it's essential to approach decision-making with discernment, seek out genuine support, and remain vigilant against exploitative practices in the business world.

Feel free to DM me on LinkedIn or Instagram @coachdiannwingert or send me an email at diann@diannwingertcoaching.com. I'd love to hear your thoughts! If you'd like to hear my conversation with Maggie on The Driven Woman Entrepreneur Podcast, you can do that here.