HOUSTON--(BUSINESS WIRE)--Incfile, a leader in online business formation and startup services, today released new data showing the state of mental health in the small business community. As we approach World Mental Health Day (October 10), these data underscore the urgent need for greater access to mental health services for entrepreneurs, especially in the wake of a once-in-a-century pandemic and ensuing mental health crisis.
To see the complete results of Incfile’s survey, please visit Incfile.com.
The results of Incfile’s Mental Health and Entrepreneurship survey show that mental health is top of mind amongst the small business community, with 77% of small business owners prioritizing mental health since the onset of the pandemic. Here are some of the key insights we discovered:
Finances and time management/burnout were the biggest triggers of mental health issues.
- 31% say handling finances is their biggest trigger.
- 27% say it’s time management and burnout.
- 18% say it’s working remotely.
- 15% say it’s dealing with paperwork like annual reports and tax filing.
- 9% say it’s because the business is experiencing unexpected growth.
Lifestyle and behavioral choices also contribute to mental wellness.
- 88% say a lack of sleep is a significant contributor.
- 70% say an unequal distribution of household responsibilities and childcare contribute to mental concerns.
- 60% say social media is a trigger for mental health struggles.
The most common mental health struggle amongst entrepreneurs is anxiety.
- 65% have struggled with anxiety.
- 52% have struggled with depression.
- 24% have struggled with issues related to ADHD.
- 17% have struggled with substance use.
Breaking the results down by demographics and minority groups revealed some additional insights:
- African Americans were less likely to deal with anxiety, but more likely to deal with depression.
- More members of the LGBTQ+ community reported struggling with anxiety (77%), depression (75%), ADHD (42%) and substance use (33%) than any other minority group.
The majority of small business owners are working to support employee mental health.
- 33% say they offer flexible hours and time off for mental health.
- 29% say they offer benefits and counseling to employees.
- 17% say they do not offer mental health benefits but would like to if it were less expensive.
- 12% say these are not services they’re interested in providing.
- 9% say they just don’t know where to begin.
“There is no question that mental health issues continue to take a toll on the small business community,” said Dustin Ray, Chief Growth Officer & Co-CEO, Incfile. “Starting a business is challenging - but it is also very rewarding. It’s very encouraging to hear that 77% of our small business community is prioritizing their mental health and that 62% of owners also prioritize their employees’ mental health. While we still have a lot of work to do, that is definitely a step in the right direction.”
To learn more about Incfile’s Mental Health and Entrepreneurship survey and how small business owners can protect their mental health, please visit Incfile.com.
About Incfile
Incfile is a leader in online business formation and startup services. Since 2004, Incfile has simplified the process of registering and running a business for over 800,000 entrepreneurs and small business owners. In addition to streamlining formation and incorporation with end-to-end service, Incfile’s all-in-one solution delivers a full suite of essential ongoing services like compliance, banking, bookkeeping, and more. With simple pricing, no contracts or hidden fees, $0 LLC formation, and one free year of registered agent service, Incfile offers unparalleled value for the modern entrepreneur. Incfile is proud to be recognized in Inc. Magazine’s Inc. 5000 National Awards for 2022. For more information, please visit www.incfile.com.
