5 Work-Life Balance Secrets of Successful and Happy Entrepreneurs

Professionals with 9–5 jobs struggle to find work-life balance, which makes opportunities for self-employment and entrepreneurship appealing. Nevertheless, juggling a never-ending to-do list, growth obstacles, and financial limitations presents a considerable amount of hurdles for businesses.

According to recent statistics, 20% of entrepreneurs work more than 60 hours a week, which puts them at risk for burnout, according to new figures. When it comes to managing their businesses and striking a healthy work-life balance, over 95% are unclear. Unquestionably, one of the main priorities for entrepreneurs should be striking a healthy work-life balance.

Many corporate leaders have mastered the skill of striking a balance between success and happiness, even though the route may seem long and difficult. We'll discuss how to overcome startup obstacles without sacrificing your personal life in this article.

Secret #1: Set Clear Boundaries

A 2021 survey showed that 55% of respondents reported working longer hours at home than in the office. That’s exactly what most entrepreneurs do during the early days of their startup ventures. They fail to set manageable boundaries between work and personal life due to a lack of designated work hours.

Entrepreneurs who adopt a well-balanced work-life approach emphasize the importance of maintaining boundaries and restraining oneself from blending business and personal life. You can concentrate on work during business hours and take breaks to rejuvenate and concentrate on personal interests if there is a clear demarcation between them.

Secret #2: Prioritize and Delegate

For entrepreneurs, time is a valuable resource that never seems to last. You might never be able to finish your to-do lists, no matter how hard you try. You may even end up making mistakes or missing tasks as you feel stressed and overburdened. However, successful entrepreneurs overcome this concern by prioritizing and delegating.

Identify high-value tasks that can define the success of your business and focus your energy on them. You can delegate non-essential tasks to trusted team members. Outsourcing is a good option for solopreneurs or those operating with small teams. Delegation frees up valuable time and empowers team members, creating a culture of trust and collaboration.

Secret #3: Seek Inspiration Beyond Work

According to Investopedia, data shows that 20% of new businesses fall apart during the first two years, 45% do not make it beyond five years, and 65% fail during the first 10 years. Only 25% make it to 15 years or more. Many times, businesses fail because entrepreneurs lose motivation down the line as they hate the daily grind.

Happy and successful leaders recommend seeking inspiration beyond work. Consider adopting a hobby you are passionate about. Mike Savage of New Canaan is an entrepreneur who runs a successful virtual accounting firm and follows several passion projects. He collects muscle cars, raises Koi fish, and supports charitable initiatives.

Such activities inspire you to have a personal life beyond work. When you do something that motivates you, it is easy to find time for these activities. Over time, you learn to achieve a balance in all aspects of your life.

Secret #4: Leverage Technology

As a new business owner, you may have to step into multiple roles to manage operations at minimal costs. To achieve work-life balance, entrepreneurs must learn to do more with less. Utilizing technology to streamline and automate operational operations is the most effective approach. A project management tool, for instance, helps improve operations, while a communication platform can help with distant work.

Software solutions can automate tasks like accounting, billing, and customer support. With these technology solutions, you can gain efficiency and flexibility and minimize errors. Fewer mistakes translate into less stress. Adopting technology also helps create a culture of innovation within your startup and enables you and your employees to free up space and time for leisure. There are many free and affordable tools available to automate tasks. Consider using a QR code generator to create scannable codes for marketing materials, product packaging, or even lead capture at events.  This is a simple yet effective way to leverage technology for minimal cost.

Secret #5: Build a Support Network

Several studies highlight the significance of support networks for entrepreneurial growth and well-being. According to ScienceDirect, a large and open entrepreneurial network ensures better access to finance and information. Another study showed that social network support empowers entrepreneurs with guidance and encouragement.

Business leaders consider a strong support network a key driver for optimal work-life balance. Collaborating with mentors and fellow entrepreneurs can help you get valuable advice and perspective. Similarly, your friends and family members can offer emotional support to get through the initial struggle of entrepreneurship.

Secret #6: Manage Your Wealth Efficiently

Most entrepreneurs are too busy to stay focused on their future finances. With business dealings, meetings, commuting and trying to live a personal life, it's hard to keep focused on the future. Successful entrepreneurs don't do it on their own, they seek help from wealth managers. By leaving investments and retirement planning to the professionals, you can keep focused on what's at hand while knowing your future is also taken care of.