Running a small business is a mental game long before it ever shows up on a balance sheet.
On paper, ownership looks like freedom: no boss, your own hours, the satisfaction of building something that’s yours. In reality, it’s equal parts purpose and pressure. Payroll, cash flow, lawsuits that come out of nowhere, the “what if this all disappears?” questions that show up at 3 a.m. and refuse to go away.
That’s why I’m proud Nav conducted a new study mapping the mental health landscape of small business ownership. As someone who has personally hit the wall on this front, the findings didn’t shock me — but they did hit close to home.
When the ‘Tough Guy’ Finally Hits a Wall
For most of my life, I wore mental toughness like a badge. I grew up on a farm; started and sold multiple companies; and told myself that if I could just outwork my problems, everything would be fine.
In 2018, that mindset stopped working for me.
At first, I thought I had food poisoning. It came out of nowhere. One minute I was taxiing to a meeting in Manhattan, happy as a clam, the next I was holding up the line to a public restroom wondering if I’d somehow eaten a rotten one. I tried to power through it, the way I always had; it wasn’t until I’d collapsed on a park bench, heart pounding, that I realized I wasn’t sick in the way I’d assumed. What I was actually experiencing was a full-blown panic attack.
From the outside, my life looked great. The business was growing. My family was doing well. If you had taken a snapshot, you’d have seen a successful entrepreneur winning the game of life. On the inside, however, there were days I was just trying to keep my head above water.
My younger self might not have found anything pitiable about my predicament: “No use whining about it; that’s just entrepreneurship.” Now, facing the wrong side of 40, it was a before-and-after moment. It forced me to confront something I’d avoided for years: You can’t outrun your mental health any more than you can outrun your shadow.
That’s why this research matters to me. It’s not an abstract report; it’s a mirror held up to what owners are already living.
What the Data Says About Life Behind the Numbers
In our survey of U.S. small business owners, nearly half said they find it hard to be fully present in their life outside of work because their business is always on their mind. That resonates. When you own the thing, there’s no “clocking out.” Your mind stays on the job long after you lock the door.
Two other findings jumped out at me:
- Almost two in five owners said they feel they have to hide how they’re really doing and project confidence.
- A third said they don’t feel they have anyone who truly understands the pressure they’re under.
In other words: Look strong, don’t complain, and figure it out alone.
That’s exactly how I operated for years. I didn’t want to worry my family. I didn’t want my team thinking the ship was in trouble. So, I swallowed the stress, forced a smile and kept marching. If you’re doing the same thing right now, you’re in good (and crowded) company — but that doesn’t mean it’s sustainable.
The study also showed a clear pattern between financial health and emotional strain. Owners whose businesses are struggling financially are far more likely to report hiding their emotions, feeling isolated and seeing their relationships and physical health suffer. You don’t need a statistician to tell you that when money gets tight, your body and mind pay attention.
And it’s not just about feelings. About two-thirds of owners in the survey reported physical or mental health symptoms directly tied to running their business: muscle tension, stress, fatigue, anxiety, even depression. “I’ll sleep when I’m dead” sounds hardcore until your body and brain decide to collect on that promise early.
The Good News Inside the Bad News
None of that sounds cheerful on the surface. But here’s the part that gives me hope.
First: Small business owners are incredibly resourceful about coping. When stress spikes, nearly half turn to exercise. Many lean on mindfulness, hobbies, time with loved ones, or even connecting with other business owners. These aren’t just fluffy self-care ideas; they’re practical ways founders are already keeping themselves in the fight without burning out completely.
Second: A meaningful share of owners are seeking real support. More than half of those who say their mental health warrants help have actually reached out — to a therapist, a coach or another form of professional support. Younger owners and women, in particular, are more likely to raise their hand and say, “I can’t carry this alone.” That’s not weakness. That’s wisdom.
My own turning point came when I stopped trying to white-knuckle my way through it. I saw a therapist. I started drawing actual boundaries. I let people in — including my team. I dropped the idea that being a good leader meant being invincible.
The business didn’t crumble when I did that. In many ways, it got stronger. So did I.
What This Means for You in Real Life
If you read the findings and see yourself in them, here’s what this is not saying:
- It’s not saying you chose the wrong path.
- It’s not saying you’re weak for feeling the weight.
- It’s not saying you have to quit to feel better.
What it is saying is simple: You’re not imagining it, and you’re not the only one.
The pressure you feel to project confidence, even when you’re scared. The guilt when you’re physically with your family but mentally inside your P&L. The muscle tension, the sleepless nights, the sense that everyone else is handling this better than you are. That’s not a personal defect. That’s part of the cost of building something from scratch in an uncertain world.
The question isn’t, “How do I make this easy?” The question is, “How do I make this sustainable?”
For me, this looks like:
- Treating my mental health as a core part of the business, not a side project.
- Scheduling recovery — exercise, time off, therapy — the same way I schedule investor meetings or board calls.
- Being honest with my team and inner circle when I’m at capacity, instead of pretending everything is fine until it blows up.
You don’t have to copy my playbook, but you do need your own.
The Mental Weight of Money
Money is such a big part of this story that I can’t talk about mental health without talking about finances, too. The data from our study was clear: Cash-flow problems, debt and thin reserves weren’t just line items; they were some of the strongest triggers for stress, anxiety and even physical symptoms in owners’ lives. When your business feels financially fragile, the emotional cost almost always goes up with it.
That’s part of why I’ve become so vocal about small business mental health in my own work. A big piece of what I focus on now is helping owners get more clarity and control over their money: understanding their credit picture, building stronger business credit and finding funding options that actually fit where they are. The goal isn’t to suggest that better financial tools replace therapy or a real support system. They don’t. But getting rid of some of the financial chaos is one concrete way to lower the temperature in your nervous system. Fewer surprises, more visibility and more options aren’t just good for your company; they’re good for your mind.
A Personal Invitation
If you see yourself anywhere in this study, don’t let that turn into shame. Let it turn into action.
Talk to someone you trust. Book the appointment you’ve been putting off. Take a real day off and disconnect. Start using tools that give you more financial breathing room. Spend time with other business owners — people who get what you’re going through on a visceral level — instead of trying to be the strongest person in the room.
Most of all, treat your mental health like a story you care deeply about, not a footnote you’ll get around to once things calm down. In my experience, things don’t calm down, not really. Life and business rarely get easier on their own. But with support, the burdens involved can get lighter — and you don’t have to wait for a panic attack or a crisis to give yourself permission to ask for help.
If this study does nothing else, I hope it convinces you of one thing: No matter how tough the road, you’re not walking it alone. And you don’t have to tough it out in silence.
Levi King is CEO and co-founder of Nav. A lifelong entrepreneur and small business advocate, King has dedicated more than 10 years of his professional career to increasing business credit transparency for small businesses. After starting and selling several successful companies, he founded Nav both to help small business owners build their credit health and to provide them with powerful tools to make their financing dreams a reality.
