High prices, rising interest rates, and a lack of staff are putting a strain on business owners in more ways than one, according to leading crisis specialist Gary Fahey. 

Mr Fahey said he is witnessing an increasing number of people going through mental breakdowns and turning to unhealthy coping mechanisms such as alcohol and gambling to deal with the stress of running a business during a financial crisis. 

“I’m seeing highly capable business owners crumble under the pressure, leading to poor decision-making, broken relationships and in some cases, total burnout," Mr Fahey said. 

"The stress is overwhelming and many are suffering in silence.”

 Problems in the business can lead to problems at home, Mr Fahey says. Photo: supplied

According to the Australian Bureau of Statistics, a third of business owners experience moderate or high levels of psychological distress and 17 percent said they experienced a mental health condition in the past year. 

"The burnout is real," Vicki Hanlon, owner of the newsagency in Condobolin for the past 13 years said. 

The shop is open seven days a week and her work days often turn into 12 hours.  

"I love my job but the daily grind can get to you." 

There are times when the shop is short-staffed and Ms Hanlon said she finds herself juggling retail and administrative responsibilities. 

"If we're running short, it means I have to cover more areas," Mrs Hanlon said. 

"It can be hard because you have appointments for yourself booked in too." 

Kellie Ward, registered counsellor and Director of Foundational Care said managing staffing issues is a common concern she hears among business owners. 

"One of the most difficult aspects of running a business is human resources," Mrs Ward said. 

 Counsellor Kellie Ward has experience with helping business owners navigate concerns they have both in their work and private life. Photo: supplied.

A 2024 survey by Small Business Australia showed that 30 percent of business owners struggle with finding skilled staff. 

The economic situation also means people use their money first to buy essentials. 

"The price of everything has gone up," Mrs Hanlon said. 

"People are going to buy food at the supermarket, or putting fuel in the car, or paying their electricity bill before they buy a luxury.” 

Mrs Hanlon said she normally expects business to wind down in January but this year, February has been slow to pick up too. 

Despite the difficulties Mrs Hanlon said she takes pride in running her shop and tries to see the glass half full. 

"You've got to not fall into the trap of letting it get to you.

"You try to stay on top of it and get a positive mindset."

Finding support and making sure you find time for yourself is essential to staying on top of your mental health when running a business, Mrs Ward said. 

"It is so important to have a mentor when running a business and have someone you can trust to face these challenges with you. 

"This can be someone you look up to in the same industry, a business coach, counsellor, or trusted friend or family member to bounce ideas off."

She said. having firm boundaries and a regular self-care routine goes a long way too in preventing and recovering from burnout.

Free sessions on how to prevent burnout are available, for example, through Employee Assistance Australia.