New Incfile Survey Takes a Comprehensive Look at Entrepreneurs & Mental Health


HOUSTON–(BUSINESS WIRE). As we approach World Mental Health Day (October 10), these data underscore the urgent need for better access to mental health services for entrepreneurs, particularly in the wake of a once-a-century pandemic and the ensuing mental health crisis Health.

For the full results of Incfile’s survey, visit Incfile.com.

The results of the Incfile Mental Health and Entrepreneurship Survey show that mental health ranks first in the small business community, with 77% of small business owners prioritizing mental health since the pandemic began. Here are some of the key insights we uncovered:

Finances and time management/burnout were the biggest triggers for psychological problems.

  • 31% say managing finances is their biggest trigger.

  • 27% say it’s time management and burnout.

  • 18% say it works remotely.

  • 15% say it is paperwork such as annual reports and tax returns.

  • 9% say it’s because the company is experiencing unexpected growth.

Lifestyle and behavioral choices also contribute to psychological well-being.

  • 88% say lack of sleep plays a significant role.

  • 70% say unequal sharing of household responsibilities and childcare contributes to mental health problems.

  • 60% say social media is a trigger for mental health problems.

The most common mental battle among entrepreneurs is fear.

  • 65% have struggled with anxiety.

  • 52% have struggled with depression.

  • 24% struggle with issues related to ADHD.

  • 17% struggle with substance use.

Breaking down the results by demographics and minority groups revealed some additional insights:

  • African Americans were less likely to suffer from anxiety, but were more likely to suffer from 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 work to support the mental health of their employees.

  • 33% say they offer flexible work hours and time off for mental health.

  • 29% say they provide benefits and advice to employees.

  • 17% say they do not provide mental health services but would do so if it were less expensive.

  • 12% say these are not services they are interested in providing.

  • 9% say they just don’t know where to start.

“There is no question that mental health issues continue to take a toll on small businesses.” said Dustin Ray, Incfile’s chief growth officer and co-CEO. “Starting a business is challenging – but also very rewarding. It’s very encouraging to hear that 77% of our small businesses make their mental health a priority and that 62% of owners also make their employees’ mental health a priority. We still have a lot to do, but this is definitely a step in the right direction.”

To learn more about the Incfile Mental Health and Entrepreneurship Survey and how small business owners can protect their mental health, please visit Incfile.com.

About Incfile

Incfile is a leading provider of online company 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 incorporation and incorporation with end-to-end service, Incfile’s all-in-one solution offers a full suite of essential ongoing services such as compliance, banking, accounting and more. With simple pricing, no contracts or hidden fees, $0 LLC formation and a free year of registered agent services, Incfile offers unparalleled value for the modern entrepreneur. Incfile is proud to be recognized by Inc. Magazine’s 2022 Inc. 5000 National Awards. For more information, visit www.incfile.com.



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