Being Sick for 7 Days Exposed a Hard Truth About My Business

I hardly ever get sick. Perhaps annually, I am going to have a fast 24-hour bug, shake it off and get proper again to enterprise. However this time was completely different. What began as a easy head chilly became a full-blown fever that lasted a full seven days. Seven days of feeling drained, foggy and unable to assume clearly, not to mention work.

I took my hat off in a Brooklyn subway station, pondering I would be okay. Nicely, no, my shaved head of some hours in the past received actually chilly, and there it was — I received sick.

At first, I assumed I would bounce again shortly, however as the times stretched on, I noticed one thing unsettling: My enterprise, my earnings and my financial preparedness weren’t as stable as I assumed. This compelled me to ask some onerous questions on how I function, and I wish to share them with you.

To make issues even worse, we’re a single-income household, and I haven’t got a side-hustle enterprise. What I do as a motivational keynote speaker and SMB model influencer is full-time, 24/7.

Right here are some things that can assist you concentrate on modifications you would possibly must make in your enterprise, as I am eager about it too:

Associated: 5 Ways You Can Become More Financially Stable

1. Can your enterprise survive with out you?

As entrepreneurs, we like to consider we’re invincible. We push by way of exhaustion, deal with all the things ourselves and persuade ourselves that issues shall be high-quality. However what if we’re out of fee for every week? A month? Longer?

Ask your self:

• Do you have got methods in place that enable cash to come back in with out you working daily?

• Can your crew or assistants maintain issues shifting if you’re unavailable?

• Do you have got automated income streams, like programs, digital merchandise or recurring memberships?

If the reply is not any, your enterprise may not be as safe as you assume.

2. Do you have got not less than three months of financial savings?

A monetary cushion is not only for private emergencies — it is also for enterprise. Might you survive three months with out earnings? If not, it is likely to be time to begin constructing that safety net.

It does not should be overwhelming. Begin by setting apart a small proportion of your earnings every month. Over time, it should add up and supply peace of thoughts for sudden conditions, like getting sick for longer than you anticipated.

3. Who’re the important thing folks in your crew?

If you happen to’re a solo entrepreneur, your “crew” would possibly simply be a digital assistant or an offshore freelancer. However having somebody who can step in, test emails, deal with fundamental duties and keep operations running is essential.

• Do you have got a trusted assistant who is aware of your enterprise properly?

• Have you ever educated anybody to deal with pressing issues when you’re unavailable?

• Are there key contractors, companions or freelancers who will help fill the gaps?

The objective is to verify your enterprise does not crumble when you’re out for a couple of days or longer.

4. Do you have got a listing of heat leads?

If you return to work after being sick (or coping with any emergency), having a heat checklist of leads able to go makes an enormous distinction.

In case your pipeline is consistently dry, it means each time you are taking a break, your earnings stops. As an alternative, give attention to sustaining relationships and holding a gradual checklist of potential clients you’ll be able to observe up with if you’re again in motion.

Associated: Learn How to Build a Business or Brand That Grows Without You

5. Do you have got robust shopper relationships?

A transactional enterprise is fragile. However a enterprise constructed on relationships is resilient.

Give it some thought: In case you have strong relationships together with your purchasers, they’re extra prone to:

• Be affected person when you’re unavailable for a couple of days

• Belief you adequate to attend on your return

• Proceed working with you even after a quick absence

Take the time to nurture actual connections together with your purchasers — it pays off when life throws sudden challenges your approach.

6. Do you have got entry to emergency funds?

Even in case you have financial savings, do you have got extra methods to entry money in an emergency?

Some choices embrace:

• A line of credit score for your enterprise

• A stable relationship together with your financial institution

• Trusted household or enterprise connections who may supply help if wanted

Having a plan in place ensures that if issues get tight, you are not scrambling for monetary aid.

7. Are you dwelling under your means?

One of many greatest monetary errors entrepreneurs make is spending primarily based on in the present day’s success — with out contemplating the sudden.

Ask your self:

• Are there any unnecessary expenses you can reduce?

• Are you overspending on issues that do not actually convey worth to your enterprise?

• If earnings stopped for a couple of months, may you continue to afford your present life-style?

Simplicity and monetary self-discipline create long-term stability, particularly when enterprise will get unpredictable.

8. Are you setting apart sufficient for taxes?

Let’s be actual — taxes generally is a monetary lure when you’re not cautious. I’ve personally been caught off guard a number of instances by not setting apart sufficient.

If you happen to’re self-employed, each greenback you make is not actually yours — a piece of it belongs to the IRS. Make it a behavior to:

• Put aside not less than 25-30% of your earnings for taxes

• Pay quarterly estimates to keep away from large surprises

• Work with an accountant to remain forward of tax liabilities

This is without doubt one of the best methods to keep away from monetary stress, but so many entrepreneurs (myself included) overlook it till it is too late.

Associated: 5 Tips for Running a Business While You Are on the Mend

Being sick for seven days was a wake-up name. It jogged my memory that my enterprise must be stronger than simply me.

We by no means know when life will throw us a curveball — whether or not it is a well being concern, a household emergency or one thing else sudden. The very best factor we are able to do is put together now, earlier than it is too late.

Take a second to evaluate your scenario:

• Is your enterprise set as much as run with out you?

• Do you have got financial savings and monetary backups?

• Are you holding robust relationships with purchasers?

• Are you managing your expenses properly?

If any of those are a weak level, now’s the time to repair them. As a result of sooner or later, life will check your enterprise — and also you wish to be prepared when it does.

What’s your plan for earnings preparedness?