What can Be a Business Setback?
This is a contributed post and may contain affiliate links. The thoughts and ideas expressed may not be exactly what the writer Scott Sery believes. But he did read it, and signed off on it, so it’s at least pretty close.
Being in business can be one of the most exciting things you do in your life. You get to work for yourself, you have the freedom of choosing when to work, and your income is completely within your control! However, at the same time, you can also experience setbacks in business. It’s safe to say that the life of a business owner isn’t always linear and, because of that, it helps if you can have some contingencies in place. This can particularly be the case if you find yourself unable to work.
What Happens if You Can’t Work?
As much as we’d like to think that we’re always going to be able to get to work and ensure that the business is running as it should be, that isn’t always guaranteed. You can get struck with a terrible illness, be in an accident, or even find that your sources of income dry out! This can be really stressful if it happens and may mean that you’re unable to work and earn any money. However, there are things you can do to ensure that you’re prepared for a scenario like this.
How to Be Prepared if it Happens
Next, you’ll need to make sure that you have the right measures in place to protect you should you find yourself in a situation like this. Here are four options that will help you to make things work.
1. Have Insurance
Firstly, it helps if you have some kind of insurance in place. For entrepreneurs and business owners, getting a type of insurance that will pay out if you’re unable to work is always a good idea. That way, if you’re sick or you get into an accident, you will have money coming in that you’ll be able to rely on.
2. Speak to an Expert
Next, you might want to think about speaking to an expert who can help you. If you have injured yourself or been in an accident, seeking out the right legal support from somewhere like https://www.thelalawfirm.com/ might help. You may even need to speak to doctors if you need help with any recovery or healing – particularly if you’ve been sick.
3. Have Passive Income
It’s also a good idea for you to make sure that your income isn’t reliant on just one source. Having different sources of income can protect you if one of them dries up or if you are unable to work proactively. In particular, creating passive income will mean you still have money coming in if you’re not able to work.
4. Have an Emergency Fund
Finally, you also need to ensure that you have an emergency fund in place too. It can be entirely up to you whether you want to save for 3 months, 6 months, or even a year’s worth of expenses. That way, should anything happen to your income for any reason, you know you have a security blanket there to support you while you take time off, get better, or look for more work.
Know the 7 P's of Business
There’s a saying, “Proper Prior Planning Prevents Piss Poor Performance.” When you have all your ducks in a row, then you can handle a setback that comes your way.
Have you planned for the inevitable setback?