Those of you who follow me closely will know that I've been a little under the weather in the past couple of days...and it got me thinking about the impact that can have on one's business.
It's true a business needs to be profitable. If it's not you have nothing more than an expensive hobby. However, another important element, especially for women, is to consider whether your business can support you when you're not there running it?
I experienced this first hand at the end of 2014 when I was taken out with a very serious dose of flu, which resulted in liver damage, daily trips to hospital, and 2 very long months feeling extremely unwell in bed!
During that time I went from making several thousand pounds in a month to almost zero. When I stopped working so too did my business. Believe me, it's wasn't a pretty sight.
However, in hindsight it was actually the BEST thing that could have happened to me.
As a lone parent of a 5 year old and sole provider, I simply could not afford for that to happen again....EVER!
So at the beginning of 2015 I went about putting structures and income streams in place within my business that would ensure I ALWAYS had guaranteed income coming in every month...even when I'm not in a position to work.
...And as if by magic this was surely put to the test a few months ago when I moved house, slipped a disk in my back, and experienced 3 months of pain that was on a par with childbirth.
However, this time I was able to be secure in the knowledge that everything was taken care of even though I wasn't working. I'd set things up to ensure that the money continued to flow in, the bills were paid, plus the cost of my move had been covered with ease too.
So today I invite you to consider your situation...
As a solo business owner you ARE your business. You ARE your brand.
Would your business support you if you couldn't work for a few weeks or months?
Are you able to take time off and still be supported financially?
This is especially true if you're a mother. That role is a non-negotiable. There's currently a trend that inspires women to success...but at what cost? Can you take time off at leisure to be there for your children when they need you?
So yes it's true, business IS about profitability. But for women it's also about security, safety and peace of mind. It's about designing your business in a way that enables you the freedom to show up for loved ones when they need you.
Don't wait until disaster strikes to have your back covered on this one. Let my experience shorten your learning curve. Design your business NOW in a way that supports you no matter what.
If you understand the importance of this and you want to get the correct business structures and income streams set up from the get go, so that you can ensure a profitable business without the stress, let have a chat.
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