If you’re a solopreneur you might worry about your business crumbling without you. You carry out all of the day to day admin tasks, you’re the face of your brand and you work tirelessly to maintain excellent standards for your products or services. When you’re busy running a business you don’t have time to be out of action.
However, there are several incidents that could impact your business that are largely out of your control. Some of the ideas mentioned below are preventable and others are just bad luck; consider the possibilities and you will always be prepared for anything.
#1: You’re Involved in an Accident
If you’re the only person who can operate your business, it is definitely going to go on hold if you’re in an accident. The only way people will know that your company is temporarily closed is via a Police accident report or an announcement made by you. You may want to work on a contingency plan just in case, so that you don’t have to worry about closing down altogether. In the case of an accident you may need additional support to help your business stay afloat whilst you recover.
#2: A Seasonal Sales Slump
Your business may operate during peak seasons; there may be times when you hardly have any enquiries because of the time of year. Although this is manageable, you need to learn to keep your business afloat all year round. You can’t expect sales to come to you during those peak times without putting in hard work in between.
#3: A Legal Issues
Getting caught up in legal issues is something you definitely don’t want to happen for your business. In a serious case it could involve legal fees which causes your business to shut up shop. Have a lawyer on hand at all time and be sure to take their advice on any risky business decisions you make. If your brand has somehow landed in hot water and your reputation becomes damaged it can be very difficult to build that credibility back up. It is always better to be safe than sorry, so don’t cause a stir if it’s not necessary.
#4: Unfocused Marketing and Product Ideas
Your business may suffer due to unfocused marketing and product ideas. This is a simple case of not having a well thought out plan. If you want to avoid this for your business, it is so important to work on a business plan that outlines your market research, your ideal client and budget for advertising. If you overspend or waste money on campaigns that aren’t extremely focused, your business may suffer badly.
All in all, you don’t want to be the reason that your business suffers a loss or earns a bad reputation. You can easily prevent some of the incidents above if you pay close attention to detail. Make sure your business is covered by insurance or you have team members behind you that know what to do in any of the cases mentioned above. Running a long lasting and thriving business doesn’t have to just be down to you as a solopreneur.