Could Your Business Survive A Six Month Downtime?

 

It’s been a while, since I posted a blog, as I have had some downtime following a couple of surgeries.

My wonderful, protective, fierce friends took amazing care of me over the past weeks and made me rest and relax - something which apparently is a bit of a challenge. Finally, my energy is returning and it’s good to be returning to the World.

My downtime gave me time to reflect.

Did I have any light bulb moments - any “Aha’s” - in my reflections?

No, no light bulb moments, more confirmations, which are just as valuable as light bulb moments.

I thought about the rapid changes swirling around us and the impact of down time on a solo entrepreneurial business, where the business is dependant on the owner/entrepreneur being able to keep all running.

In my "First Act" as a physician, every day in the Operating Room, I saw “Stuff Happen”, which disrupted lives and I often wondered how the unfortunate "Life Curve Ball", which had hit the patient, would impact his or her life. 

But now in my Second Act as an entrepreneur, the boot is on the other foot, so to speak.

My question for you is - how would your business, your life, your family be affected, if you couldn’t run your business for, say, six months?

Who would pick up the strings of your business and carry it for you, until you were able to take up the reins again?

Could you survive six months of minimal or no income?

Do you have business insurance?

Do you have Disability Insurance?

I have seen this happen to friends a few times and now myself.
Although my “Time Out” has been short, it still makes you think and reassess.

In today’s fast paced and changing world, you easily lose momentum when “indisposed” for a significant length of time.

What strategies do you have or could you put in place to protect yourself against “Life Curve Balls”?

How much Passive Income are you generating, which would keep you going in down times?

Your thoughts?

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