Hi, it’s Rosie Paterson here from Living Rosy bringing you my weekly dose of entrepreneurial inspiration!
So many of my community are terrified to go into business because they see it as risky - even if they are unhappy in their corporate jobs, they are comfortable, and they don’t want to make things any worse.
Today, I want to talk about “risk-proofing” your business. Now, naturally, no business can be totally immune from risk, just as no job is either! Who knows when your company will fold or a new manager will come in and take a dislike to you? Still, there is plenty you can do you mitigate most risks in your business to ensure it’s a pretty smooth ride for you.
An information business online does necessarily revolve around you - you are the face of the business. However, you don’t need to be the only woman running the show - having a team on board can allow your business to continue even if you want time off, or hopefully not, get sick. You can hire a virtual assistant from as little as $5 an hour, and they can help you with anything from uploading things to your website to formatting and scheduling your email newsletters. For example, I outsource the transcribing of these videos as each one takes about an hour to do. That’s a lot of my time when I can get it done for under $20!
Next up, make sure you have the right insurance policies in place. I’m not a lawyer so I can’t advise you formally - it's always best to speak to someone qualified in your jurisdiction if you want help. Public liability insurance is important, and you may want to consider Key Man insurance which protects your income if you ever get sick.
I recommend you have a team of experts on retainer in case you need them - people like tech specialists in case something goes wrong you can’t fix, lawyers and accountants. It’s great to have someone you can call to ask questions as and when you need them. This piece is key which is why I have guest expert lawyers and accountants join me in my signature business mentoring programme Become Your Own Boss.
Make sure you have your legal set up all done by the book. While hopefully you would never be sued, you’d be amazed how many little questions come up in the course of working with lots of clients - complaints, late payments, you name it. A good contract is really a memorandum of understanding between you and your client: you explain what you agree to offer them (e.g. the amount and length of the sessions you offer) and they agree to their responsibilities (like paying on time). It will also set out what the process is in case things go wrong - for example, if your client wants a refund, you explain in the contract how it will work and what the deadlines are before you even work together, so there’s no disagreement after the fact.
I talk about this a lot - batching your marketing content allows you flexibility in your schedule without your business suffering. There’s nothing worse than dragging yourself out of bed when you have the flu because it’s Thursday and a newsletter is due out. Instead of running around after your business, plan in advance so you always know what is scheduled to go out. Then, if you get sick for a week or something comes up, it’s really no big deal in terms of your business productivity.
What are you scared of in business? Leave me a comment and let me know!
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