Monday, December 7, 2015

Are you working in your business or on your business?


As a solopreneur, you got into business to pursue your passion. If you’re a baker, you love to bake, if you’re a plumber or handyman, you love to fix things. However, what so many new business owners forget is that there is more to owning a business than just doing all of the things you love. There are things like insurance, taxes, payroll, marketing, all of the administrative tasks that are necessary to run your business but you don’t really want to do, right?

Here’s the challenge: if you spend 100% of your time inside your business, you don’t know what your business looks like from the outside. Don’t get me wrong. It is imperative that you continue to do the things that you are good at. But there is much more to business than your core product line. It has to be facilitated, managed and grown. Take a minute and think about your role in your business. 

If you are a solopreneur, the buck stops with you. So, what happens to the business if you cannot work tomorrow? What happens if you are absent from your business because of an accident, a stroke, cancer or death? Do you have a plan?

People rarely like to address these scenarios because they seem morbid. But you now have an asset to protect and if you don’t have a plan, that asset will lose value. If you want your business to continue to thrive and be transferable to your family, you need to protect yourself with adequate insurance, so your family can have the money they need to hire an expert – even if it is only temporary. Otherwise, your LEGACY will be bankrupt.

Consider protecting your business and your legacy. Otherwise, all of your hard work will be for nothing.

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