Solopreneurs: If You Got Hit by a Bus, What Would Happen to Your Business?
I think it’s important to have an optimistic attitude as a solopreneur…but it’s also important to have one foot firmly planted in reality and accept that we’re not invincible. Planes crash. Cars collide. Hearts go into cardiac arrest. Downer, right? No one expects those things to happen, but they do. My hope is that they never happen to you (or me!). But if any of the above or some other unanticipated tragedy strikes, would someone know where things stand with your business?
I got to thinking about that over the weekend. My husband, besides knowing where my checkbook is and what bank holds my business account, wouldn’t have much of a clue about my clients, my projects, and many other components of my business. Yes, we do talk quite a bit about our work, but that’s not the same as having detailed information and a plan should the unthinkable happen and I’m rendered unable to carry on.
So, I’ve started compiling a guide that my husband can refer to if he’s ever faced with taking care of my business because I’m not around to do it myself. In it, I’m categorizing and addressing things like…
- Social networks – all of them
- Productivity tools
- Wireless phone account
- Online banking
Paid memberships and subscriptions that auto-renew, for example…
- Domain name registrations
- Web hosting
- Writers Market
Monthly fees that are paid automatically and electronically to vendors, for example…
- LegalShield Pre-Paid Legal Services
Physical location of…
- Bank statements (paper and online)
- Credit Card statements
- Tax info
Current lists of projects in progress – This will need to be updated on a weekly basis because what’s started and what’s completed changes regularly. Especially important will be identifying…
- The Clients for whom I’m working.
- Any payments given for services not yet received from me.
Outstanding proposals or informal estimates that haven’t yet been accepted and that aren’t logged in Quickbooks – This also will need weekly updates.
Quickbooks crash course
- The basics of how to get in there and perform some basic functions
- The name, email and phone number of my Quickbooks consultant
I’m sure I’ll discover multiple other items to add to my list as time moves on, but this has at least given me some peace of mind. It’s giving my husband some as well.
Although you and I are solopreneurs, we can’t think only of ourselves! What do your loved ones know about your business? Would they be able to pull the pieces to together if anything should – heaven forbid – happen to you?
I’d love to hear from you on this topic! What “safety net” have you built for your business?