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 firmlyBlurred bus 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…

Login info

  • Laptop
  • Gmail
  • 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…

  • Hootsuite
  • 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?

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“Take a Chance” – Fortune Cookie Friday Business Advice

Not less frequently than every other Friday, I drive to one of our local Asian cuisine eateries, order some takeout, and Fortune cookieget my hands on a fortune cookie. My reason? To translate the bit of wisdom inside into some sound business advice for solopreneurs and small business owners.

This week’s fortune:

“You will take a chance in the near future.”

You’ll notice it’s more of a prediction rather than guidance, but I can’t think of anything that’s more fitting to entrepreneurship. Taking chances can’t be avoided when starting and managing a business of any size.

As an entrepreneur, you plan, you project, but you can never really know that your business idea will succeed until you’ve actually taken the leap, launched it, and are living it.

DiceI don’t advocate taking unnecessary risks if your due diligence turns up all sorts of red flags that wave signs of probable failure, but no business start-up is a “sure thing” no matter how good it looks on paper. There are factors – both within and outside of your control – that can make it or break it.

To increase your likelihood of making it, embrace the element of chance that comes with being a business owner. Recognize what could go right – and what could go wrong; then think through how you’d handle each scenario should it become reality. Above all, don’t let a fear of taking chances isolate you from acting on opportunities.

Remember, you’ve always got those lucky numbers on the flip side of your fortune to tip the scales in your favor!

Your turn! What are some of the biggest chances you’ve taken as an entrepreneur?

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