There may be times when business is slow or comes to a halt, either because you wanted it that way or because there is going to be a month or two when people just aren’t buying whatever services you are selling. Perhaps you get injured, your life partner gets laid off, or your child is sick for an extended period of time.
The cause of the slow period or halt does not matter, just know that it can happen to anyone.
This is why we need a plan. Tto begin taking steps immediately to be (better) prepared for these times.
What steps can we take to prepare ourselves? Well, for starters:
- Designate a certain amount of money to be put away each week or month, as well as a set percentage of any income tax refunds. Keep this in an interest earning account somewhere, do not remove any of the money until it is needed, and keep adding to it on a regular basis. This will be your spending money when little to no money is coming in. Spend wisely, only as necessary.
- Have an emergency fund for medical needs, one for vehicle needs, and one for home maintenance needs. Obviously, these (and the above) are funds you will build over time but, if you happen to get a lump sum of money it can really build these funds up.
- Stock up when you find sales, or have coupons. Or both for added savings. Make these stock-ups items that you will definitely need, such as socks, food, household items, personal care items, office supplies, and stamps for your business.
- Pay ahead on things such as utilities, insurance premiums, mortgage premiums, car payments.
- Charge as little as possible. None if you can get away with it. And remember, charging emergencies is far more costly in the long run than saving to cover them in advance, or even just a portion of them.
- Become the coupon, yard sale, clearance sale, or thrift shop Queen (or King)! Or just be a frugal Goddess (or God) until you are well stocked and saved.
Having certain things taken care of in advance means we are less stressed. These situations will not tax your emotional and physical health so much. And you will be able to lighten up a bit.
How else might you prepare for slow business times? Let us know in the comments, or email me at firstname.lastname@example.org. I reply to all emails.
Shannon L. Buck
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