How strong is your business? Could it really withstand another outbreak, economic downturn or lockdown?
If you’ve worried about the stability of freelancing during uncertain times, t’s a valid thought. Not everyone knows how to build and keep your business going when the world seems to fall apart.
When you learn these 5 steps to pandemic-proofing your business in today’s episode of Free Mama Radio, you’ll sleep easy knowing you have what it takes to bring in the cash during unpredictable times.
In Today’s Episode We Discuss:
- Why you should have a diverse revenue stream
- The benefit of not being emotionally attached to your offer
- The importance of taking care of yourself first
Before, I jump all into Pandemic proofing our businesses, I have a big reminder! The Free Mama Scholarship is open until this Friday, August 28th! This is an amazing opportunity it’s a 3-month internship with hands-on experience and incredible perks! Don’t miss out on this, “Get your applications in!”
Okay, I was a little fired up about this question when I read it today. I was ready to just dive in and share but I really thought about the 5 really important tools you should be doing to pandemic proof, recession-proof, and life event proof your business. Here we go:
1. Diversify your Revenue Streams:
Don’t put all your eggs in one basket, you have to create different streams of income, don’t only have one high-paying client. If you do this, you are similar to a 9 to 5 job relying on that one client. If you lose the client, you go into feast or famine mode. Your business will not make it this way.
2. Incorporate Recurring Revenue:
Have recurring monthly retainers which creates a predictable cash flow. Also, have project-based offers, like one-and-done projects. This helps if you lose a recurring retainer and are looking for another, I call these cash injections. If you’re always doing project-based offers, get some recurring retainer clients for the predictability of regular income. Diversity!
3. Stop Being So Attached to the Things We Do.
I know you love what you do, but be able to pivot where the opportunities are, where businesses are making money. Someone is always on top in any type of adversity, look at Zoom and E-commerce during this last year. Find how your service will support those businesses, pivot your service to be their solution.
4. Take Care of Yourself.
Let me say this again, Take Care of Yourself!! Start thinking now about how you will take care of yourself, do it before you need it. Listen burnout, fatigue, and fear are very real and debilitating factors in our lives, and business but if we take care of ourselves now emotionally, physically, and mentally we are more equip to handle challenges.
5. Anticipate for Plan B.
Last but not least, be prepared for the unknown adversities. Be aware that things can happen and will. Know how you plan to handle it, discuss it with your family. Allowing ourselves to feel prepared and not feel so lost or off guard eases that sense of scarcity. It allows us to avoid some of those spiraling feelings.
So…. to the original question “Can our VA businesses and freelance businesses survive another pandemic?” Absolutely! We are in a growing market and we have the tools to pivot where are businesses need to. Remember you’re the solution don’t forget that! We are resilient and capable Free Mama’s, these tools will keep our businesses sustainable and growing!
Be sure to check out the links below, because no matter where you are in your journey, we have something for you. From free training and free YouTube videos to our Facebook group or even the Free Mama Squad, we have so much to help you get the support you need!
Have you checked out my FREE training?! Would you like the freedom to work from home and spend more time with your family? In this training, you will learn how I became a highly paid virtual administrative consultant in just a few hours a day…. and how you can too! CLICK HERE for instant access.
Resources Mentioned:
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Other Episode You’ll Enjoy
You Might Be Doing It Backwards If You Haven’t Found Success Yet
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Mistakes Make You Wise, So Make More of ‘Em
