What would happen to your business if you were gone? Being an entrepreneur (especially with an online business), can hold some tough realizations about how the “day to day operations” were to run if you were no longer around. Unlike regular 9-5 jobs, or careers that can be trained into, we’ve spent our lives being the best at what we do. In most cases, our better half or family members wouldn’t have the knowledge to come in and keep things running… let alone even know where to start!
As grim as the subject may be, you always need to plan for the unexpected. If you haven’t already, here are a few things to think about while planning for the future of your business and financial security of your family if you were no longer around.
Passwords, Logins and Account Details
Personally, I have hundreds of usernames, passwords and urls all stored up in my head. When I see a certain web site layout, it just triggers whatever the password was that I setup for that account. Unfortunately, this would be nearly impossible for anyone else to handle that didn’t set up these account. It’s always a good idea to have a “written” booklet or note pad tucked away somewhere safely that contains all of the useful information to access your accounts. Whether it’s your affiliate accounts, banking records or billings… you don’t want to leave all of this information lost when your time comes.
Short Term vs. Long Term Business
Is your business model changing every week, or something that will make residual income for months with little maintenance? Even if you are generating almost all of your income from PPC marketing, this is an amazing skill to have, and once you are gone… your successful business is likely to follow. On the flip side, if you have a high traffic site, established brand or recurring income… all of these can still remain in tact and providing financial security for your family later on. Whether your business plan is short term, or has the potential to last for years… you need a backup plan to either have it bundled up and sold, or a way for someone to come in an maintain what you have started.
Recurring Billing, Ad Costs and Domains
Once again, this area can fall under having a document of all accounts and passwords. There is so much to think about when looking at our businesses as a whole. When are your domains expiring, are you pre-paid on hosting or paying monthly… what recurring charges are on your credit card that you will get billed for if they are used of not. This continuing list is a huge factor in whether your business will succeed if you are gone.
Business Model: What is it?
The most important factor to the success of your business, is your business model. It’s hard enough for us to explain to the “average person” what we do and how to make money… imagine being left with everything we started, and no idea where to start! When you are no longer the business, can someone step in and continue what you started? Should you have a “foster” entrepreneur to manage the business in your absence?
This is just the tip of the iceberg on what can be a massive list for some “one man” operations. The bottom line is… is your business model ready for the unthinkable and will it live on past your life time?