Bus-proofing your business… because stuff happens

No one likes to think about worst-case scenarios; we all imagine that we will live an accident-free life and our business will run smoothly until we retire. However, just as we buy insurance while hoping we never need it, we should look at our business operations and imagine what would happen if we suddenly became incapacitated by injury or illness or if you got hit by the proverbial bus. Who would notify your clients, pay your bills, and put your business on pause? Does that person know who your clients are or how to log into your email account?

In addition to estate planning, we solopreneurs need to plan for the unlikely situation in which someone who isn’t familiar with our needs to step into our shoes. The following are thoughts on how to write up instructions for where a family member, trusted friend or colleague could find everything needed to put your business on pause or, in the worst case, close it down for you.

Fill out this checklist (click here for an unannotated version) and give a copy to two people who might be called upon to help in an emergency, keeping in mind that a trusted colleague or good friend may be more familiar with your business – and the issues of a solopreneur in general – than a family member.

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What I learned at summer camp

group of happy kids roasting marshmallows on campfireI just got back from my annual trip to solopreneur summer camp, otherwise known as the AIIP Annual Conference. I always come away inspired and challenged, ready to try out new ideas and approaches.

This year’s conference focused on pivoting as a strategic approach—something that we solopreneurs do continually as we adjust to our clients’ changing needs and pain points. We were lucky enough to have Jenny Blake, author of Pivot: The Only Move That Matters Is Your Next One, as our keynote speaker and Anne Caputo as the Roger Summit Award speaker. Their talks sparked rich hallway and mealtime conversations about how we can remain nimble and responsive while staying grounded to what our clients value the most. Here are some of the insights I brought home with me.
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Steps for Starting Your Business

I just read a nice summary of what it takes to start a service-based business, over at The $100 MBA. Omar Zenhom’s Ultimate Guide to Starting a Service Based Business walks you through the mental shifts you need to make in order to turn yourself into a successful business. (Yeah, he thinks of them as action steps, but each step requires an attitude, a mind-set, as much as an understanding of what needs to be done.)

This post covers issues like knowing where your value lies and believing that you offer value, re-thinking your web site, setting rates (gulp), and dealing effectively with clients.

From Author to Publisher

printerOver the past 18 years, I have had six books published by three different publishers. When I decided that I had another book inside me, I considered pitching it to my usual publishing contacts. After serious thought, I decided to self-publish The Reluctant Entrepreneur: Making a Living Doing What You Love through Amazon.com’s print and e-book services. While it usually takes a publisher nine months or a year from receipt of a manuscript to shipment of a book, my turnaround time was just four months—a significant factor with a book that covers social media and other rapidly changing fields.

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Innovating

ZhivadanAdam Davidson (NPR Planet Money co-host) mused about innovation in a piece in the Nov. 16th issue of the New York Times, Welcome to the Failure Age. What I found most intriguing were his thoughts about the impact of information technology on usually risk-averse professions such as lawyers and accountants. As they see much of their low-value, routine work disappear to Nolo and Quicken respectively, these professions are finding new ways to surface the unique value they provide, using tools that once threatened their business. As Donaldson put it:

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Burn your business plan

Burning paperI’ve never been a big fan of formal business plans. Often, they don’t embed enough flexibility for the entrepreneur to pivot, based on new experience and a changing competitive environment. (Marketing plans, on the other hand, are essential tools in managing and prioritizing an entrepreneur’s valuable time.)

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