Hey hey, welcome back to another episode of the podcast. So happy you’re joining me. In today’s episode, we’re diving into a topic that I think is really important and I don’t see talked about too often and that is lifeproofing your business.
Now what does that mean exactly? It means setting up your business for success and being able to sustain everything through the highs and lows.
Know that some seasons are going to be better than others – As I am sure you already know, some seasons are going to be better for business than others. I know for us we usually have an influx of new clients in the late summer/early fall so August, September, and October, and then it’s calm usually until January and then we have another influx around March because people want to outsource their podcast before the summer.
Have multiple streams of income – I’m sure you have heard this a lot but the average millionaire has seven streams of income.
While my income comes mainly from services, I also have affiliate income and digital product income coming in each month as well. Eventually, I would like to get into investing and real estate so then I would have at least 5 streams of income. I just think it’s important to not put all of your eggs in one basket by diversifying your income.
Take advantage of any downtime – As I said earlier, in business, you’ll have slower seasons so instead of just wallowing around during this time, take advantage of it. This could be a time where you go all-in on a specific marketing strategy or dive deeper into something like Reels or TikTok. I also find this a good time to work behind the scenes on getting some more passive income opportunities like templates, digital products, or courses set up so that I can continue to grow month over month even when we’re not constantly bringing on new agency clients.
Set up a profit account – A few years ago I read the book Profit First by Mike Micalowitz, and it changed the way that I did my business finances. I highly recommend you go check out that book because it’s really enlightening but one thing that I took away from this book is setting up a profit account. So that means that 1-2% of what I bring in each month automatically will be distributed to my profit account so that I have money set aside to use for a nice bonus for myself or my team, or really if I ever need it.
So I’d love to know, do you feel like your business is lifeproofed yet? Let me know by sending me a DM over on Instagram to jenny.suneson I’d love to chat.