Prepare For Bumps In The Road

 One of the things that is often not told to those going in business, is to 

prepare for bumps in the road. To help one go safely in life, older folk will say this to young people but the same applies to business. It is not all “rolling in money” in the beginning and probably for the first few years!

Bumps in the road are anything or anyone that causes the business to slow momentum. How you

prepare for bumps in the road depends on your situation. Many businesses start with huge capital, others with small budgets. Based on how you manage the money your business life may be long or short. A startup will burn through money getting something revolutionary to market but a highly successful hair salon can also do the same.

The bumps in the road to prepare for are:

• Rent – One of the most expensive parts of running a business.
• Products – Materials needed to provide the service, etc.
• Staffing – Hiring and retaining staff since 2020 has become challenging for many services industries as workers want better wages, full time placements, etc.
• Health Issues – For the owner or staff, if you do not have insurance coverage, the business loses money when someone is off sick.
• Marketing/advertising – Essential to stay alive but one of the things people are happy to cut to limit costs.
• Taxes & Government regulations – These have more of an impact on your profits than you realize.

That initial burst of energy when you first start a business can get spent very quickly when the bills become due, money slows down and wages need to be paid. You might need to resort to doing some work you thought was beneath you like sweeping or cleaning to save on expenses. Nothing can totally shield you from the challenges of running a business but you can certainly carefully prepare for bumps in the road.