I wish I could go back and tell you…
You know what, if I could go back six or seven years and share just one piece of advice to the woman just about to start her fledgling new business (that’s me by the way) I’d...
Well ok, I’d actually give her several pieces of advice, like listen to your gut more because it’ll guide you in far better ways than any ‘five second expert’ will, rest when you need it and OMG please stop undercharging for your work…
Yet one of THE BIGGEST pieces of advice I would also give be this:
Right from the start, right from day dot, start thinking about (and planning) how to add some kind of passive income into your business.
And preferably, make that some RECURRING passive income streams too.
Most of us when we start get hooked on thinking about how to get/book more clients.
And clients are great, I LOVE working with my own clients.
And yet when your business solely runs on 1:1 clients it means you always need to exchange your time for money.
You stop work, you stop receiving an income.
When my guy had his accident he ended up in hospital for almost a year. To visit him took over a 620 mile round trip to see him. All I wanted to do at the time was be there for him (and take care of me), yet in doing so it would have meant I stopped earning (and I was about to become the sole ‘breadwinner’) - so I juggled visiting him on those crazy long trips, staying at Airbnb’s and friends houses where I could get wifi so I could carry on working with clients (and earning) in between hospital visits.
When my guy came out of hospital and we moved in together, that first year was TOUGH. The meds he was taking was doing crazy things to his body. He dropped a TONNE of weight. He was in agonising pain every. single. day. All I wanted to do was be there for him and make sure he was ok, and in between all of that rest because I felt utterly depleted in every sense of the word you could ever possibly imagine, an yet… I now was the sole ‘breadwinner’ and earner for our home, so I had to carry on putting the hours in and working with clients to make sure we were ok - because the second I stopped work, the second I(/we) stopped earning.
There have been times over the years I’ve been sick too - nothing huge or scary, usually just something like a really bad cold that refuses to budge for a couple weeks - and again all I’ve wanted to do was tuck myself up under piles of blanket and duvets and take care of me, and yet (again)… If I stopped work, I’d stop earning.
Hopefully of course nothing so crazy (or life changing) happens to you like it did my guy, yet sometimes life is life and it likes to throw a curveball at some of us (hard), throwing everything up in the air.
And even if it doesn’t (fingers and toes crossed it doesn’t) I think we can all relate to getting sick sometimes with a tough cold that won’t shift, a sickness bug that wipes us for a week or an arm that breaks on a skiing trip.
What do you do then?
What do you do when you run your own business especially when your sole income comes from working with clients?
Carry on and push your own needs/wellness aside?
Take the time off and watch your income pause/stop until you return?
Personally (albeit a little later than was really good for me - if only I really could go back and pass on that advice…) I chose to answer question number three…
How can I make sure my business still earns money even when I’m not working?
And side note on this…
Maybe it’s not even sickness you need/want to take time off for.
Maybe you just wanna go enjoy life and take six weeks (heck, six months) off and go travel South America or Europe. Or volunteer at an orphanage. Or take the summer off to spend time with your kids while they’re not in school.
If you’ve already got this covered… AMAZING.
If you haven’t…
Know that over the last four or five years I’ve been doing/learning/testing EVERYTHING ‘passive income’ and seeing how I can add more of it into my business - and especially how I can add more of it through RECURRING income streams that’ll make sure my business still earns an income even when I’m taking time out.
Last month I created a new workshop called Recurring Revenue where I share five different ways to create recurring revenue through products and passive income.
The Recurring Revenue workshop is available to watch through The Lifestyle Designers Club (the online membership for women in business who want to take care of their wellbeing as well as their wealth).
If it sounds like just what you need or have been looking for, or you want to learn how your business can still earn an income every month even when you’re not working - you can watch the workshop now by signing up over here.
To being able to take care of you always (in wealth and in health),
PS… We’ve already had someone launch their first online yoga studio and membership after going through the workshop and have their first members sign up! 🙌🏼🙌🏼🙌🏼
PPS… While during the ‘crazy’ time of my guys accident (and the time just after) I would have loved nothing more than to have been able to just drop everything and take care of him and me, I also met some of the most beautiful and awesome clients during that time - many of whom are now permanent friends. You know who you are and you truly are awesome - thank you.