Fallback / Plan B · Selling Online / Prime Mover

Fallback / Plan B

Since you are on Skool and in Prime Movers, and likely Click Funnels, may I start with an assumption that you are excited, full of passion for making it as an online seller, and really going for it?

I gather you are in your “happy place”… even if you feel the “brain burn” from learning so fast!!!

With this said, as a crisis coach, here are a some tips if you have not already done this;

PLANNING

Incorporate your business asap. Then get business insurance for: General Liability, Errors and Omission's, and Directors and Officers.

Have these because in US at some point someone will sue you over something. (Less likely in Canada.) Do not put your personal assets at risk.

Carry “Work interruption” insurance, disability insurance and Worker’s Comp.

At some point something will happen either from a direct or third party event, or your own or family health emergency and you will need time off work.

If you have extremely important people working for you, hire them vs contractor. As an employee, you can get key employee insurance. Many businesses go under when a key business partner dies or become disabled and can’t work. It can force the sale of a business if a partner’s spouse needs to settle an estate and doesn’t want to be involved.

Have enough Life Insurance - at least double what you believe your earnings will be over five years, if you are married with kids.

At minimum have enough whole life insurance to cover your final bills, and bury you or scatter your ashes. Have enough life insurance that your estate executor as a Beneficiary can take time off to manage your final affairs and clean out your things, and distribute or sell off. This takes time. If you are a home owner of a house that would need to be sold as an “as is” house it can take severel years to sell it.

Have the type of policy you can sell off if you need to for either taking care of you, or retirement.

Carry the best health insurance you can afford ( US). It makes a huge difference between having a high end PPO plan vs an HMO. I consult on healthcare. In my opinion, HMO delays can cause loss of life, or at minimum impact quality of life.

Carry a dental plan. When you need a crown, these are around $850. A good plan can lower this to $0 copay.

Carry disability insurance if you can qualify. Health insurance plans have caps on how long you can stay in a hospital or skilled nursing facility. You can be financially wiped out in US by medical bills.

Have a chosen Healthcare Agent and Healthcare Power of Attorney. These titles can be different people.

Have a Power of Attorney set up for when you cannot make decisions for yourself.

Please consider setting up a Trust to protect your assets. You can have income pour directly into a Trust. Talk to your licensed estate planner for details.

Try to live off 60% of income. 20% to savings, 10% to education, 10% to tithing or donating to charities of your choice.

Brainstorm “how your business could be delayed or wipes out.” I am aware of 200+ ways. Are you?

When I put my list together, I didn’t foresee COVID shutdown, or the impact of ICE * descending on sanctuary cities (US), and the havoc / impact it would have on area businesses. Many are having to file Chapter 11 for bankruptcy protection.

One of those business owners is a dear friend of mine. Her usually multi million dollar car lot business is in a small city inside LA County, CA. The recent ICE heavy presence on guard and making arrests of adults snd children in the streets in surrounding LA communities has scared people in LA County and surrounding counties. Car shoppers away from her business. Businesses in their area are hit hard and even staffers are afraid to come to work. My friend’s business is facing probably permanently closing due to ICE caused damage.

Business activities are almost frozen…Who saw this damage coming? Even businesses in this area are affected because many residents are not spending money and are holding on to cash.

Thankfully, SBA ( Small Business Admin) federal agency has declared it an “economic disaster zone.” It is issuing very low interest loans to businesses in LA and surrounding communities hit hard due to ICE arrival.

[* ICE is the federal police presence that arrived with assignment to arrest undocumented residents with criminal backgrounds. Reality? ICE is arresting / people legally here - the effect is palpable fear… this is affecting people spending money for anything other than essentials, and cocooning at home, trying not to go out at all if possible. ]

BOTTOM LINE

If you read “Hero’s Journey” and do the workbook, you can read about how the human experience is a life of ups and downs, breakthroughs and setbacks.

If one knows that setbacks and wipe outs are part of life, just like breakthroughs, would you agree it makes sense to create a plan for success AND serious challenges?

My personal example: In 2012, I thought I would be up and successful selling online in a year. That did not happen. I have continued working without a funnel 12-1/2 years! I have had financial wipe out four times in that 12-1/2 years. (Eldercare, two wildfire evacuations, COVID shut down and long haul COVID), and a few other setbacks, such as two surgery recoveries.)

Bei “UNSINKABLE”.

Never give up.

When you have your WHY, you have your HOW.

Planning, and having a strategy for mitigating, managing, self care, respite, exiting and recovery from a crisis or setback matters. It can make the difference in amount of time it takes to bounce back, and protecting your heath and relationships.

Especially? Have an eldercare plan if you have living parents. Eldercare wipes out many careers, and businesses. Don’t assume your sister or brother will be available to do it. She/ he may not be available then.

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