The middle of summer for many folks is here. Hopefully your summer has gone well so far. It has been a crazy summer for us. My sister-in-law passed away last month and since then it has been a whirlwind of things happening as we try to help my niece (who is 19 and awesome) get everything squared away so she can move forward.
That is one of the reasons we haven’t been posting as much as usual but starting next week we should remedy that.
We’ll be continuing our series on what to do when something happens to you – we have one article about that today in our newsletter and we should have it completed next week on Tuesday / Thursday.
Next month we’ll begin a series on getting ready for the start of the school year. We’ll be giving you some tips on getting better organized and more important… getting more business.
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Also in August we plan on giving some of our products away and having some sales on some different things we offer.
Continuing our series –
So what can you do to prepare your business if you had to be absent for an extended period – or if you died. This is for folks that have a smaller business, with no employees.
Like we mentioned in our other article –
You want to have someone who you trust who knows your current list of clients and how to contact them. We’ll say for example you’ve been in an accident and will be in the hospital for several weeks and won’t be able to get around for a couple of months.
One thing I would recommend – even if you’re a small business is you either,
a) Become friends with another small tutor in your town. This can help you in a number of ways. You can sub for each other while you’re own vacation, or just have a bad cold, and they can be a substitute for you during a time like this. You’ll want to make sure you choose someone you can trust (sometimes that can be hard), and you’ll want to make sure they have a current list of your clients and the times you tutor them. Make sure you clarify how they will be paid if something happens to you.
b) Train a family member to do what you do. Allow them to join you while you tutor someone. Explain to them how you do things in your business, including how to take care of income you get, what bills need to be paid. This family member could be your daughter or son, parents, in-laws. They need to enjoy teaching. You’ll also want to explain to them how they will be paid if you can’t tutor.
This part is hard to talk about, but especially with recent events in my life it is something that needs to be talked about and dealth with. If you prepare for something, your family will be able to deal with it much better.
So what happens to your business if you die.
Again this is for the folks with a small business – no employees. These are only suggestions you’ll want to speak with your lawyer and your accountant – as well of course your family.
1. You can close your business down.
2. You can sell your business to the person we talked about in A above. Again you will want to make sure you speak with this person and get the prices nailed down. You’ll then want to get this in writing.
3. You can gift your business to the person we talked about in B above.
Whatever you choose to do, you’ll want to make sure you include explicit instructions in your will.
Links you can use –
Love that article about things you can do this summer to grow your business and build relationships.