One not-so-pleasant aspect of being an entrepreneur with your own business is what happens when you are ill or have an accident and can not make it to work? Even when you are temporarily down and out you have to stay one step ahead to get that next project to keep your business growing.
Work is money when you are in business for yourself so this question is one that needs some attention.
When you work for someone else, you can call in to say you are not feeling well and then go back to work when you are able. You would likely be compensated by sick time. Not so when you own your own business.
As an employee, if you were hospitalized, you probably would have insurance provided by your employer along with a nice compensation package.
This changes when you are self-employed. There are several ways to get insurance coverage as a small business owner. For instance, call your local chamber of commerce and other business groups and check with a local insurance agent to see what options are available to you and any employees you might have to provide for.
In addition to health insurance some additional coverage to think about would be short- and long-term disability to cover you should you become unable to work for longer periods of time. Again, this would be something to discuss with your insurance agent.
As to the issue of who would cover for you in case you can’t make it in to work, I advise you to have a backup plan.
If you have a project for a client due at a certain time, you must ensure that you will meet the deadlines you and that client have discussed and make sure the job gets done – with or without you actually being on the job.
Ideally, we would all have someone who could just step in and take over should the situation arise, and a good assistant can certainly handle most of the details. However, no one is as passionate about your business as you are.
I think this is another good reason to use outside contractors at various stages of your project. The contractors have assigned tasks to be completed and milestones to meet. At any given time should you not be able to work, he or she could certainly act on your behalf.
Then when the job is done you don’t have to incur further expenses until you have a new project and need to use that same contractor again.
With e-mail being the most prevalent means of communication these days you could keep in contact with your customer and they don’t have to know that you are under the weather and responding from your bedroom rather than your office.
Sometimes it’s tough to drag yourself to work when you would rather stay in bed with some chicken soup; but while meetings and trips can be rescheduled, projects should be completed on schedule. You can’t afford to lose a customer.
Article – Copyright 2001 Stanley I. Mason. Syndicated by Paradigm News, Inc.
