Let’s be honest, your small business is your baby. The idea of taking extended time off from it is truly terrifying…or it could be.
It was for me when we were expecting Charlie. I had no idea how I’d take time away from the business.
Who would answer emails?
Who would run social media?
Would people still hire us if we weren’t working?
And, honestly, those same thoughts would pop in my head even if I was only planning to take a short 1 week vacation. It was the same fears whether I would be taking a short time or a long time away from our business.
Luckily, I figured out 3 steps that enabled me to step away from our business for a few months and ensure it was still running smoothly.
1. Cash Flow Planning
I leveraged cash flow planning to determine how long our business could stay cash flow positive without us making any money. That length of time was a big contributor to how much time I took off from our business when Charlie was born.
If you’re new to cash flow planning or need an optimizing cash flow planning tool, look no further! Head to our store and level up your business right now by purchasing my easy-to-implement Cash Flow Planning Tool. If you need some help, I’d recommend the ultimate bundle of the Cash Flow Planning Tool and a 1:1 Coaching Session!
2. Save 3-6 Months of Business Expenses
This may seem like a lofty goal, especially if you don’t have a ton of time to save up. What I recommend when considering how much to save is utilizing your cash flow planning tool to see how long your business can operate without you making any new sales. If you only want to take 1-3 months off and your business can operate for 6 months without any new sales, then you can probably be fine having 1 months worth of savings.
The amount you save is also tied to your own comfort level. I’m personally more conservative when it comes to financial planning so I like to be closer to the 3-6 months savings range at all times, whether I’m working or not. I just sleep easier knowing our business has that safety net in case something crazy happens like a global pandemic.
3. Increase Passive Income with Automations
To ensure our business would continue having passive income coming in through things like our online store and our client’s online galleries, I used automation to schedule promotions, discounts, and emails that would go out while I was busy with other things.
This was a huge help to increase the amount of passive income we had coming in without me feeling pressure to get back to my regular work hours earlier than I had planned.
Are you currently thinking about taking time off from your small business? Do you need some help with your strategy to a success leave?
I’ve got you! I offer coaching and have a passion in this area – I’m so ready to help! All you have to do is send the first message. Let’s do this!