I hate to be a Debbie Downer, but here are a few business risks you probably aren’t thinking about and some potential solutions to avoid them:
Health Risk
If you’re in your 20’s or 30’s you probably aren’t thinking about health concerns, but for those in their 40’s and above, it enters your mind more and more. If you experience a sudden health event, such as a heart attack, stroke or cancer, then your business will inevitably be impacted. Can you imagine suddenly being away from your business for weeks or months? If the thought is scary, then the outcome is even worse. A way to help minimize this risk is to maintain your health and seek the advice of very good healthcare practitioners.
Shiny Object Syndrome
As business owners, we all get very curious and excited about starting another business or offering a new service. It sounds great, but it’s probably not a good idea unless done properly. The amount of time and resources to do so will detract significantly from your existing business and your profitability will suffer. The easiest way to avoid this is to strongly hesitate starting another business or adding a new service. Unless you have staff that can run your existing business, help with the new business or help implement a new service, then avoid doing this.
Divorce Risk
Although divorce enriches divorce attorneys, forensic accountants, and other divorce professionals, it will not do the same for your business. The time, focus, and resources spent on a divorce can and will negatively impact your business or what used to be your business. How can this be minimized? Try to predict the future and marry the right person (if that’s possible)!
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