Impact of Life Events on Small businesses!

Life events are events that happen once or more in anyone’s life in a lifetime. These events consume a lot of money, time, and energy. When you are planning to start a business or running a business, beware of what life events will come in your way and check whether you have accommodated in your plan for at least next 5 years. Some of them may be repeated for some people.

The Problem

These Life Events have the potential in controlling the finance & emotions of a business owner. Some of the events may even harm the business to the extent of the closure of the business.

Some examples of Life events are

Buying a property 🏘️
Marriage 💒 ⚭
Childbirth 👨‍🍼
Starting the business itself 🕴️
Death in a family ⚱️
Child’s higher education 🎓
Major Traumas & Accidents 😢
Children Marriage 💒 ⚭
Divorce ⚮
Major medical expenditure 🩺
Parent elderly care 👴
Partnership failure 🥺

These events when it happens it will have a big toll on your business as you will be personally disturbed.

The Solution

Hence, it is very important to foresee and accommodate these events in your business plan. It is also important to space it out for 3-5 years, if possible, between one event and the other, so that you can manage your emotions and finances.

But some of the events cannot be predicted can occur at any time. In that case, it is important to have a backup plan or some protection like medical insurance, life insurance, etc. So that you can overcome these life events.

There has to be a succession plan and exit plan in place in place for some of the life events which can cause potential damage to the business.

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