How do we get prepared for disaster like Covid-19 in the future? How do we secure ourselves and the business?
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Well, no one knows when exactly a disaster or a tragedy can take place, but it is always wise to be prepared for any emergencies.
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Remember, there are two rules to money ; One is to make more money & second is to diversify. The key here is, you don’t save money but rather you diversify it and spend it to expand your business, money is meant to be spent…WISELY!
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During a peak season, don’t take it easy, but push for as much sales as you can. Secure your current account. Once you make the money, diversify it slowly into a few high interest entities, i.e public mutual fund or a fixed deposit. Or you could also buy high currency notes and keep it with you in a safe box.
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Make the money to work for you when you reach a certain level in your business; meaning take the risks to hire staffs (or additional freelancers) to cope with the volume of the workload and to simply deliver the best to your clients during peak seasons. Manage the salary and money spent wisely. And when you’ve got extra hands, push for more sales! More sales produces more income. Make sure your clean profit is about 50-70% of your sales, try to reach as much as you can. Keep the promises you’ve made with clients and deliver the products on time. This is how you grow your business and ensure that your clientele keeps returning to you / spreads the word about your business to others. One good business deal can lead to many more.
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If you do not like the term “business owner” & still want to remain as a “freelancer’ or an “artist”, it is fine, as long as you do the above mentioned for basic setup and make it!
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Build new networks from different fields than yours. It is now time for you to rediscover new skills.
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During this crisis period, most wedding functions & events will be postponed or cancelled, and this will cause a major downturn in your monthly income. So, make sure you have option B. Option B is your survival mode, create something that you can work with option B. For instance, wedding photographers, can look up and create branding materials for small business owners (Have mentioned in my first post ; Surviving Lockdown). Or whatever your hobby is, try to turn it into an income. We are in this together!