In this 3 part series we're talking about creating an emergency plan for our online business, or really, in any solopreneur business.
A quick cash flow plan, or emergency plan is exactly like it sounds. It's a plan we make in advance of those inevitable times that happen in the entrepreneur life - a family crisis, health crisis, or completely unexpected business crisis.
Instead of needing to have a complete and utter meltdown when they happen, we can pull out our emergency plan and execute it.
It shouldn't be used for every day business - although the ideas generated here might help you create at least one new revenue stream this year.
The 3 steps to creating a cash flow emergency plan include:
- Taking Inventory
- Brainstorm ideas
- Preparation (pre-planning)
Today we're looking at our inventory. When we "take inventory" in a brick and mortar business it means going through every single asset (stock item, equipment, furniture and any other assets), recording how many are currently on the floor and in storage. Then, we compare those numbers to what was sold in the previous period, what was in stock the last time we counted, to determine if anything has gone missing. It's also a great time to remove items that might be damaged, or have lost value and aren't likely to sell in the coming period.
We take a physical look at what we expect to have, compared to what we really do have. In essence, it's a reality check.
Inventory for an online entrepreneur
In an online business it's slightly different, but equally important. In the inventory process I do for my business I include a few things you might not consider.
- Mailing Lists - List of mailing lists, autoresponders, etc.(how frequently I email, where they are housed, etc.)
- Guest Blogging List of guest posts: pitched posts, in progress posts and published posts
- My Projects projects, programs and products I've created myself (with the intention of selling)
- Affiliate A list of affiliate programs programs I'm involved with. Include the logins.
- Groups/Memberships - List of membership I belong to. Including Facebook groups (Paid or Free)
- Software List of all software still being used on your current devices
- Hardware List of computers, devices (phones, tablets, etc) and other equipment used for business
- PLR List of any Private Label Rights resources you own, and how you plan to use it
- Domain Names List of current domain names, renewal dates and if they should be renewed again this year
- Education List of all education purchased or free: online and stored on devices
Swipe my inventory list
Click through to see my example of my inventory spreadsheet. (it also includes my daily money tracking, monthly money goals, and maintenance log) and make a copy for yourself.
If spreadsheets make you uncomfortable, or you'd prefer to use pen and paper...
Go through your computer folders and write down:
- anything you've already created (blog post series, ebook drafts, videos, mp3s, partially started e-courses)
- courses you've purchased or have access to free
- groups you belong to (online and offline, free or paid)
- hardware and software you own
- Equipment and furniture
When I did my very first online inventory (pen and paper version) it took several hours (just wanted to be upfront with you - it's not a 5 minute project) but it gets easier every year.
Because I still prefer the feel of pen on paper, I print out the pages of my spreadsheet once per year, and add in anything new, make notes of what should be removed and then update my spreadsheet.
I use this template almost every day (for daily money tracking, affiliate tracking, and blogging tasks) so it's easy for me to update throughout the year. The year end update has become a pleasant ritual (part of business planning) to remind me of what I have done this year, and what I want to create in the new year.
[Tweet "An entrepreneur Emergency Cash Flow Plan - cheaper than monthly insurance premiums..."]
Biz Training Club Member Benefit - January 2015
I did a quick poll in the Biz Training Club last week. On the first day I was absolutely certain I'd be creating something about small membership clubs. But instead, Quick Cash Flow came in with an exact tie. So, I decided to create this blog post series, and include the full course as the free perk on the membership club this month.
If you're already a member, log in (right, sidebar) and then click through to access the video and workbook.
The Biz Training Club is currently closed to new members (Until sometime in February), but if you come back on Monday I'll have the 2nd step ready for you on the blog, completely free.
Take Action - do an inventory count this week
This week take some time to do your own entrepreneur inventory. Then come back next week for Step 2 - Brainstorming. We'll take a closer look at our inventory list and brainstorm a dozen or more ways you could quickly generate cash in an emergency. You'll likely find at least one new revenue stream that you'll want to add to your regular business activities this year too... But our primary objective will be to narrow down to 3-5 ways to generate extra income in case of an emergency.
In the comments below, share one thing you've added to your inventory list that you didn't expect to find. Or, share something you added to your list that I didn't include in this post.
Can't wait to see what you discover!