Being ill can have costly consequences when you run your own business. Here are a few tips for financially surviving when ill and self-employed.
Develop your Business to Run Without You
One of the best ways to financially survive when sick and self-employed is to create a business that can run without you. This involves hiring employees that you can trust to handle matters in your absence, as well as potentially automating tasks.
Pour time and energy into recruiting the right staff and spend time training them up to handle all necessary tasks. You could cross-train multiple staff to handle various different tasks or you could train up one assistant manager who can take on all your roles in your absence.
No business can operate without its owner forever. However, it might allow you to take a few weeks off, while still maintaining a steady flow of income. Having staff that can take over could also allow you to take holidays more flexibly and possibly more days off per week – which could be necessary if you’re currently working yourself to the bone to manage everything.
Do What You Can from Home
It’s possible that you may still be able to handle some tasks from home while ill.
This depends a lot on the nature of your work and the nature of your illness. If you run a marketing firm and you’ve broken your leg, you may find that you’re still able to handle most tasks. However, this may not be the case if you’ve got the flu or you work as a freelance chauffeur.
Be realistic about what type of work you can take on while ill. Taking on reduced work could be a compromise if you can still work from home but find it mentally exhausting.
Set Up A Passive Income
A passive income is any form of income that doesn’t require to constantly work for your money.
It could involve investing in stocks or investing in cryptocurrency. Using a stock trading app or a Bitcoin trading desk, you can invest savings and let it grow.
Alternatively, you could find ways to sell items digitally in order to earn money or royalties on an ongoing basis. This could include writing an e-book, creating an online course, creating an audiobook, or putting up photographs for sale. Every time someone buys/streams these, you will make a bit of money.
Ad revenue and affiliate marketing are other ways to build a passive income. This involves getting paid to advertise products on your website or alongside content such as videos.
Consider Sickness Insurance
Sickness insurance could be another solution. This is an insurance scheme that works a bit like sick pay but for people that are self-employed.
You do need to weigh up the cost of paying into such a scheme as well as assessing the amount of coverage that you’re likely to get (you may not be covered for certain types of illness). You can compare sickness insurance schemes online.