Anyone who has been in buisness for any leghth of time has got to have a plan. I am a firm beliver in you cant have enough insurance and a good plan for the what if's. Since i have been a kid I always worried about what I would do if I couldn't work for several months or even longer. This has happened to me at least 5 times since I have worked for myself over the last 30 plus years. You need to have at least 8 months minimum savings to be able to float your bills to survive, there is no way that anyone could survive that much down time without a plan.
The most important thing you can do as a business owner is pay yourself first, then open up an emergency account that you dont touch for anything but emergencies. If you follow this strict and very hard savings you will be able to function and go on with your life as you know it. I know that many people say that there isn't enough money to do this when the economy is in the shitter but when things are good you need to put it away. I have lived this quite a few times due to recovering surgery or just slow and bad economy, believe me you will need it, maybe not now but know one goes thru this life without speed bumps.
My father taught me at a young age that nothing comes free or easy, and a prepared man will always be able to take care of his family in hard times. I also learned that you can ONLY count on yourself during these times, most family & friends can help you with support or phisical help but cash is the only thing that will pay the bills. It dont matter if you can only put $100.00 bucks a week away or even less as long as you put something in the till every week or monthly depending on how you pay yourself. I am 51 yrs old now and it will get harder each year to be productive, but I have made the investment in my future at an early age because if I know anything it's that you cant stop time.
