Always have a backup plan for your business

[eldavis]

Running a business is never easy no matter how small or big the business might be, it usually has it's ups and down. Do you have a backup plan for your business?
I have come across some business owners who assume having a backup plan means they are not confident in their first plan. This is actually the opposite, having a backup plan no matter how good your first plan is shows your level of professionalism.

 

[nomad]

There is no guarantee that you will become successful. Therefore, as a business man or a woman, you should always be prepared for worst case scenerio. When you are prepared, tour losses will be somewhat minimized.

 

[Stardom22]

One of the business principles is that they are uncertainty. Businesses tend to perform better or worse depending on the times and how the nature prevails. Therefore having a side plan is not bad.

 

[olaniyi]

It is a good idea to always have a plan b on every because any business can collapse anytime this will hello you sustain your stand and you grow again

 

[Starmix]

In your case @eldavis , assuming you have a business's what's your possible back up plan? Well of course it will be a secret plan but it might be helpful for me because I have a milk tea business. Well my backup plan is to open another milk tea branch should there be a competitor selling the same near the space where I rented in the. mall.

 

[fcbetting]

I didn't start my business yet but as back up plan I will not leave my current job. It brings me 1000 euros salary but still I can work on my projects.

 

[eldavis]

In your case @eldavis , assuming you have a business's what's your possible back up plan? Well of course it will be a secret plan but it might be helpful for me because I have a milk tea business. Well my backup plan is to open another milk tea branch should there be a competitor selling the same near the space where I rented in the. mall.

For me though my backup plan involves having other sources of passive income to help me generate more capital. If my current business does not go as planned, I can still have other places I generate money from while I work towards starting another business.

 

[Starmix]

For me though my backup plan involves having other sources of passive income to help me generate more capital. If my current business does not go as planned, I can still have other places I generate money from while I work towards starting another business.

That's also a good backup plan for your business in case the worst comes to worst. We must be always prepared. We do not know the works of the hands of time if there is a sudden war or price increase. We do not know how life works for us.

 

[olaniyi]

A backup plan is just like have another source of income that will compliment your major business in case of lose and this may be a passive source of income or another

 

[Kera]

Back up plans help your business to have some leverage in case some failures happen in the main plan.

 

[Shavkat]

I do agree that we need to have a backup plan. It is best to have the business insurance to make it stable.