You may think you won your independence from the workforce when you quit your job, but the truth is: running your own business sometimes means you’re dependent on many factors. You may depend solely on the revenue produced by just a handful of clients.You may depend on your vendors to produce products and services to you in a timely manner. Are you really as independent as you think?
Here are tips to help you get your independence back as a business owner:
1. Diversify Your Client List
A co-dependent small business owner gets their income from just a few clients. If one of those clients should leave, that business owner is in trouble. They’ll scramble to generate enough business to replace that single client. Instead, work to score a few key clients, as well as smaller ones, and become an independent business so that you’re not dependent on the money you generate with one or two clients. This way, you diversify your client list and if one client should stop needing your services, you won’t be desperate to pay your expenses.