Outline
Introduction – Benefits of a Business Continuity Plan
In the world of residential services, things can change in a heartbeat—injury, illness, service truck trouble, or even a market shift. That’s why every owner-operator needs a solid business continuity plan. Whether you’re running a “Lone Wolf” business or managing a small team, having a plan in place ensures your customers are cared for, your income continues, and your business survives life’s curveballs.
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First, Define Clearly Your Business Model
Do you have clear your optimal business model? If not please review our 7 Questions to help you better define your goals. You’ll analyze your personality, skills, circumstances and what you (and your family) want out of life.
This honest self-appraisal may convince you that the inevitable stress, drama and (at times) agonizing sacrifices required to build a larger Critical Mass Business simply aren’t for you. Instead, you may decide your “Happy Place”💖 will be operating your very own “Lone Wolf” residential services business.
CONGRATULATIONS! You’ve made a deliberate, informed, rational Life Decision! You’re already smarter than most entrepreneurs in our industry who (like me)🙄 just sort of drifted into their business. (And life.)
NOTE: Click HERE to get the best out of your Lone Wolf business versus some of the downsides of “staying small”. And of course you’ll also want to prepare your custom business continuity plan.
Next, Get Proactive with Lone Wolf Challenges
Problem #1: Bad things happen to good Lone Wolves.
Sickness, a sprained back, a car wreck or even a sudden non-starting service truck. Stuff happens. Yet even your loyal, long time clients may bail out on you if you can’t give them the prompt service they’re used to.😰
SOLUTION: Get some back up. Look at setting up “Strategic Partnerships”. Search out quality, honest competitors (they ARE out there) that you feel comfortable representing you in your customer’s homes. You cover for them when they are sick or on vacation and they in turn do it for you!👌 Agree (hopefully in writing) that you won’t “poach” each other’s clients.
Or if you carefully set things up legally, you can use sub-contractors. Examine disability policies that will cover your expenses if you can’t work. HINT: Your best “back up”? Working safely and efficiently.💪 Take care of your body.
Problem #2: Living in a “fool’s paradise”.
You CAN be a success working alone. But many Lone Wolf entrepreneurs mistakenly think that since they’ve always made a “really good living” the sale of their Home Services business will fund a comfortable retirement. PLEASE…
Don’t drift along dreaming you’ll find a “Sugar Daddy” who has always had a burning desire to own a one-person residential services business… and will pay big bucks for your little company! Don’t count on the sale of your one-man show as your business continuity plan. NOT going to happen!
Seriously, few things are sadder in life😥 than to watch an embittered Lone Wolf “growing old on the truck” because they can’t afford to retire so therefore…
Start Today, Pay Yourself First.
All Home Services business owners (of any size) should have a regular, aggressive personal savings and investing program. But this is even more essential for a solo owner-operator. Remember? Bad things can suddenly happen to a good Lone Wolf! So, you MUST maintain a “savings net” of six months living expenses in easily available liquid funds. After that…
Set a percentage of your total business income to fund your Personal Investment Program (PIP) before you pay anything else. (Including your personal salary!) Ask your bank to “sweep” a percentage of all deposits weekly into your dedicated PIP account. I suggest 5%. But you’re reflecting, “Steve, 5% won’t even make a difference!” Not so…
Few people realize that just $100.00 per week invested in a tax-free IRA with an average return of 8% will grow to around $250,000.00 in twenty years!💲💲💲 This calculation shows the incredible power of regular savings combined with compound interest growing tax free.
ACTION STEP: Honestly, can’t you put aside $100.00 weekly out of your combined household income as part of your business continuity plan? Will you … starting today?🤔
NOTE: All of the above is so much easier with more money coming in! DUH!😲 I find the vast majority of Home Services professionals can and should be “charging more”! And yet… you’re SCARED to raise your prices because you’ll lose clients! This is why you should…
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Summary – Get Security with Your Personalized Business Continuity Plan
Building your ideal business isn’t just about today’s jobs—it’s about tomorrow’s security. A well-thought-out business continuity plan helps you stay profitable and protected, even when the unexpected happens. This is essential for businesses of all sizes. Start small, plan smart, and take the steps now to ensure your service business keeps thriving—no matter what life throws your way.