I never thought I'd be writing a blog post like this, but life throws curveballs when you least expect it.
Just recently, my house became officially unlivable after a car crashed into it.
To make matters worse, I can't legally enter my own house right now.
You might wonder what's the big deal, right?
Well, let me paint you a picture – my garage is stacked with inventory that's worth a jaw-dropping amount, and I have two to three times more stock than usual because my team went on a shopping spree while I was away on a cruise.
Talk about a messy situation!
As fate would have it, the building inspector won't allow me anywhere near my house, and my insurance company has made it crystal clear that they'll void my insurance if I dare step inside before a structural engineer inspects the damage.
This, my friends, is the perfect example of life happening while you're busy making other plans.
But you see, that's what business is all about – navigating through storms that are beyond your control.
It's during these times that you're truly tested as an entrepreneur.
It's when the line between winners and losers becomes starkly clear.
So, let me share with you my thoughts and my plan for moving forward to overcome this unfortunate situation.
Consider this more of a brain dump, so bear with me.
1. Accept Reality and Move On
The first step, and possibly the hardest, is to accept that things have gone south mentally, and there's no changing the past.
It's essential to let go of emotional distress and focus on finding a solution instead of crying over spilled milk.
2. Disconnect from Short-Term Gains
I've decided to disconnect myself from obsessing over my Amazon sales, which will take a hit in the short term.
Sales should never define our happiness.
3. Halt Inventory Purchases
Given my current housing situation, I've instructed my team to stop purchasing inventory.
Yes, it'll create some long-term challenges, but it's beyond my control.
If I opt for an AirBnB instead of a hotel nearby, I can potentially get my operation running again.
For now, I'm putting the brakes on inventory and focusing on working with insurance.
4. Focus on Improvement
While inventory may be on hold, my team is dedicating their time to other crucial tasks like repricing inventory, building standard operating procedures (SOPs), enhancing our leads/replenishments list, and analyzing past data to make our business even stronger when we're back in action.
5. Expedite the Insurance Process
I'm doing everything in my power to expedite the insurance process and get a structural engineer to assess the damage.
This step is crucial to obtaining the green light from the building inspector.
6. Exploring Public Adjusters
To ensure I don't get the short end of the stick with insurance, I'm researching the possibility of working with public adjusters.
If you have any insights on using public adjusters versus solely relying on insurance, please share your thoughts.
7. Diversify Income Streams
While my FBA business is on hold, I'm focusing on my Amazon influencer work and dedicating time to complete the three software projects I've been working on.
It's an opportunity to generate passive income and push my software projects forward.
8. Invest in Home Security
Once this ordeal is over, I'm not taking any more chances.
I'm planning to install five large boulder rocks in my front yard to prevent any future mishaps like a car crashing into my house!
9. Consider a Prep Center
This situation has made me realize the value of having a prep center.
Even though it comes with its own set of challenges, I hate feeling like my business is out of my hands.
Once this mess is sorted out, I'll be seriously looking into setting up a prep center for my business.
In conclusion, I won't sugarcoat it – this situation sucks.
But guess what? Life is unpredictable, and as business owners, we must become resilient problem solvers.
We'll get punched in the face, knocked down, and face days when everything looks gloomy.
But quitting is not an option. Instead, we focus on solutions, learn from our mistakes, and emerge stronger.
Short-term setbacks don't define us; it's the long-term success that matters.
So, let's keep our eyes on the horizon and ask ourselves where we'll be in one, two, or five years from now.
Thanks for tuning in to my brain dump – it's my way of keeping myself sane amid chaos.
“Remember, life happens, but how we respond defines our journey.”
Love you all, and thanks for listening!
Steve w/Raiken Profit