Suffice it to say that the ongoing wildfires in Los Angeles have been devastating to watch.

Unfortunately, natural disasters and weather events have become increasingly frequent, but that doesn’t make them any less catastrophic for those impacted.

Just in the past year, readers of this very list have been personally impacted and displaced by Hurricanes Helene and Milton in the US, and the Valencia floods in Spain.

And while our minds and hearts stay focused on lending prayers and comfort to those currently in harm’s way…

…events like these also prompt some reflection about how we might weather such a catastrophe, particularly as solopreneurs who lack access to many corporate and government benefits (PTO, extended paid leave, unemployment insurance, etc.).

A former colleague started this thread on LinkedIn yesterday:

In the thread, you’ll find some crowdsourced insights about safeguards you can put into place for yourself, your family, and your solo business.

You’ll find my take includes 3 prongs of preparation:

1. Build a cash reserve - in ‘normal’ times, build a cash reserve and start paying yourself a regular salary from it. This acts as a controlled emergency fund you can use to sustain yourself through a crisis
2. Check your business insurance policy - some policies will protect you from having to repay fees for services you become unable to deliver for covered reasons
3. Codify your IP into hard assets - when all of your revenue is dependent on you actively providing a client service, you become susceptible to a full revenue wipeout if you’re unable to work. Converting your ideas and methodologies into hard IP can open paths to passive or licensed income unattached to your ability to deploy yourself.

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Sending love and support to our peers and loved ones in LA.

For a list of ways you can donate or help, click here.

💡

-Wes