Reducing Seasonal Business Risk
Many businesses, from farms and ski resorts to surf shops and landscapers, depend on seasonal employees to keep them successful. Seasonal businesses come with added risks because they don’t have the entire year to make up for a bad month or two.
Make a Plan
If you own a seasonal business, you can limit some risks by taking precautions. A few tips that can keep you humming through the slow times:
If, for example, your business is dependent on good weather, consider adding another facet to your business that isn’t weather-dependent.
It’s not easy having to hire an entire workforce each year. And many seasonal businesses hire teens and young adults, who may not be as dependable as you want. Why not try semi-retired people who look to work only when your business operates?
Know Your Target Market
Learn where your customers come from and whether they get their information via your website or social media, and then target your marketing efforts at them through these platforms.
Know Your Numbers
When your business revenue isn’t spread out, you need to pay extra attention to your income and expenses. That’s where a tax professional can help. You’ll also want to make sure your business is adequately insured.