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There’s a storm brewing in the Atlantic but no one seems to be paying attention. The tropics are heating up and that means hurricane season is at the door. Black entrepreneurs are still trying to navigate the fallout from COVID-19 and now they must prepare for the possibility of another devastating hurricane season. Black entrepreneurs can’t control the coronavirus and they certainly cannot control the weather: everyone must simply do their best to prepare.
If Tropical Depression Five strengthens into a tropical storm, it would then be named Edouard. According to Phil Klotzbach, a research scientist at Colorado State University, “If it gets named, it’ll be the earliest 5th Atlantic named storm formation on record. Current earliest 5th named storm formation record in the Atlantic is Emily on July 12 in 2005.” Hurricanes are, according to climate scientists, intensifying and may pose an even greater risk in the future. The implications for communities along the coasts are obvious. Black entrepreneurs, however, have added pressures and concerns. Here are three things Black entrepreneurs should consider as the hurricane season approaches.
Business Insurance
Hurricane or not, insuring your business is critical. Risk is a part of entrepreneurship but it can be mitigated. From damaged property to theft, insurance can make routine headaches far more manageable. There are also coverages that protect entrepreneurs in the event of natural disasters. You’ll want to make sure your business is fully covered, in such an event.
Business Contingency Plan
Can your still earn revenue if forced to evacuate? What is your plan to continue operating your business, in case of an emergency? The time to answer that question is not during a crisis but well before it. Even if your business squarely depends on you being physically present, you’ll need some kind of plan to continue earning revenue, from wherever you happen to be.
Prepare for Opportunity
In every crisis there is opportunity. With some foresight, it’s not difficult to figure out what people may need during a natural disaster. if you happen to have various supplies that are typically needed in such cases, there’s a good chance that you’ll be in a position to shift during a disaster and meet the needs of people. While natural disasters are tragic, it’s also true that they tend to also create opportunities: prepare for them now.
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