Like the others say, it sounds like your preamp is not getting power. It's probably something simple.
Have you looked at the battery clip and checked that there are no broken wires? Pull VERY LIGHTLY on the red and black wires where they come out of the plastic shield that covers the clip. Sometimes a wire will break but stay up inside the shield.
If your battery goes into a holder with metal fingers rather than using a battery clip, sometimes it's just a matter of bending the fingers a little so they contact the battery more firmly; I have to do that with my Bongo periodically when it does the same thing.
If you don't find a problem there, take a look at the output jack; its a TRS (tip ring sleeve) jack, like stereo headphones use, and the middle (ring) connector, when it touches the shaft of a TS (tip sleeve) or mono plug, connects the ground of the preamp. If the contact is bent (it happens) so that it doesn't touch the shaft of the plug, the preamp won't turn on. You'll have to take the jack out of the bass to see that stuff.
Oh, and if you are by any chance plugging a TRS (stereo) plug/cable into your bass, the preamp won't come on.
Don't panic. Your problem is most likely something simple, and cheap if you end up having to take it to the doctor.