Category Archives: Home Based Business

Home Business Insurance: Are you covered?

by Mark “Gunny” Thomas

The two main types of insurance that you need to be concerned about as a home based business owner are liability and property damage. Liability protects you in the event someone gets injured on your premises or injured using your products. Property damage covers damage to a wide array of property items such as furniture, fixtures, machinery, equipment, supplies or any of the tools you use in your business.

There are also 3 basic levels of coverage available for home business owners: Continue reading

Solo-preneuring:Get Paid to Do What You Love to Do

Cathy Stucker, the Idea Lady, has helped thousands of people discover creative paths to success on their own terms. She is a frequent speaker and seminar leader on business topics and has appeared on many radio and television programs. Cathy has also been featured in The Houston Chronicle, The Houston Business Journal, Black Enterprise, Woman’s Day, Woman’s World. Visit her site for great success resources at www.IdeaLady.com. Continue reading

Wealthy Ways

Most of us have been programmed from the beginning of our lives on this earth to become employees. We are taught to get a good education, so we can get a good job and then retire comfortably on our 401K. Well, we all know that formula isn’t working for about 95% of the population. The key to success in the new economy is getting out of that employee mindset and expanding our minds and our income streams. Continue reading

Practice the Rule of 5

By Jack Canfield

When Mark Victor Hansen and I published the very first Chicken Soup for the Soul book, we were committed to making it a bestseller. We asked 15 of the best-known, best-selling authors for guidance and advice. We visited with book publishing and marketing gurus who gave us even more information. We bought books with ideas on how to market books. And the result? Thousands of possible promotional strategies and an overwhelming list of action items. Continue reading

The Right Stuff, Part 3

Essential Qualities for Owners

Over the last few days we’ve been examining what it takes to be a successful small or home-based business owner. In our last article you had the opportunity to examine your strengths and weaknesses. It’s important to realize that you can still be successful even if you don’t possess every skill the “experts” say are needed to run a small business. There are, however, certain qualities that are more important to possess if you’re going to be successful. Let’s take a look at them: Continue reading

The Right Stuff – Part 2

Successful small and home-based business owners know their own strengths and weaknesses. They build their businesses around their strengths and they compensate for their weaknesses. If you’re to succeed, you’ll have to be able to identify what you do well and what you don’t do so well.

As you evaluate yourself, be honest. You’ll only hurt yourself if you’re not. Also, don’t panic if you discover that you have weaknesses. Every person has them, business owner or not. The key to success is not so much in having every skill (although that would help) as it is in finding ways to compensate for the weaknesses. Continue reading

The Right Stuff – Part 1

Have you decided to start your own business?  Generally, people who start their own businesses can be grouped into two broad categories. The first group consists of people who know exactly what they want to do and are merely looking for the opportunity or resources to do it. Usually, these people have already developed many of the skills necessary to succeed in their chosen field. They are also likely to be familiar with industry customs and practices, which can help during the startup phase of a new business.

The second group consists of people who want to start their own business, but don’t have any real definite ideas about what they’d like to do. While these people have developed skills in the course of their employment or education, they may not be interested in opening a business in the same field of endeavor. Continue reading

I’m In Business, Now What?

In a recent survey, many of you stated that you could really use some help with Business Start Up, so this article is for all of you out there that have taken the plunge with a new business.

Remember don’t attempt to do it alone; surround yourself with experts! Tap into the wisdom of legal expertise in your particular field, accounting expertise, tax strategists for small business and other successful business owners to avoid some of the common pitfalls. Continue reading

Is Your Home Business At Risk?

There are approximately 18 million home-based businesses in this country, and well over half of them are risking the future of their businesses but have no idea they are at risk.  Many home based business owners simply do not have enough business insurance coverage.

You may be among the many entrepreneurs that mistakenly believe they’re covered by their homeowners insurance, but most homeowner’s policies limit loss of business property to $2,500, don’t cover losses away from the home, and exclude liability coverage for business-related activity.

Insurance policies do vary so you will want to find yours and read the fine print.

Even though your business is in your home, you still have the same risks as some of the bigger traditional businesses. Many work-from-home enterprises have lots of computer equipment, software, printers, office furniture, telephone equipment, products and irreplaceable files, paperwork and the list goes on. If you travel away from home on business you could be caught on the road with business checks you’ve collected, your expensive laptop, cell phone, products and other business supplies. If your rental car was broken into and you lost everything, would you be covered?

There are also the issues of liability. If you see clients in your home and they slip and fall on your icy sidewalk are you covered? Or what if something you produce and sell from home injures someone? All business owners should be asking these questions and getting answers. You could easily lose everything in one fell swoop if you find yourself without the proper business insurance.

Here are a few actions you should take to avoid unnecessary risk and loss:

1. Take an inventory of all your business equipment. Include photos of everything you have and a written statement of value. Include receipts of actual purchase with this file whenever possible.

2. Evaluate how often you see clients in your home? Are there any possible hazards?

3. Where would your business be run from in the event you lose your home to fire or other natural disaster? Develop a disaster recovery plan to minimize the interruption of business should disaster strike.