The Basics of Small Business Insurance, 7 Things You Need To Know Now

When you hear the words “business insurance,” you might think this only applies to large, established businesses. But in fact, this is an important topic for any sized business – from the largest corporations to the smallest, one-person operation and everything in between.

Whether you’re simply in the beginning stages of getting a business idea up and running, or already own an established business, it’s important to know a few basic things about how business insurance works, and what kinds you might need. Here are a few tips to get you started – or to provide you with a quick review.

1. Property Insurance – understand what it covers

Property insurance covers not only the physical structure which houses your business, but also the contents inside the structure. This could include equipment, office furniture and even inventory.

2. Liability Insurance is a must

No one likes to think about it, but getting sued is always a possibility for a business, regardless of its size. Having the proper amount of liability insurance is of the utmost importance. Liability

6 Important Things to Set Before Starting an Online Business

These ten factors may not necessarily appear in the same order as listed below but certainly, they are vital for the issue at hand.

HERE ARE THE TEN QUESTIONS TO ASK YOURSELF:

1. What type of online business do I want to engage in?
2. What do I have on offer that will be better than my Competitors in my niche?
3. Do I need to prepare a business plan for my business?
4. How much will it cost to set up my business?
5. Is my business online based or BOTH online and offline?
6. Do I need a dedicated website for my business and how much will it cost?

Having a positive answer for all these questions can only lead you to the next stage of your pursuit of running an online business.

Engage yourself in research into the business you want to get involve in and have a go at it. Take for instance, the Mobile Phone Industry. Statistics have shown the total number of mobile phone users worldwide from 2013 to 2019. For 2017 the number of mobile phone users is forecast to

Online Website Presence And Reputation Is One Of The Key Factors Behind A Successful Business

Online directories can be quite beneficial for startups and small business firms. Business owners just need to understand how online business directories work. Online directories are site submission services which allow businesses’ sites to be added to particular categories where the websites become easy for interested visitors to search.

Web directories and their importance

Online business directories let the target traffic to search for businesses and websites which they want to know more about or find interesting. Adding a business’s site to an online directory can increase the site’s online visibility. Moreover, online business directories can make it simple and easy to find what people are searching for.

The concept of such business directories is a simple one. These directories are quite similar to the Yellow Pages. Online business directories are just listing places for business websites. Any kind of site can be listed in online directories. Some directories are enormous and cover all topics that people can create websites for. On the other hand, there are small online directories that cover only a particular niche.

Get listed in a web directory to improve your business

5 Things You Should Watch When You Want to Start Your Own Business

tarting your own business may involve a lot of headaches. There’s having to find office space, getting permits, hiring people, and more. Aside from those, you also need a business plan. In what direction do you want the business to go? How much money would you like to make five, ten, or so years from now? Those are very important questions to ask, but since you’re still in the early phases of your business, you should also seriously consider these five things.

1. What sector will you be in?

Let’s say you want to be in IT (information technology). It’s a huge, cutthroat industry, with lots of companies, both big and small, competing for market share. It’s a lot tougher for you as someone just starting if you want to jump into the industry as well. So then, you first have to find your niche. What sort of products or services will you specialise in? What can you offer that your competitors don’t have? Don’t just go with the flow. Be unique and offer something really valuable to your potential customers. Ideally it’s something they’re looking for that your competitors just can’t offer them. That way,

Characteristics of a Successful Business

Many businesses fall short of their potential valuation or maximum sale price. While there is no such thing as a perfect business without flaws or challenges, the businesses which sell at the top of the valuation range or command the highest multiple embody a number of common characteristics.

1. Increasing revenue/profits. Cash is the fuel of business. Businesses that have strong financials with year over year growth in revenue and profits will be in demand and should achieve an attractive valuation.

2. Clean Books. Having accurate, detailed, up-to-date and professionally prepared financial statements and records is one of the most critical components to a successful business sale.

3. Bright prospects for future. Businesses that operate in an industry that has a strong outlook for continued growth in the years ahead will be highly sought after.

4. No customer concentration. A business that has a diverse and broad customer base will have a lower risk that the loss of any one customer will have a material impact on the revenue and profits of the business.

5. Multiple vendors. Companies with a diversified product and/or service offering with a deep bench of suppliers and partners

Do not Start a New Business Until You Read This

Let any one of these 5 situations into your business and you’ll ravage your entrepreneurial career:

1st – Stop needing each other:

There’s a considerable chance that the partnership power and responsibility structure will start to shift and will look very different starting anywhere from 3-12 months after inception.

In the beginning of any new venture, a dynamic and compelling new venture phenomenon, made up of fear, anxiety, stress and excitement, emerges and makes for an impressive personal barrier disintegrator. No facades and no charades are the hallmark of a new venture. The partners forget about their own needs and are on their best behavior. Everyone is madly in “love.”

“Needing each other” is a compelling power source in successful business partnerships. In most partnerships that “need” is the bond that keeps it all together. As time passes, especially after the 12th month of being in business, everything and everyone starts to shift, evolve and a displacement arises that will be unsettling and transformative for the business and all the players.

See #4 for more information on “not needing each other”

Solution: Accept the fact that the above information is valid. Discuss

Brainstorming To Start A Small Business

Hello readers and potential future entrepreneurs. I understand the feeling; desire to create, operate, and succeed. Throughout my professional career, I have learned that there are numerous steps that must be taken in order to organize opening and operating a small business. I have put together a few questions which aspiring entrepreneurs should, at the very least, consider reading over. There are many questions that may arise with opening a small business, and I will address a few of those questions briefly in the following list of questions one may ask while brainstorming.

What type of business do you want to open? There are various business endeavors an entrepreneur could involve themselves in. It all comes down to what knowledge one has, or is willing to obtain. Are you a restaurateur? Repairman? Plumber? Home health / assistance? Do you have experience managing or working at such establishments? Do you need formal education from an institution? Will you work as a sole proprietor, or a partner / member? Research limited liability companies (LLCs) in addition to sole proprietorships and partnerships. S corporations are another option, but they are for business with stockholders, and may not be right

How to Develop a Highly Effective Business Plan

A business plan is a document that indicates what one intends doing, how and when. This document outlines in great details, how a particular business activity is to be carried out. It gives a perfect picture of the things needed for the work, the skills to be employed, the time span to be covered, the capital needed for the productions and even how to market the finished product. In fact, it gives the total outlook of a business activity.

A business plan has several purposes. It serves as a guide in controlling the direction of an enterprise. The business plan dictates the activities of a business. It is the boss who makes the decisions as to how to do it, how much to spend, the section of the large market to target etc. It single handedly guides the affairs of a business.

Moreover, it helps in monitoring and evaluating the progress of the business. It plays a supervisory role for any business venture. It meticulously and regularly monitors the progress of a business while evaluating it to see if the set goals and objectives of the business are being achieved. When a business is declining

How To Start A Business Without Experience.

One popular belief is that you need tons of experience, expertise, and knowledge to start a business. The opposite is true. While it helps to go to school and learn the tricks of the trade, it does not necessarily mean that you cannot start a business because you do not have a degree. The important things to remember are, you need to research, ask the right questions, and get the best advice you can.

What are the right questions to ask? Below are ten questions to ask to get you started. Of course there will be many more as you go, but at least you have something to start with. First, you should ask yourself, how do you start a business without experience? Next is, what are some things you need to do to get started? The third question is, what are the legal matters you must know in order to get started? Fourth, what do you need to know about your target audience?

Moving forward, five is, how do you commit yourself to a market solution, not just a small idea? Number six is, how do you choose your industry wisely? Seven asks how do

Here’s a Different Business Idea You Can Do.

We all like the idea of having control over our time, working when we want and how we want to, and doing things at our own pace. These are good reasons to start your very own business. Then again, you may wonder what kind of business you should go into.

Well, there are actually a lot of business ideas out there. It’s up to you to decide what’s best for you. Just know that some businesses can give you heaps of profit, while others are only good for adding some cash to the income you already have. But whatever your goal may be, here are five business ideas for you to choose from.

Part-Time Businesses

Many people who want to start their own businesses also are employed. This means they cannot devote all of their time for their businesses. If you happen to be one of those people, consider starting a part-time business. The good thing about this is that you have full control of everything. You can set the standards, operating procedures, and targets yourself. Having a part-time business also involves having only a few staff, making management and performance monitoring easier. However, you

Providing a New Direction for Your Business.

Earning substantial profit is the main objective of every business and for this it is imperative that your business grows in significant direction keeping pace with changing scenario. Because, if a businessmen continues to follow conventional methods of conducting business he might not be able to stay even in competition with his contenders and may lag in competition.

For the continuous growth of business it is indispensable to keep a strict eye on every change taking place across the business world. The relevance of keeping an eye on changing scenario increases more today’s age because today as an impact of globalization business operators are blessed with vast opportunities of exploring their business throughout the world in short span of time.

Days have gone back when business operators centralized their activities within a limited region, but now the time has arrived when they need to move ahead by eliminating cultural and demographic traits and transfer their orthodox business model into customer centric, best in its segment, broadening potentials of growth with feasible profits from business.

To assist the business owners in moving their business according to changing environment, growth consultants can play an incredible role in

Little Businesses Do It.

Slow market growth leads to a great deal of uncertainty for business leaders. One thing that is certain is the need to find growth on the earnings line of your business. In the period of 2013 – 2015 the topic was topline growth. Our economy had been sluggish for long enough that we were all eager to get back to growth and a few critical sectors began to grow at an encouraging rate. Pent up demand was a source of optimism. Housing, one of the larger engines for overall economic growth was coming back at growth rates of 15-20%. Automotive had been recovering as well and companies started doubling-down on growth in their top line after several years of stagnation. Enjoying the rising tide is a good start, but growth only when the economy gives it to you isn’t a recipe for long-term success. You are a genius on the rise and most blame external forces on the decline. Being well positioned for the economic lifts and lulls is critical, but outperforming the market is where your company stands out.

Growth in a flat market? Yes. In fact, there are opportunities that exist in that environment that

Is the Business Incubator Right for Your Daily Business?

What is the Purpose of a Business Incubator?

Business incubators are organizations that nurture the development and growth of businesses in the early phases to help them persevere in their most vulnerable stages. Incubators provide numerous resources and support services to aid in the development of businesses. The general purpose of incubators is job creation, business retention, enhancing entrepreneurial climate, growing local industries and economies. Approximately 93% of North American incubators are nonprofits focused on economic development. About 7% are typically set up to receive returns from shareholders investments. (Business Incubation FAQs)

What to Expect

It is important to conduct research on the incubator(s) and consider the advantages and disadvantages before embarking upon the application process and working with an incubator.

  • Conduct Ample Research: It is important to understand that incubators will have their own set of unique offerings for their entrepreneurs. The package offered should help meet the needs and goals of the company. The location of the incubator should allow for a flourishing business, with a market that can sustain the business for the duration of the term of stay. The mentors and specialists available should also have experiences and networks beneficial

Financial Mistakes Business Owners Make and How To Avoid It, As Below!

Cash is the lifeblood of a business. No business owner wants to see their business struggling because of lack of funds or in debt due to mismanaged finances. What they want to see is a regular flow of profit but this is easier said than done.

With many years of experience as chartered accountants and business experts, we’ve seen many financial mistakes that business owners make. Here are some of the most common mistakes and how to avoid them:

Not having a business plan including clear financial goals

Business planning is very important. If you want to be successful in your business, you need a roadmap. It is also important to set clear goals and targets. In particular, you need to have financial goals that will help you measure how well your business is doing. Furthermore, your financial goal should be clear and realistic. Goals should be phased – weekly, monthly, quarterly or yearly. You also need to involve your whole organisation in your business strategy. Give your team goals to aim for.

With these plans and goals in place, you will have a clear view of how your business is performing which

Why You Should Stop Bragging about How Busy Are You?

An Accomplished Life

“Hi Tom, how are you?”

“I’m well Jane, just extremely busy.”

“Oh, I’m glad to hear you’re keeping busy then.”

“Yes, I’m flat out at the moment.”

The above interaction is one that takes place between people on a daily basis.

But what is behind the busyness?

Is it a way to deflect attention from what really matters?

People brag about their busy lives to highlight themselves living an accomplished life to their peers.

Similarly, they may wish to communicate how meaningful their work is and so it becomes a self-fulfilling prophecy.

Being occupied implies oneself is consumed with matters of significance. That is why people state their busyness, to have you know they are important.

Busy people struggle to keep their attention in the present moment because their focus lies in future events and planning for the next project.

“We become active and busy, but this doesn’t actually move us any closer to success. Activity is often unrelated to productivity, and busyness rarely takes care of business,” states authors Gary Keller and Jay Papasan in, The One Thing: The Surprisingly Simple Truth

How to Get a Business Loan.

Stop! Turn off your cell phone.

Quit tweeting and texting for the next 4 minutes. Grab a cup of coffee.

Shut the door so there are no distractions. This is that important!

Because I’m about to reveal to you the greatest secret to getting a business loan for as much as $25,000, $50,000 or even $250,000 – even when the bank says “NO!” and even if you don’t have perfect credit.

I have to warn you though… Don’t pay attention to the credit card companies. Forget everything you’ve heard. You can actually hurt your chances of getting the small business loan you need if you follow their advice.

It’s true. Why? Because they’re more concerned about raking in record profit margins and reaping huge bonuses! They don’t care about your business or if you get a business loan.

Credit cards companies want you to keep piling up debt on your high-interest personal credit and hold you personally liable for your expenses.

Do you think they really care if it takes you 10, 20 or 30 years to pay it back? Or if lowering your spending limit for no good reason has

5 Questions You Should Ask Before Working with a Business Credit Maker

There are few business credit building companies out there, however, those that are out there are taking advantage of the lack of knowledge from the general public regarding business credit and how to get a business loan.

DON’T LET THEM RIP YOU OFF!

I’m going to try to show how to get unlimited capital for your business…

Without risking your personal assets, lowering your personal credit score, or damaging your personal credit history

These 8 Simple Questions will ensure Your Success Building Business Credit when looking for a Small Business Loan

There are simply too many people who hire business credit building companies that are not happy with the results. Before choosing another company, if you ask these 8 questions you will be assured that you will be working with a legitimate company who can help you build business credit and more importantly get the small business loan you seek. Getting that business loan is after all what you’re looking for, isn’t it?

Why is it so important to work with knowledgeable advisor? Why can’t you do it on your own? The Fair Credit Reporting Act does not apply to the business

Business Owners Find a Better Way.

Today’s business financing environment is still not favorable to the business owner in getting approved for small business loans for working capital with no business assets and not much profit. Business working capital funding is a difficult achievement in this present economic condition of our country. As we all know, business short term funding allows business owners to obtain business funding for their business to survive through any financial crunch that comes up for alternative financing. This article will discuss the best tips for getting fast, easy business funding for working capital for critical daily cash flow needed by the business owner.

Nationwide business loans are extremely difficult to get approved for the business owner these days. Credit unions and traditional banks do not offer small business bank statement funding and the number of business loan applications being approved has shortened up further and will continue to do so in the future. Along with the unstable economic conditions, the majority of banks and credit institutions have ceased lending to small businesses altogether. If you are an entrepreneur then it may be really difficult to find out that your small business is simply a number to these banks.

Cracking the End Code for Business Owners, Handling the Myths About Sales & Marketing and Structure

When you have business owners who spent a lot of time in their business working really hard, they don’t necessarily want to stay running around in their businesses any more. They typically want to automate and have systems and processes. Sure, they may have a C-Suite handling his or her wishes, but most owners don’t necessarily have their officers focus exclusively on automation, systems and processes because that C-suite has their own responsibilities to complete within that business.

Here’s the pressing question: why wouldn’t it make sense for an owner to sit there, craft their vision statement, craft their mission statement and craft their marketing campaigns with the sole intention of “running to their end game”- either selling their business or actually working on their business for once?

There’s thousands of different ways to market, but the truth of the matter is you should market to your strengths, your vision, and what works for you and the message you want to deliver. You must, of course, perform the heavy lifting to discover this reality for yourself, but you have to have a process and a system in place to handle this action.

You should

The Key to Starting Your Own Business Now

In part 1 of this article series we met 3 individuals with unique backgrounds that left corporate and forged their own way. Here we illustrate 2 addition stories along with important strategies and tactics you need s you go forward in your own business. This journey of starting your own business is not for the faint of heart, but the success you will find will be life-changing.

Here is what you will learn:
1. Franchising is a good option for a business.
2. Doing your own business is very rewarding.
3. How coaching is vital to making your business a success.

First Entrepreneur

Our first entrepreneur, was a successful high-level executive first at Ford and then at Terex, a firm focused on lifting and material processing products (e.g. cranes), with all the associated perks and incentives. Meet Pete Gilfillan. He had the good life and no reason to change until one day…

Alan: I saw that your main business is helping people evaluate franchises (FranChoice). How did you get started in your own business? What triggered that decision?

Pete: I was a corporate executive, first with Ford and later with Terex and they