Sabtu, 17 Maret 2012

Home Business

No two words have ever inspired so much dreaming, inspiration, soul searching or even terror in the last few years.

In every Sunday's local business section I always look at the new DBA's for people starting a new business. I also look at the business discontinuances for people ending them. As you may guess, especially since the beginning of the year the new DBA's have increased from one or two columns to three or four. Then I smile. And guess what? The discontinuances have shrunk to about a half column. Good for those of us- both men and women who've had the courage and determination to strike out on their own and did not wait for the hammer to fall. Maybe some just said "I'm mad as hell and not going to take it anymore!"

The rules have changed folks, and working for a company that will sustain you your whole working life and provide for your retirement are gone - just like drive-in movies, three or four TV channels instead of a thousand, sub $2.00 a gallon gas and your parents getting home from work and asking how your day went.

In the same local business section I also look at the market indicators and the jobs report. Now, I have no idea where the government came up with that "magic" 400,000 number for jobs. I'd set it at at least a million or two to indicate the real number of unemployed people and the number who just stopped looking for a job. I'd also set another number for people that feel they are under-employed or believe they got a new job that is at least on par with the one they lost.

Personally, I've found life is way too short to go through all the what ifs and just the constant stress of a "normal job", not to mention the commute. I can tell you that every person I talk to that has a home business is much happier than when they had a "normal job".

There are too many benefits of working at home than I'll list here, not the least of which is having more family time, tax benefits and less stress. I mean the way I look at it is all you have to do is be able to put money in your bank account to support you and your family right? There's nothing I've ever found that strictly specifies HOW you have to do this.

* Did you know that in 1862 the first income tax was put into place to support the Civil War and it was eliminated in 1872? In 1895, the Supreme Court decided that income tax was unconstitutional. In 1913, the 16th amendment was added to the constitution making income tax permanent in the U.S. tax system.

In the last two years, a certain number of people that were in the middle class are now listed as living in poverty. I can't see income tax going away anytime soon so why not consider starting your own home business? Make it easier to put money in your bank account, pay your taxes and be able to spend more time with your family.

A home business isn't complicated. Just like your marriage - it's dedication, determination and devotion.

Jumat, 02 Maret 2012

Home Business Insurance Cover Protects Owners

When we start out in business we are so focused on getting the business up and running and dealing with all the new responsibilities that it is easy to forget that if you are going to run a business you need to look at some insurance covers.
There are several insurances that relate to businesses:

• Asset insurance
• Vehicle insurance
• Errors and omissions liability
• Public liability
• Loss of income

Different companies have different names for these insurances as they are wont to do, but the cover is very similar. In saying that, it is important that you are getting the cover that you think you are getting. In other words, read the fine print and make sure that you are covered for what you are paying for and not what the insurance company in their wisdom only wants to pay out on.

Asset Insurance

This is not a difficult one to understand. If you have expensive equipment in your business then you most likely will want to cover it for theft and possibly damage. Even if the equipment is not expensive, if it is essential to the business it is worth covering it. This insurance will cover the assets of your business, including the equipment and office furniture etc.

Vehicle Insurance

This insurance can be a tricky one for a small business owner and you may need to check out how this works with your insurance company because it will come down to ownership and usage. You may need to talk to your accountant about this one too so that you are getting the full benefit of tax deductions.

Errors and Omissions Liability

This particular insurance relates to a business where forms and contracts are taken out, such as a real estate agent working from home, a financial consultant, draftsperson or similar, where legal documentation is involved.

Public Liability Insurance

A business owner should look at public liability insurance (or general liability insurance, or commercial general liability insurance). This insurance covers a business owner for such things as a customer accident at the premises, or any other bodily harm caused at the premises or by a product made by the business. Do check the details of this insurance and where you are covered, for example, if you take your products to a fair or fete and someone trips over your stall table.

Loss Of Income Insurance

This is a very good insurance to have for anyone who has financial commitments. You will need to assess when it would be suitable for you to take out this type of insurance.

As far as a one person business is concerned, if the owner should, for example have an accident or suffers an illness that incapacitates them for a period of time they can claim against their insurance to cover their income.

There are different levels with this insurance so what you receive, when it starts and how long for all will be determined by the level of cover taken out.
Finally, continue to evaluate your need for insurance as your business grows and if you change direction in your business. It is a tax deductible expense so make sure your income is not jeopardized by lack of cover.