Your small business is affected by several aspects of your personal life. For example, your credit history, personal finances and experience have probably had some sort of impact on when or how you opened your business. Have you ever taken the time to consider how your health and physical fitness could affect your business? [Read more...]
You have probably seen motivational posters that remind you how success is more of a journey than a destination. That is good advice. A business is a dynamic entity and must adapt with the times in order to remain competitive. [Read more...]
Gone is the day in dental practice when the notice boards outside your clinic attract new patients. Today, extreme competition has made it imperative that dental practitioners must search for alternative ways to promote their dental clinics. Marketing is indispensable if you want to excel in your dental practice, just like other small businesses. Promoting your dental clinic demands a multifaceted approach and for which internet-marketing strategies must take priority. Although using traditional marketing tactics can still be helpful, online marketing has grown very rapidly because of its wide reach, better customer targeting, and lower cost.
Interested in online marketing already? Here are some of the ways you should use for promoting your dental clinic. They include: creating and website and optimize it for search engine, email marketing, social media marketing, paid advertisement on popular websites related to your business, paid advertisement on search engine, and so on. A strong online presence is usually required for your internet marketing effort to be successful. If you are not sure about promoting your dental business online, at least try to invest a portion of your advertising budgets and time to set up a website. Owning a website is like getting a spot in the online real estate for your clinic, and it’s crucial that people have a “place” that they can go to for inquiries or information.
By launching a website, potential customers could learn about your dental practices, your facilities, as well as your support team. You need to update your site regularly. Provide monthly or weekly newsletter, online appointment booking, and account access. Your site should also provide as much information as possible. Some of the frequently asked questions such as dental procedures you perform, operating hours, as well as your business location should be highlighted on your website. Apart from launching your website, you must back it with some search engine optimization so people can find you easily. This means more visibility, more traffic, and more customers. If you are not sure what to do, just hire an expert to take care of it.
Moreover, use social media marketing platforms to engage with your patients. It’s free to register accounts on Facebook, Twitter, LinkedIn, MySpace, Yelp, and others. The interactive bonding relationship you establish with your client can bring in more referrals than you can imagine. Try to update them about your dental procedures, attend to their queries. Interact with them constantly so they know that you or your clinic cares about them (i.e. your current and future patients.)
We also recommend you occasionally ask for testimonials, reviews, and feedback on your website and social media pages. But be careful not to stuff your audience with sales pitches which will likely drive potential customers away. It is also good practice to provide a “resource” page on your website or social media pages. This way you can show that you are not only providing great dental service, but also provide additional “value” or resources to your patients. For example, some people might be interested in teeth whitening treatment, you can recommend your service along with other resources for choosing the best teeth whitening toothpaste.
Once you become more experienced in online marketing, you should try to understand what most of your dental patients are searching for. In our experience, most of the people want cheap, painless and stress free dental procedures. So if you have something that fits your patients needs, make sure you communicate the service to them clearly. Inspired? it’s time for you to take action! We will cover tips for email marketing in future articles.
Sometimes businesses is about processes. A friend of ours has a small warehouse, he is a manufacturer of gun safes, and it looks like his processes have let him down.
It’s very important to keep track of everything to do with your business. In this particular case what he has failed to do is keep track of the licensing requirements for his forklift driver.
A forklift driver is required by law to be licensed. There’s a course that the driver must undertake in order to be licensed, and the driver has to pass the course before he can apply for his licence.
But they forgot to record the dates
The driver’s forklift licence was good for 3 years and after that it needed to be renewed. Renewing a forklift license isn’t all that difficult, you just have to do a quick refresher course to update your knowledge about newly released regulations and safety requirements and then renew your licence.
But of course you’re not likely to be renewing your licence unless you know what date the renewal falls due on. That’s where our friend’s business fell down. He didn’t have sufficient processes in place to alert the business that the forklift licence was due to expire. Most of the requirements are set out here
Of course the business won’t even know if the forklift licence, or any other licence for that matter, has expired unless their business processes alert them to the fact.
They got fined for failing to renew the forklift licence
So the forklift driver was driving the forklift without a licence. Unfortunately having an unlicensed forklift driver is an offence against the health and safety regulations, and when the health and safety inspector came by and asked to see the driver’s licence the business was found out.
Of course they were liable to be prosecuted for a breach of the health and safety regulations however they were offered the opportunity to pay a fine instead and they accepted the fine and paid it.
They immediately set up proper processes to record all of the licensing requirements for the business. And they set up processes to alert them when any licences, including the forklift licence, were due to expire and needed renewing.
It’s a good lesson. Every business, small or large, must have dedicated processes in place to record everything that needs to be recorded. Preferably the business should have a dedicated administration person who is required to maintain this type of information.
Of course for many small businesses this is impractical, employing an extra person in the business simply to maintain this type of records is not economical. In these cases the business owner should look at other ways of maintaining records such as these even if he or she does it themselves.
But the lesson is there. Make sure everything is recorded and all important dates, such as renewal dates, are also recorded and the owner or manager of the business alerted well in advance of any requirements for renewal of a licence.
If not the business owner may regret having inadequate business processes in place.
Having a small business is rewarding, but no easy task. Business expenses can add up fast. From licensing and rent all the way down to paper and pens; nothing is free. There are, however, some tips and Internet tools that you can use to help be more efficient, to help manage the business, increase revenues and to cut expenses that do not require a ton of money. Most of them are readily available and pretty cheap, if not free. I am going to run through a few of them here.
- Lead with revenue. This is pretty obvious, but you can’t spend before you earn. Get a basic product out there, make some sales and then take some time and spend some money to refine it. You also cannot buy everything that you come across. It just isn’t practical. The last thing in the world you need to do is to build up business debt for things that are not top priority.
- Get on Google Places. If you have a brick and mortar business in a particular city it is free to sign up for and to use Google Places. Whenever someone searches for a term related to your city in Google, there will be a chance your business can show up. It is basically free advertising, and for the couple of minutes it takes to sign up, it is really a no brainer.
- Google Docs. Another free service from the good people over at Google. If you use a computer for spreadsheets (or other documents), this service allows you to share and collaborate on documents without the need to pay for a hosting service. You will also no longer have to keep track of who’s version is the latest…because they will all be the same. (You can even see edits being made in real time).
- Use free flyer templates. Graphic designers can run up a ridiculous bill. One way you can circumvent this would be to use free flyer templates. They are readily available on the Microsoft website. As soon as they are out of the printer you can head out and plaster them all over town! This is a great (and cheap!) way to get the word out.
- Leverage social media. We are lucky to live in an age where connecting with people is as easy as picking up a phone! Facebook, LinkedIn and Twitter are amazing resources to finding like-minded people and to stay connected with them. Chances are there is another business somewhere like yours. And they face similar problems to you. If you can’t find a group, you can start one! The possibilities are endless.
- Know your market inside and out. Like a hunter making preparations for a hunt, you must know the “lay of the land” inside and out before you can expect results. What are your clients talking about? Who is your ideal customer? How much do you do in sales per month? How many clicks does your website get? How many of your emails get opened? What is our average visitor value?
There really is no excuse for not knowing any of the answers to those questions, as they are the heart of your business. Success can come in many different forms and often times you don’t even need to spend more to get more!
Whenever I talk to the owners of small businesses about how much revenue their business brings in, I am almost always shocked at how little they really know about how much cash flows in and out of their business. I recently did some work with a friend of mine in this very situation who has been running a small lawn mowing business for the past few years, and I was able to help him out quite a lot.
Running a service-based business like this example, can be a little difficult as fast cash flow management is concerned as there is always an ongoing cost for maintenance and repairs. As I suspected, the business owner was always fighting against his ongoing tax bill and maintaining his equipment. The biggest issue I found with this particular business was that the owner was not able to know exactly how much profit his business made each week. He knew how much revenue came in but net revenue and net profit are two very different things.
The first thing we did was to look at his previous tax bills and estimate how much money he would need to put aside for tax. Then we estimated his running costs which included fuel and other day to day costs, and finally we estimated the cost of maintaining his equipment and buying new gear.
The first two were fairly easy to come up with rough monthly figures but the way we tackled the maintenance and equipment replacement costs was interesting, even to me.
The business owner currently owns 3 lawn mowers, and they are all at least 12 months old. Trying to save money, he does whatever he can to patch the mowers up when they break down and keep them running. This takes plenty of his own personal time and when he can’t fix them he needs to take it to a mower mechanic which then costs him both time and money.
After playing around with some numbers we came up with the following maintenance and replacement schedule to cut down both the time and cost that the equipment has on his business.
The idea was to have 1 primary lawn mower and 2 secondary lawn mowers, which would all be in tip-top condition, and take pre-emptive steps to keep the gear running. The business was doing well so we agreed that there was enough cash flow to justify purchasing some new gear to get started. The primary lawn mower would be used for 3 months straight at every opportunity after which it would be put into the mechanic for a service and the secondary mower would be used. When the mower was picked up from servicing it would become the third mower and the previous third mower would be put into his truck as a daily spare, or second mower.
This means that one mower gets used all day everyday and another mower gets used when the job is big enough to warrant two mowers. Having a third mower at home means that there is never any urgency to spend hours and hours on the weekend or at night pulling mowers apart, and the regular three month service means that all the mowers are kept in good condition.
All new mowers were also given a 3 year estimated lifetime and money was put aside each month to pay for the future replacement of gear. This was exciting for the business owner as he was already reading reviews online about the new types of lawn mowers available to buy on sites like this. This strategy was applied to all gear including brush cutters, blowers, chainsaws and hedge trimmers.
Just in case you’re wondering…. The main focus of this maintenance and replacement strategy is that no more personal time is spent fixing gear and that there should never be a chance that all of the mowers are old and broken. This means that lawns can be always be mowed and that broken gear will never stall his business again.
So you have decided to sell portable generators to make some extra money, this can either be a very simple task or somewhat problematic. All you need to do is make sure you advertise on the correct social media sites and websites, and the newspapers for those who do not use the internet.
Some of the most popular sites that you could use are;
Or you could look into selling your portable generators to generator companies like Cash Generator, where you will be paid immediately instead of waiting for a buyer to come along. The only problem with sites like this one, is the fact that you will not make a huge profit as you would with selling it yourself. The companies need to make a profit swell, so they will cut the buying price down in order to make a profit. Here you will need good bargaining skills and lots of research!
With this idea, you will need to either buy second hand generators, fix them up or purchase generators in bulk (as this is cheaper) and resell them. You will be able to make a profit, but you need to make sure that you have researched your audience properly before purchasing stock. This will ensure that you do not purchase stock and nobody wants them in the end. All you need to is research who needs portable generators, the common pricing of portable generators and where you would sell your portable generators.
With the research, you need to look into the seasons, especially if there are hurricane’s or storms approaching. This is when your sales will be the highest, as well as the blackouts which are planned in advanced by your state. This is when you will find your sales will increase, especially in the winter months. Home owners want to know that they will be able to still have electricity even with power shortages, and this will only come from the portable generators.
There are also many fields you could sell to,
2. Home owners
Each field has the need for a portable generator and if you are cheaper than the rest you will be able to sell your stock extremely quick. Keep in mind, that the businesses and farmers might want bigger portable generators and not smaller ones like the home owners. Once you start selling the portable generators, you will be able to find bigger portable generators and smaller portable generators, you will see which generators are more in demand.
Each startup companies will require lots of research and some mistakes, you will find this out once you have started selling the portable generators. Some mistakes can include; selling your stock without a high profit, selling stock to a company who will resell your stock as well purchasing duds and having to put more money into your sales. This will all come in time, and you will be able to make a lot of money by selling portable generators in the appropriate times.
As a small business owner I like to take any opportunity I can get to share with you, my audience, the lessons I have learned from my experiences. As you have read here on this blog before, sometimes my lessons learned are successful ones and sometimes they are not. Lucky for us all, this time around, it was a positive experience that I want to share.
About a year ago, I and a few of my top managers noticed that morale at the office was down. We weren’t sure why, since we haven’t laid anyone off nor cut anyone’s hours. The only thought we had was that we really haven’t given anyone a raise (including ourselves). But somehow none of us were convinced that was the reason for the drop in motivation and productivity among our employees.
You see, we are a small firm with no more than 22 employees. We know each other’s birthdays, anniversaries, and children’s names, like we know our own families. So when a whole company is suffering with low morale, you can’t just ignore it, you ask questions and you try to help. And that is exactly what I and my managers did. We ran a short anonymous poll on our company’s intranet portal, with 4 questions related to people’s mood, and an optional comment field for them to type anything we might have missed.
It was with great surprise that we noticed that every single one of our employees actually entered some comment in the comment field. And the majority of them were along the lines of not feeling challenged enough in their work or feeling like they are not living life to the fullest.
We took the suggestions and brainstormed among us to see what could we do change the situation. The line of work are in is not going to be any more challenging, it’s just not that interesting of a business. But we can definitely try to spice things up a bit at the office and help our workers feel like they are livening life and not just surviving it. That’s when we came up with the idea of a bi-annual company-wide adventure trip.
Every six months we would do a short poll with 3 options as to where and what activity we all would like to do. The one that gets the most votes will be chosen as our next destination. To christen this new tradition I decided our first adventure will be kayaking, as I am an avid kayaker. I made all our employees do some research and find the best kayak and read as many kayak reviews and kayaking tips they can get their hands on. This way when we get to our travel destination they would not feel out of place and can choose their kayak adventure with some confidence. Who knows, maybe we will even have a playboating competition!
Needless to say, this company-wide change worked. Morale came back up, employees were happy, and before even the 6-month wait is over, everyone was talking about what is going to be our next adventure. I couldn’t have been happier.
No one complains about too much money, but from experience, too little is another matter. People often say that money can’t buy you happiness, but I figure that with enough money you can buy a lot more time and opportunities to be happier. The saving strategies to follow will help you grow your funds.
Most of us do not focus attention on our finances because we do not know where to start. Forget about being a financial wizard to organize your money. All it takes is a good financial discipline and money management. Assuming that you are an employee doing the normal 9 to 5 pm type of career, whenever you receive your pay check:
1. Draw up a budget.
After tax, your income may be divided as follow:
Rent 20 – 25%
Food 14 – 15%
Insurance 5 – 7%
Transport 5 – 7%
Debt no more than 20%
Recreation 4 – 6%
Savings 10 – 25%
2. Spend according to your age:
Most people start working in their 20s. Suddenly, you have an income, but along with this come expenses you did not have before. You may not be in a position to put away a fortune every month, but you should try to save at least 15% of your salary
Expert tip: you can also save a lot of money by understanding the tax laws.
If you are in your 30s, now is the time to invest in unit trusts. These allow you to invest in stock market without outlaying enormous amount of money. One word of advice: do not invest all your dividends in one unit trust. Investing in a house at this stage will inevitably mean getting into debt. Even so, it is important that you keep saving (this is vital for emergencies like car repair or home maintenance). Without savings, you will just get deeper into debt in the long-run. If you have kids or are planning to start a family, take out an education policy now.
Expert tip: You should always pay off a little more debt each month. For example, about 2 – 3% more than the minimum payment due. You will save on interest and your repayment will be reduced
It might seem early, but if you are in your 40s, you want to have a comfortable retirement, now is the time to start focusing attention on it. At least 20% of your income should be going towards retirement. The unit trust you invested in through your 30s should be paying out large sums by now. Spend some on things you’ve planned for and reinvest the rest. Consider investing in shares. But remember that, while the reward can be great, so are the risks. Do your homework and understand what you are spending money on.
Expert tip: Spread your money on different forms of investment. You will have a better income flow
In you 50s, your bond should be paid off by now and your children’s tertiary education covered by an education policy. The extra money that you were paying towards your bond should be put towards your retirement (the longest holiday you are going to take; so make sure you have enough money to enjoy it.)
Expert tip: Your company pension or provident fund won’t provide enough money for your retirement. Setup a retirement plan with your financial adviser or bank.
7 seater cars are becoming increasingly popular especially in large families and also for small business owners that require sufficient space.
As a result, most car manufacturing companies have introduced new cars which can accommodate a seven people. For people willing to buy this kind of cars, making an informed decision on which car to buy has proven to be a difficult task.
If you want to buy a seven seater for your family use, it’s good to consider some basic differences in 7-seater cars available in the market. A compact multi-purpose vehicle is a relatively small 7-seater vehicle that usually handles 5 regular seats but has an ability to hold two more extra seats. It is relevantly simple to park and consume less fuel. However, the vehicles is not big enough especially in situations where storage space is required, as is the case for any small business owners. As a result larger vehicles with a greater capacity have been manufactured.
Large seven seater cars can be large to the size of a mini bus. With these types of 7 seater cars, space is not a problem. However, they are fuel guzzlers hence making them expensive to maintain and environmental unfriendly. With an increased awareness on environmental friendly vehicles, most people still cannot differentiate ordinary vehicles from green (environmental friendly vehicles).
According to environmentalist, an environment friendly vehicle; refer to road motor vehicles which have less harmful impact to the environment than comparable conventional running on gasoline or diesel. Some green vehicles are powered by alternative energy such as solar, electricity and wind. This means that, most of these environmental friendly cars are cheap to maintain and work with.
Before deciding on the model of 7 seater car to buy, it’s important to consider all the available options and then follow the tips to come:
Top tips for choosing large cars:
First who will be the passengers of your new car? For a family with small kids, small 7 seater car will be more than enough, since occupy limited space and they are not heavy for the vehicle. But if you are buying a seven seater car for carrying grown-ups, may be for example sevens Rugby team, you require a big car which is comfortable and can accommodate their luggage.
Another thing to consider before settling on a seven seater car is the seating option. Different models have different seating options. In most cases, the cars have three laws of seats with the third law only visible when wanted. Seven seater vehicles are best suited for families with several young kids. These is because, the cars can accommodate at least 3 child seats, making the car very comfortable for them.
Passengers’ access to rearmost seat should be another issue to consider before choosing a car. 7 seat vehicles with sliding doors are the most suitable especially when the parking space is a bit squeezed. Sliding doors make access to rearmost seat very easy and less time consuming. Models like Ford Grand C-Max, Mazda 5 and Volkswagen Sharan have the best sliding doors.
Don’t forget about affordability. It is important that you get the right type of finance for your needs and that you do not over-pay according to your budget.
Last, but not least, when buying a seven seater vehicle, it’s important to consider passengers comfort ability. A good car should have at least power sockets, DVD player, comfortable seats, hand held games consoles and many other facilities.
With all these tips being put into consideration, one can be sure of having the best of his/her 7 seater cars.
So, you are a busy mom and you want to start an online business. You want to be able to be at home with your kids and also get fulfillment from work. The good news is that with the current state of technology, you can do both.
We have outlined 8 online businesses which are suited to busy mums. The best part is that they can be run on 10 hours or less each week. Sounds crazy? Well, then read on.
- Start an e-commerce store – you can easily set up an e-commerce store and drop ship the products in no time at all. All you will need to do each day is send a couple of emails once the orders start coming through and then you are done for the day.
- Write content for websites – if you write the content yourself, this may take up more than 10 hours per week. However, if you find some cheap writers, you can simply manage the workflow and earn a profit on the difference. This can be a great money making venture and has been for many people.
- Start a day walking business – this is a great way to earn an income and you can easily work 10 hours or less on it a week. The key here is getting more than 1 dog to walk at a time, provided they don’t fight between each other. It is also a great way to get some exercise and get paid for it.
- Start a blog – blogging can be a great way to make an income and if you are a fast writer, you can easily write blog posts in no time at all. You can monetize your blog through affiliate income and can even earn a good wage by doing so.
- Take photographs – many companies need nice photographs for their brochures or websites, so you can take good pictures just from walking around. You can earn good money this way and does not require a lot of effort.
- Binary Options Trading – This is a hot market right now, with companies such as Banc De Binary (www.bancdebinary.net.au), TradeRush (www.traderush.net.au) and AnyOption (www.anyoption.net.au) providing plenty of choice for home binary options investment businesses.
- Become a tutor – becoming a tutor is a great way to earn a good income and you can market your services online. You can tutor online through Skype calls or even create online worksheets and tutorials to be used by your students.
- Start an eBay store – eBay stores are a great way to get an online store up and running in no time. The best thing about an eBay store is that you are tapping into instant traffic, so it is a good way to test if a product is going to sell.
So, the above 8 online business should provide you with enough inspiration if you want to start an online store that does not require a lot of hours work for you. There are so many possibilities out there, the hard part is deciding what to do first. The best thing you can do is just get started.
Many people are interested to build their career in health industry. Most of them are interested with some benefits offered by this industry. It may be a great choice for most people. Keep reading this article to find out some advantages offered by this industry.
Because of these benefits, there are many people who want to build a new career as medical experts, medical assistant (further explained here), practitioner nurse, and many other promising jobs.
Here are some benefits that you can get from this industry.
1. Growing job opportunity
This is the first reason why you may want to build your career in health care industry. There are many opportunities that are available for all health care experts. According to US Bureau of Labor Statistic, health care industry has more than 13 million jobs. These jobs are still growing these days. The demand of these medical experts is increasing from time to time. There are many people who want to improve their overall health by visiting some of their favorite hospitals. Therefore, you will never have to lose your job opportunity when you are in this industry.
2. Make positive impacts
If you love helping others, health industry can be a perfect option for you. With this career, you are able to make positive impacts to your environment. You are able to help other people who need medical help. There are many families who are able to change their lives because of medical experts. Building a career as medical professional is great opportunity for you to make an impact for the entire communities living around your area. Social life is the most important thing that you may have when you are building your career as a professional medical care expert.
3. Good salary
This is another reason why many people are interested with this career. Health care industry offers competitive salary for all health professionals. There are a lot of demands for the workers in health care industry. Therefore, almost all professions in this industry, such as doctor, nurse, practitioner nurse, registered nutritionist, medical assistant, and many more, receive a lot of rewards and salary from their institutions. Phlebotomists are seemingly very well-paid for their efforts too.
Skillful medical experts may receive more salaries than the regular medical workers. High salary is the main factor that can cause people to choose this industry as their favorite job. Health care offers the most lucrative option on the job market these days.
4. Jobs available for all people
There are many jobs that are available for all people with any education or experience levels. You will never have to worry about losing the available job in this industry. You can find hundreds of roles that you can find in this industry. There are also many certification programs that are created for fulfilling the needs of some high quality medical experts, doctors, medical assistant, or nurse. Building a career in this industry may be very exciting for most people. They are able to choose their favorite professions based on their preferences, skills, and certifications. You can compare some available health care jobs that are available before choosing the best one.
5. Offers secure future
Some health institutions may offer secure future for their workers. Most governments are committed to give the best health service for all citizens. Therefore, they are trying to improve the quality of their health care services. Secure future is one of the best programs offered for all medical care experts or any other professional health care workers. This option is offered for all workers to stimulate them to work effectively. If you are looking for a secure future, you may want to consider this industry as a perfect choice for your career. You are going to achieve bright future when you choose this industry as your favorite career choice.
They are some good reasons why you may want to consider health industry as the best option for you. There are many available jobs that are available in this sector. It is important that you choose the best career based on your needs and passion. Do not only take a look at all benefits offered by certain professions. Health can be a perfect place for you who want to build a good career as professional medical workers. It is not a difficult task to build a good career in this sector. The opportunity for this industry is still growing significantly. It is your perfect time for choosing this as the best career option for you.
There are different types of careers which come with different benefits. As much as one might be driven by passion when choosing a career, the truth of the matter is that the benefits of that particular career also play a vital role in the selection of that career.
If a career is promising and has a lot of benefits, then a lot of people will be tempted to choose that career. Just like any other job avenue, the insurance and financial sector careers come with their own benefits and advantages. One common thing about the two sectors is that they are closely related.
Free and affordable insurance cover
Working in the insurance industry has its own advantages, first and foremost, you will be guaranteed of an insurance cover as an employee of any insurance company. The type of cover given depends on the type of covers the insurance company is dealing with. For instance, if you are working with an insurance company, which offer medical covers, then you will be entitled to a certain medical cover by your company.
The good thing about such a cover is that you will not have the pressure of paying insurance premiums because your employer will cater for everything. Some insurance companies might give full insurance covers to their employees and their immediate family members while others might opt to offer partial insurance cover whereby the employee will be required to pay a certain percentage of the premiums.
While working for an insurance company or in the insurance industry, it becomes easier for you to get other insurance services from other insurance companies because you are connected to so many people within the industry. It becomes easier for you to get an insurance cover for your car and even becomes much simpler and faster for you to process your insurance claims.
As an employee of an insurance company it becomes easier to access advanced medical attention from the best doctors because you are close to them and you can be in a better position to know which doctor can handle which condition in the best way possible.
Easy access to loan facilities
On the other hand working in the financial sector also carry’s a lot of benefits. First on the financial side you can be able to access credit facilities and loans from banks and other financial institutions with a lot of ease. This is particularly important if you are someone that has struggled with poor credit in the pat and had to resort to alternative forms of financing. For instance, it is much easier for those who work in the financial sector to get car loans compared to those who work in other sectors and this will help to prevent situations where leasing is the only option available.
It becomes even better in times of emergencies since you can rush to your employer and get a soft loan to sort out your issues. The other good thing about working in the financial sector is that as an employee, you will get credit facilities at lower interest rates compared to normal or ordinary clients. The repayment period for such loans is also longer and flexible.
Both the insurance and financial sectors normally organize seminars and training to train their employees with the aim of advancing their skills and knowledge especially in the rapid changing market and industry. Any person who works in the two sectors will always have a promising career ahead of him as long as he remains steadfast and focused.
Think about it. You are finally able to open your own business and be your own boss. No more grinding it out day in and day out for the other guy to line his pockets. You are only responsible to your customers.
How hard can it be if you have the capital? The key word here is “customer”. Although we all love new customers and cherish the repeat ones, sooner or later something will probably go wrong. No, I don’t mean messing up their order or overcharging by mistake. What if they slip and fall in your store and break a hip? What if you are doing their nails and they get an infection? What if you are preparing their taxes and you make a huge mistake? In a word, lawsuit.
Every type of business activity presents certain risks that can leave a business owner financially devastated which means every customer or client may be a potential lawsuit waiting to happen. Instead of staying awake all hours of the night fretting over things that could go wrong; transfer those risks to an insurance company by purchasing the appropriate policies. Even if you work from home, your risk of an action being brought is real. There are many types of insurance to consider:
Business Owners Policy (BOP)
This policy is most often used as the “go to” policy to get the most coverage in a package deal. The BOP package typically includes:
• Property Coverage (your building, your stuff, or both)
• General Liability – takes care of those nasty “slip and fall” lawsuits
• Medical Payments – this takes care of small medical claims without having the courts involved
• Premises rented to others – covers damages you do to premises you rent
• Products/Completed operations – covers you for problems with work you have performed
• Employment Practices Liability – covers you for claims made against you by an employee – usually added to the policy by endorsement
• Employee dishonesty – protects the business if an employee’s dishonest act causes an action against the business – added by endorsement
• Business Interruption – provides coverage in the event the business cannot open or operate due to a named peril – replaces lost revenue
Although this list covers most of the coverage options available, depending on the insurance company, there can be many more options that can be added to make the policy more comprehensive.
Professional Liability/Errors & Omissions
Commonly referred to as “malpractice insurance”, this policy protects the business in the event that an error or mistake is made while performing professional services for a customer or client. Most people understand that medical professionals, legal professionals, accounting professionals, and insurance professionals must carry this coverage, but it is available for almost every type of professional. Cosmetologists, Nail Technicians, Tattoo Artists and Massage Therapists should consider this valuable coverage as well. Many states will require proof that a Professional Liability policy has been purchased before they will license the professional in their state. Many states also require a Security or Fidelity Bond be purchased as well to protect the state’s licensing division. The insured business must understand however, this policy will not provide coverage for intentional acts.
Most people upon going into business are expecting to have to deal with this insurance. Worker’s Compensation covers your regular employees if they are injured while on the job or become ill as a result of the work environment. Many states will allow the principals or owners of the business to exclude themselves from coverage. Most states will set a minimum amount of employees, typically 2 or 3, be employed before this coverage is mandatory. It can be a very expensive policy depending on the industry you work in. Certainly the premiums for a roofing company will be much more than a Dental office. Rates are usually set and controlled by the state where the business is domiciled. There are many insurance agencies across the country that specialize in Worker’s Compensation Insurance and should be consulted whenever a new business is opened because this expense alone may determine if the business may or may not be profitable.
Commercial Auto Insurance
Almost all contractors are going to need this coverage if they expect to be working for a general contractor or most any size of commercial business. The Personal Auto Insurance policy is not going to accommodate the liability limits needed or the types of vehicles used for business. Certainly, any type of trucker or delivery service will need commercial auto insurance since required limits are usually $1 million or higher. Truckers will also require cargo coverage and trailer interchange which is only available on the commercial auto policy. Rates are normally based on the type of vehicle, the industry, and the mileage expected to be put on the vehicle. A trucker who hauls locally is going to be rated less than the trucker delivering across the country. A small delivery van is going to be rated lower than an 18 wheeler. You can option for cheaper forms of insurance, but obviously paying more gives you more peace of mind. Businesses that experience the most difficulty obtaining a commercial auto policy at reasonable rates are those businesses that carry passengers for a fee and fast food delivery vehicles.
Every business owner has certain normal risks on the horizon every time they open for business. It’s the unusual risks that you don’t think of that can put you out of business in a hurry. An experienced commercial lines agent should be consulted before opening the business so that the risks can be identified and dealt with in an affordable manner.