1. Home Based Business Insurance
Because I read just about everything that relates to solo entrepreneurs, I came across this resource article that is a bit outdated but probably is still true today.
In a survey completed by International Communications Research they found 60% of home based businesses did not have business insurance. Think that's bad? Well, of these solo entrepreneurs - 40% assumed their home-owners insurance would cover the business. Not in most cases. If you are a renter, it can get worse.
Look, working from home has enough quirks that many solo entrepreneurs deal with. Yet every small business guide I've come across suggests "get business insurance".
Do we follow the suggestion? Of course not! Home owners and renters insurance is what we are relying on to protect the business portion of our solo enterprise.
Don't kill the messenger or ignore the message: You must protect your business investment. Unless the business you operate is your expensive hobby, insurance will minimize (minimize=shrink that puppy) your personal damage - even if you think you don't need it.
2. Small Business Loans. No Money Isn't Funny.
Your small business hasn't made a dime in 6 months but the bills keep coming. You did everything short of kidnapping the neighbors dog for ransom to get the cash-flow flowing - nothing. This is about the time when all those Jay Lesko commercials, payday advance ads and multiple credit card offers start looking really good!
If you operate in the US - it's time to find out exactly what your tax dollars have been doing and call-in a few favors from your government. Presidents come and go, your tax dollars go on forever!
The SBA provides funds to non-profit community lenders who then make micro-loans to business borrowers. The credit decision is made locally which benefits you - none of that 'our corporate office way the hell off in who the hell knows where' makes the decisions. You may qualify for a small working capital loan from $5,000 to $35,000 based upon your business. Like anything else with our government, there a few hoops to jump (put on your Air Jordans) and the average loan is around $13,000 but the interest rate isn't usurous (usurous=loan sharks, the Sopranos, the Godfather - take your pick).
3. Unique Idea - Health Coach?
As a life transitions coach, I'm always looking for ways to improve and asking other coaches for feedback. My personal coach lives in Nevada but he helps me when that wall (you know the one that looms large and immovable) over all our solo ventures - I hit headfirst!
Anyway, I met this woman over the weekend and she is a health coach. Of course when she said that, I started asking questions! Health Coach? That's kinda like 'under-water-basket-weaving' isn't it?....but what she does is motivate and help people who want to start or continue a healthy lifestyle.
She does a little menu planning but that isn't where the bulk of her time is spent. She markets to large corporations like AT&T and promotes the benefits of having healthy employees. Then she goes and gives a 2-3 day workshop for crazy money.
For those of you who can see the possibilities, whether you are a coach or considering coaching - go check out this site. It can be a great addition to a current coaching practice or business consultants.
That's it for today and I leave you with this:
Planning is bringing the future into the present so that you can do something about it now.~ Alan Lakein
