It has been one of the greatest myths ever that a home based business does not need insurance. Insurance is generally considered as crucial for the retail counters, warehouses or factories. A survey in America has shown that majority of businesses which are operated from home are not properly insured. This includes online home business as well.The myths:Some people cultivate a misconception that getting their home insured also covers the risks of their business operations from home. On the contrary, they will face difficulty during any claim if they haven’t specified their home based business in the insurance policy.Every business has a huge probability of risk factors leading to substantial losses. For instance: theft, natural disasters, accidents etc.Many people think that they have to pay thousands of dollars to get their online home business or any home business insured. It is actually not all that expensive and it starts from 25-30 dollars per year for at least minimal coverage.As the insurance sector is growing by the day, the companies are also providing new and innovative packages to protect your business.If your home based business is your sole means of income or supplementing other income, it still needs insurance for the safety of your home and family. Your Insurance policy can provide protective covering for the business and income no matters what size your business is.Moreover, it helps to ensure you to have a fully secured, reliable, stable and good income generating business. Many of the insurance policies are also tax deductible. Everything that constitutes your business needs to be covered in insurance plan.Here are some aspects of business that must be covered:o Home
o Equipment
o Inventory
o Employee’s compensation
o Business liabilities
o Personal injury
o Loss of incomeMany insurance companies provide a full package of insurance for any home based business by covering every factor mentioned above. This helps you save money as you have to pay only one insurance premium for coverage of all the factors.Some of the insurances to be considered are:o Public liability insurance: It covers for the person or client visiting at home.
o Employee’s compensation insurance: It covers for the workers working under your business at your home if you have any.
o Inventory coverage: It protects your stock against theft, storm, fire etc.
o Vehicle insurance: To protect your vehicle which you using your business.
o Professional liability coverage: If your business provides services and if your clients suffer due to your activity, this insurance will pay claim of defense.Before you make calls to get insurance, be sure to know the laws where you live. Are you allowed to have a home business? Know your licensing rules and parking issues for your area. Before notifying your home insurance carrier, find out how they feel about having a business in a home. You could just find yourself having a very difficult time keeping your home insurance or getting any insurance depending on the rules where you live. It is not necessarily a problem, just get your facts before searching for the policy so there are no surprises.There are many other types of insurance available according to the type and scope of the business, be it online home business or any home business. If you have large stocks or inventory, you must go for a Business Owner’s Policy (BOP). It provides the most productive policy specially meant for home based business.
Home Based Business – An Insight on Insurance Requirements
Stress Can Be a Factor That Forces You Out of Your Home Based Business Opportunity
Home based business owners face stress executing everyday entrepreneurial activities. Severe stress can impair the ability of an individual to function and can have detrimental effects.The strength to thrive in a competitive environment cannot exist without the ability to perform under pressure. Activities that relieve stress should be pursued by home business owners.The Following Ideas Can Help Home Business Owners to Overcome Stress:o A hobby that provides personal joy should be pursued to replace troubling thoughts that occur in the mind.o Relaxation techniques and activities like reading books can act as a breather from business worries.o All forms of physical activity act as excellent stress busters. Physical exercise can provide for a healthy mind that can ease out tension.o Breathing techniques can help stay calm in stressful conditions and make a difference to general health status.o Slow music can soothe tensed nerves and help boost ability to work on deadlines.o Restful sleep every night can prevent exhaustion and lethargy at work.o A home business owner must engage in different forms of work activities to avoid boredom.o The ability to say no can help avoid the burden of acting on non beneficial commitments.o Assertive action can help overcome false fears and insecurities.o Addictions like nicotine, alcohol and recreational drugs should be avoided.o A healthy balanced diet can provide for mind and body balance.o Strong emotional support from family members and friends can help overcome stress at work.o The desire to control every situation with decision making can be detrimental to the work life of home based business owners.o Flexibility and optimism can help overcome temporary setbacks that occur with every business opportunity.o A support group of compatible entrepreneurs and business professionals can help provide solutions for difficult situations that cause stress.It is a known fact that delay in work can be a cause of concern and create stress for home business owners. Work efficiency can be increased through appropriate planning, organizing and effective time management.Be aware that physical health can be affected from chronic stress. The symptoms experienced can be headache, insomnia and poor gastrointestinal health.Emotional symptoms like low morale and personal dissatisfaction can further accelerate work stress. Chronic stress can also affect the family life of home based business owners.Neglecting personal life in favor of professional requirements can initiate a cyclical chain of stress. Unrealistic expectations towards the success of a business venture can create too much pressure. A healthy balance of personal and professional life is necessary for home based business owners.The bottom line is that your health and reduction in stress is first priority above everything else. Understand that without it, your business, your life and your family will suffer.
Effective Marketing Strategies in Product Creation
Marketing includes matters such as pricing and packaging of the product and creation of demand by advertising and sales campaigns. There are other options, of course, like product creation, resale rights marketing, joint ventures and the likes, but they are merely secondary to the above.
If you take the freelance route, it is important to ensure that all rights to profit from the final product, or any materials produced in its making, remain yours. Bookkeeping, physical product creation or delivery of goods can be done better with specialized help. Determining the purpose of the product is vital in niche product creation.
Implementation of Methodology – The choice of implementation of Six Sigma methodology depends on whether development is required on existing processes (DMAIC) or on new process/product design creation (DMADV). Determining what you really want to sell, something that you can be relaxed selling is the first step at the creation of a niche product. With the technological advancements in the hosting industry, from automated control panels and scripts that simplify creation of accounts; to complete turnkey solutions, there is no excessive need to worry about spending time on the actual product sold to the customer.
For instance, you should be prepared to either perform yourself or to subcontract the completion of the following tasks:- Product idea research (are there any existing products or patents already existing for this idea)- Product specification document training (what it will do, how it will look, how will it be powered, and how the user will interface with it)- Marketing study (what it will be named, who would buy this, how much would they pay, how will we get customers to purchase the product)- Schematic or electronic circuit design process- Creation of a bill of material or BOM and an approved vendor’s list or AVL for each component in the design, preferably with multiple sources identified, with a BOM and AVL for each assembly level in the product- Printed circuit board layout design process (single sided board, double sided board, or multilayer board; size of the PCB; board material)- Mechanical packaging design with user interfaces (displays, buttons, switches, key. This removes all product creation costs from your budget as a marketer.
No other database of affiliate programs offers such a possibility for profit on either the affiliate side or the product creation site. Your chosen niche should allow for the creation of more than one product or service.
There are several marketing strategies that are necessary in the creation of a successful e-commerce web site – Email marketing (broadcasting) of prospects/customers – Effective use of auto responders (generate automatic email messages) – Online Newsletter – Online Form / Survey to capture your prospect’s email address – Electronic Product Delivery (if you sold a digital product) – Advertisement (Ad) Tracking – Back End Sales – Affiliate program etc.