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
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.
Start A Home Based Business – 4 Traits Of Successful Home-Based Business Owners
If you want to start a home based business you will need more than a great idea and some time to dedicate to it, you will also need to have a few important traits that can help ensure you not only get started, but also persist and succeed in building a business that will stand the test of time and provide for you and your family for years to come.
If you truly want to start a home based business, you should be aware of the traits you will either need to have or need to acquire before you can achieve real success. And if you don’t believe you have these traits right now, not to worry, because all you need to do is make a conscious decision to have them, and you will need to simply make it part of who you are and practice them on a daily basis.
Four traits of successful home-based business owners are:
1 – They are organized
Organization is a big key to achieving success in life and in business. If you are going to start your own business, yo will need to learn how to organize every single hour of your day, mainly so you can get the most out of your time and be the most efficient business person you can possibly become. A great way to achieve organization is to create daily and weekly goals, then put them on “to-do” lists, checking things off as you do them. Whatever system you like best, be sure to implement it and follow it closely.
2 – They can visualize the future
Being able to see yourself as a successful person is so key to achieving the results you desire. When you can visualize yourself as successful, when you can see yourself living how you want to live, all you have to do is go out and work for it, because you know that what you see is what will eventually materialize. This is harnessing the power of positive thinking and positive visualization.
3 – They can self-motivate
Nothing is harder to do than motivating yourself to keep working hard even when the results are not manifesting themselves. If you want to achieve success, not just in business but anywhere in life, you will have to have faith that you will succeed and be able to motivate yourself to keep working even though you may not be making money yet. This ability to self-motivate ties in closely with the ability to positively visualize yourself as a success in the future.
4 – They are persistent
Persistence is a key to achieving success in business, as those who stick with it no matter what often find the success they desire. The difference between those who are successful and those who aren’t may be as small as sticking through an extra few weeks of struggles, or an extra year of struggles. The key is to have your plan, have your goals, and to work for them no matter what circumstances should get in your way.