Daily Biz Solutions

Guest Post by Ally Tobias

Perhaps you’ve long since wanted to open your own business. Perhaps you’ve always dreamed of being your own boss and running an outfit according to your plans and your strategy. Perhaps you’ve wanted to quit your nine-to-five job since day one but can’t do so because you need the money.

That’s all that it comes down to, doesn’t it? Most people are afraid to go out on a limb and try to do business on their own because they are afraid of the costs that are associated with operating your own start-up. Doing business is certainly a risky venture, but the potential payoffs can be huge and you get the extra benefit of unleashing your creativity and imagination in the process.

Your main goal isn’t to go out into the market with a bang only to see the sparks fizzle out later on. Instead, you should focus on building your business slowly but surely, strengthening your reputation and reaching out to as many people in your target market as possible given your limited resources. Here’s how you can start your own business even with a small budget:

Craft your business plan—and craft it good.

Writing down our ideas is one of the most effective ways for us to assess whether it will fail or succeed. Instead of just keeping your business ideas in your head, why don’t you sit down somewhere with a pen and paper (or your laptop if that’s your style) and map out what you want to do?

A good business plan will make sure that your venture doesn’t fold at the first sign of trouble. As you scribble down your ideas, think like the competition and see if there are any loopholes that will cause potential problems later on. A business plan should also outline your SWOT or strengths, weaknesses, opportunities and threats so that you join the fray fully armed for any contingency.

Decide on your work structure.

Are you going to operate as a one-man team or will you need the expertise and experience of other people to make your business idea work? Different types of business call for different approaches, so you need to decide on this even before you finish up your business plan. At the same time, you need to know what skills and competencies you need to run your start-up at full speed.

Whether you work solo or with a staff will influence the cash flow in your business—the more people you hire, the more overhead costs you will incur, but you might also have better opportunities for bagging more projects and sales.

You also have to take into consideration the limited budget you have at the moment. For the time being, you may have to act as the sales agent/telemarketer/receptionist/boss, but once you’ve got the ball rolling, you can already think about farming out the work so you can focus on the profit-making side of things.

Establish your workstation.

If you can run your business right in your own home, do it. Renting office space is not something that you want to do right in the beginning as it will stretch your budget to its limits. You don’t want to be stuck with a lease you can’t afford and too much space you don’t need.

Contrary to popular opinion, you don’t really need large amounts of cash to set up your business. In fact, you will probably spend more time and effort than money during the first few months of operation, especially if you’re planning to launch an Internet-based business. You just need the most basic equipment—landline, laptop, modem, printer—and you’re good to go. Other types of businesses can be a little more complicated, but you can still make a few adjustments here and there to stay within your budget.

Tell the world about your business.

With lightning-fast Internet and social media, you can reach millions of people in the blink of an eye. The question is—how are you going to use technology to your advantage? There are a number of ways by which you can aggressively and effectively advertise your company online without spending so much as a dollar, such as:

• Posting in forums and blogs
• Launching a Facebook fan page
• Tweeting regularly for updates
• Using back-linking
• Doing guest posts in other websites and blogs
• Using SEO tricks

Of course, you have to remember that the most important thing you can do to make your dream come true is to believe in yourself. If you can’t back up what you’re selling, who would buy it? You have to let your customers know that you mean business and that you’re good at what you’re doing. That is the mark of a top-notch entrepreneur.

About the Author

Ally is part of the team that manages Australian Credit Cards, a personal finance blog that covers business credit card tips. You can if you like to stay updated on their latest contents. Before joining ACC, Ally was a Media Planner with McCann Worldgroup Philippines, Inc., with award-winning executions, including the Levi’s 501 “Live Unbuttoned” global campaign.

Guest post of the week by Moises Henderson

I was already totally overwhelmed by the thought of opening my restaurant in three weeks, then my wife reminded me that we still didn’t have a website up. I had no idea how to get started building a website and to be honest, my thoughts were far more dominated by things like table covers and wait staff and bottles of wine. I put Sandra in charge of the web stuff and man did she do a great job! She explained it all to me later and though I still don’t really understand, she talked about how she went through the domain name registration on www.DomainNames.com then proceeded to use her graphic design skills to create for us a wonderful, colorful website! It looks so great and I&rsqu! o;m so proud of Sandra for making it look so professional. We’ve now been open for over a month and business is growing steadily. All that panic on the backend really paid off and now I go to work everyday knowing that I did the best job I could!

Guest Post by William Frierson, a staff writer for CollegeRecruiter.com.

As a new college graduate, you’re probably focused on getting a job, if you have not already done so. Once you get hired, though, will you understand how to manage your income? This concept is important to grasp, especially if you have acquired some debt; by learning how to manage your money now, you’ll save some stress in the future. One magazine offers some management tips for new college graduates:

• Create a budget- A budget can help you see how much money you are making versus how much money you’re spending. Set aside money for necessities and a little for leisure too. The key to a successful budget is sticking to it.
• Save- You have probably heard the expression, “save some money for a rainy day”. Create an emergency fund to live off of in case something unexpected happens. It’s recommended to build these savings to last from six to eight months.
• Know your student loan options- If you have some student loan debt, there are a variety of plans available to help you. For example, the extended payment plan allows people with low incomes to make smaller monthly payments over time (but pay a higher cost in interest).

For more money management tips for new college graduates, check out the source below.

Once new college graduates are hired and start to make money, they should learn how to manage it effectively. By doing so, they will have a better chance to be financially stable.

Information provided by Brittany Hutson.

Source
Black Enterprise magazine, May 2011

Article courtesy of the Recruiting Blogswap, a content exchange service sponsored by CollegeRecruiter.com, a leading site for college students looking for internships and recent graduates searching for entry level jobs and other career opportunities.

Article contributed by global resume authority Jessica Hernandez of http://www.greatresumesfast.com. She is a former HR Manager who partners with professional- and executive-level candidates to create authentic, branded resumes and cover letters.

Are you in the middle of writing your resume but are having a difficult time finding the right information to include? Well, some of it is self-explanatory (education, job history, etc.), but sometimes it’s hard to decide which skills to include as well as which accomplishments within your work history to note.

If you’re feeling stuck, it’s good to ask yourself some questions in order to get yourself moving. Here are five to consider while writing your resume:

#1: Why Am I Applying for This Job?

One thing you should explore is why you’re applying for the job. By looking at what you want from the company aside from money (e.g., more skills, opportunity to grow in your field), you can reference these ideas as you write.

#2: Which of Your Past Accomplishments Match the Company’s Expectations?

It’s also a good idea to look at which of your past accomplishments and skills match what the company is looking for in the position. Don’t just list the skills they say they want; really take a look at the job description and how they hope the position can help the company as a whole. Then think about what you’ve accomplished and how you can meet the company’s expectations.

#3: How Will Taking This Step Further My Career?

Also, take time to think about whether this job is a building block on your career path. If you’re just making lateral moves—hopping from job to job—rather than building a career, you may want to rethink applying for this particular position and look for one that falls more in line with your interests.

#4: What Do I Want to Contribute to the Company and Position?

In addition to exploring whether your accomplishments match the company’s expectations, it’s good to think about what you can contribute outside of their expectations. This may take a little bit of research to find out how the company wants to excel in the field—and how your position can help it get there.

#5: Am I the Best Fit for This Position?

Finally, it’s important to know whether you honestly believe you’re the best fit for the position. If you write your resume with an attitude that you’re not a winner, it could be hard for you to include in your resume all of the great reasons why you should be hired. It’s always a good idea to really explore the reasons you’re applying for a job as you write your resume. This way, it’s easier to answer the questions that employers are likely asking while they are reading it.

Article courtesy of the Recruiting Blogswap, a content exchange service sponsored by CollegeRecruiter.com, a leading site for college students looking for internships and recent graduates searching for entry level jobs and other career opportunities.

Guest Post by Kevin Kerridge, Hiscox Small Business Insurance

As the number of small businesses in America increases, small businesses themselves are getting smaller. Over the past several years, there’s been a 25 percent increase in home-based employment, according to Interbrand research. Small doesn’t mean risk-free, however. Though many small business owners don’t realize it, small businesses face many of the same risks as larger enterprises, and failing to plan for an adverse event can have serious financial consequences.

Virtually every small business should have insurance. Defending against claims is time-consuming and expensive and most business owners don’t have the time, resources or expertise to do it on their own. In 2011, small businesses are projected to incur $152 billion in tort liability costs, according to the U.S. Chamber Institute for Legal Reform. Still, most small businesses are unprepared. Many home-based businesses do not carry business insurance, even though the costs for small business insurance liability coverage can be less than $25 a month.

Business Insurance from Day One

Bruce Katz, who runs a law and accounting office in Westport, Conn., has a small office with no employees but hundreds of clients.  He knew he needed business owner’s insurance as soon as he had assets to protect. For Bruce, who is cautious, that was day one.  “Many owners don’t have the accounting, financial and legal background I do so they might not understand business risk to the extent that I do,” he said. “I am lucky in that regard.”

One common misconception by smaller or home-based business owners is that a homeowner’s policy will cover business-related losses. That’s often not the case, and in fact, running a business from one’s home could even create unanticipated coverage issues under that policy.

To truly protect themselves and the businesses they’ve worked so hard to establish and nurture, small business owners should be aware of the risks they face and how they can protect themselves with the right liability insurance.

Essential Insurance Coverage for Small Businesses

While policies need to be tailored for individual businesses, there are two types of essential coverage for solo shops – professional liability and general liability. Owners with one or more employees should also consider adding workers’ compensation coverage.

If business owners are ever faced with a claim, the insurer will provide a legal defense and pay any damages up to the policy’s limits, for covered claims. A thorough risk assessment and the descriptions below can help business owners determine what type and level of coverage they need.

Professional Liability Insurance(E&O)

Professional liability insurance, which is also referred to as errors and omissions insurance, protects against claims that the business was negligent in its performance of services or failed to provide services. For example, a business may develop a new inventory or invoicing system for a client that then claims the finished product doesn’t have the functionality it expected.

Professional liability insurance coverage is particularly important for businesses that provide a professional service and regularly counsel and advise clients. Some carriers will also customize coverage depending on your specific business. For example, technology businesses can request that software copyright infringement coverage is included as part of their professional liability policies.

Some professional liability policies will even provide ‘retroactive’ coverage. This means you are protected for unknown claims made during your policy period from work completed in the past back to an agreed date (usually the date your business started).

Finally, any business with one or more employees must carry workers’ compensation insurance. That’s the law in every state except Texas. Although Texas doesn’t require the insurance, businesses are still liable for any job-related illness or injury, and many employers do cover their employees.

General Liability Insurance

General liability insurance, also called commercial general liability, is one of the most common types of small business insurance, covering physical damage to equipment or property of others or injuries to people, as well as protection against libel and slander claims. In many cases, landlords will require this coverage of their tenants that rent office space, and clients will also require their vendors to carry this coverage before they will do business with them.

Small businesses should consider this coverage, especially if they or their employees visit clients or their clients visit them.

General liability coverage is also recommended for people who have access to a client’s equipment, such as IT systems or technology, since they may be liable for any physical damage they cause.

Any small business that is involved with writing or speaking about another business also needs general liability coverage to protect them in case they are ever accused of libel or slander.

Insurance Offers Certainty, Peace of Mind

When shopping for insurance, it’s important to take into account the financial health of the insurer as well as its particular strengths. While many aspects of starting and growing a small business are uncertain, protecting the business and its owner’s personal and professional assets for covered claims should be a sure thing. With the right insurance coverage, small business owners can gain peace of mind and focus their attention on what they do best – running a successful and sustainable business.

About the Author
Kevin Kerridge is the Director for Hiscox Small Business Insurance. Mr. Kerridge previously led Hiscox’s small business insurance coverage in the UK, which covered 38,000 small businesses in 2010.  Learn more about insurance for small professional services businesses online at hiscoxusa.com or over the phone at 888-202-3007.

Note: This article does not offer legal, tax, or insurance advice related to the needs of any specific, individual business.  Please consult your professional advisor.