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Digg it UP - What 90% of All Business Owners Don't Know
Online degrees are wonderful ways to juggle your professional responsibilities with your academic goals. When you enroll in an online university you are free to set your own schedule. You learn what you want, when you want for as long as you want. If you're considering a online degree program, here are five practical applications of an online educatio
More important... do you have Business Overhead Insurance? Who will cover the costs of
In today’s economic environment, with Globalization, shorter Product Life Cycle (hence Business Life Cycle). All these factors have created challenges for every individual, not just to the Businesses. For every working adult, regardless the position you hold, the job that you do and the industry or organization that you work with, there is lesser cert
The types of coverage you need depends on several factors: The size of your business, how your business is organized (sole proprietorship, partnership, corporation, LLC), number of employees, type of compensation you're receiving (salary, fees, commissions), nature of business (service, product), where it is located, and your exposure to liability.
Things to ponder:
Do you have enough life insurance to protect your family, should you die prematurely? If you have a service business, your business is worth Zero when you die. For example, the spouse of a deceased doctor or lawyer can only sell the tools of the trade, not the clients (the true bread and butter of any service business). You can sell your service business prior to your death, if you can predict when that may occur. Otherwise, all service business owners should protect their families with a minimum coverage of 7X gross income.
If your goal is to have a member of your family take over your business at your demise, are they capable (and licensed) to do so?
Do you have disability insurance, in case you're incapable of running your enterprise because of illness or injury? This type of coverage will usually give you approximately 60% of your income, for a stipulated period of time. The benefit may be taxable or non-taxable (depending on whether or not you deducted the premium as a business expense).
More important... do you have Business Overhead Insurance? Who will cover the costs of
Starting a business is not complicated if you are aware of what to do, and more importantly, what to avoid. It is my hope that these two lists will work together and serve as a solid guideline when you start your own business, no matter what industry you're in.Top 10 DO's of Starting a BusinessIn the planning stages of any new bus
Things to ponder:
Do you have enough life insurance to protect your family, should you die prematurely? If you have a service business, your business is worth Zero when you die. For example, the spouse of a deceased doctor or lawyer can only sell the tools of the trade, not the clients (the true bread and butter of any service business). You can sell your service business prior to your death, if you can predict when that may occur. Otherwise, all service business owners should protect their families with a minimum coverage of 7X gross income.
If your goal is to have a member of your family take over your business at your demise, are they capable (and licensed) to do so?
Do you have disability insurance, in case you're incapable of running your enterprise because of illness or injury? This type of coverage will usually give you approximately 60% of your income, for a stipulated period of time. The benefit may be taxable or non-taxable (depending on whether or not you deducted the premium as a business expense).
More important... do you have Business Overhead Insurance? Who will cover the costs of
In the world of medical billing, there is a lot of red tape. The government itself has so many regulations that they're enough to strangle a billing company to the point where they can just about do business. And just when you thought that this problem would at least end with the software that you buy to do your billing with, you get hit with more r
If your goal is to have a member of your family take over your business at your demise, are they capable (and licensed) to do so?
Do you have disability insurance, in case you're incapable of running your enterprise because of illness or injury? This type of coverage will usually give you approximately 60% of your income, for a stipulated period of time. The benefit may be taxable or non-taxable (depending on whether or not you deducted the premium as a business expense).
More important... do you have Business Overhead Insurance? Who will cover the costs of
Are you or someone you know techno-phobic? Do you have a customer base who is still relies on an old fashioned pen and paper to record appointments, dates, times, places and people? Help you’re average “Joe customer,” yourself or your loved ones to a custom calendar. Conveniently record everything from all your children’s school activities, sporting e
If your goal is to have a member of your family take over your business at your demise, are they capable (and licensed) to do so?
Do you have disability insurance, in case you're incapable of running your enterprise because of illness or injury? This type of coverage will usually give you approximately 60% of your income, for a stipulated period of time. The benefit may be taxable or non-taxable (depending on whether or not you deducted the premium as a business expense).
More important... do you have Business Overhead Insurance? Who will cover the costs of
Scene 1. A quick-serve restaurant, Anywhere, USA. Cashier (no eye contact with guest): For here or to go? Guest: Here. I’ll have a Burger Deal #1. [Wow. What a nice greeting.] Cashier: Okay. What kind of drink? Guest: Diet cola. [Why don’t they just let me do this myself? The cashier isn’t doing anything but pressing buttons.]
More important... do you have Business Overhead Insurance? Who will cover the costs of running your business (utilities, insurance, salaries) while you're out of commission? Disability Insurance will not cover your business overhead expenses, unless it is an add-on.
If you have partners, do you have a Buy-Sell Agreement? This will protect your interest in the business, should your partner suddenly die. Example: your partner dies... his wife claims her share of the business. Do you really want your deceased partner's relatives to take over their share of the business? This type of coverage would allow you to buy out your deceased partner's share of the business, avoiding any conflicts or interference by outside parties.
Do you have Disability Buy-Out Coverage? What would you do if a partner becomes severely disabled? Do you want to keep paying him (or her) for work he cannot do, possibly for years? After a period of time, this type of coverage would force your disabled partner to sell you his share of the business, based on a previously signed equitable agreement.
Of course, many of these situations may not occur, but it's your business. Decide which types of coverage you deem most important...then speak to a professional who can give you the types of coverage you need to protect your enterprise.
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