How Your Home Business Can Affect Your Insurance

The terms home business and home insurance sound as though they could go together. Unfortunately, they not only aren’t a couple but can be active enemies. With a little planning and communication, though, you can help them coexist.

According to the U.S. Census Bureau, about 52% of small businesses – generally defined by the Small Business Administration as those with fewer than 500 employees – are home-based ventures. Of course, not all home businesses are created equal in the eyes of an insurance provider. It all depends on the amount of risk the carrier sees in your venture.

‘Do you operate a daycare out of your home?’ It’s one of the first questions you’ll be asked when you seek a home insurance quote. Answer ‘no’ to that and you likely will get hit with the follow-up: ‘Do you operate any business out of your home?’

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Is home business your dream or nightmare?

Is running a small business from your home a longtime dream? Or is combining your work with personal life your worst nightmare?

For 14 years, I enjoyed running my consulting business from home. I could get up, go straight to work, wear what I wanted, and loved my “one-room commute.”

When my business outgrew my home, I left with some regret. But I now thrive on the creativity and interaction of working with others.

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Starting an Internet Business

Starting an internet business can sound like a dream: work from home, set your own hours, be your own boss. But most internet startups require significant investments of time and money, and many of them fail. If you’re considering buying an internet business opportunity, know that the promise of big earnings and ideal work conditions is a pipe dream for most. Regardless of the handful of stories you’ve read about college-age entrepreneurs turning into internet gazillionaires, there’s no such thing as a sure thing.

You may encounter pitches like “Start your own internet business;” “No experience required;” “Experts available to coach you” in a variety of places: on the Web and in e-mail offers, infomercials, classified ads, flyers, texts, telephone pitches, seminars, and direct-mail offers. The Federal Trade Commission (FTC), the nation’s consumer protection agency, says that many of these solicitations are scams that promise more than they can possibly deliver. Often, bogus internet opportunity sales pitches are short on details and long on high-pressure tactics to persuade you to buy before you’ve investigated the offer.

Short on Details

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Getting Your Family Involved In Your Home Business

Do you own your own home business? Is your family involved with your daily business? Yeah, I know at times it seems easier to just do everything yourself. It is an easy trap to get into. Why take the time to explain the job, show them how it should be done, make sure it is done properly, and then possibly have to redo the project if it is not done to your liking? Yes, we have all been through this at some point. The question is: what are you going to do about it?

You basically have two options: Do everything yourself or invest the time to get your family involved. For me, the second one is the ONLY option.

First off, if you are doing everything yourself, you are probably spending a lot more time with your business than with your family. Secondly, you are depriving your spouse and children of the joy of owning a home business.

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