Insurance, Loans & New Income Stream

Looong week, so let's get right to it.

1. Home Based Business Insurance
Because I read just about everything that relates to solo entrepreneurs, I came across this resource article that is a bit outdated but probably is still true today.

In a survey completed by International Communications Research they found 60% of home based businesses did not have business insurance. Think that's bad? Well, of these solo entrepreneurs - 40% assumed their home-owners insurance would cover the business. Not in most cases. If you are a renter, it can get worse.

Look, working from home has enough quirks that many solo entrepreneurs deal with. Yet every small business guide I've come across suggests "get business insurance".

Do we follow the suggestion? Of course not! Home owners and renters insurance is what we are relying on to protect the business portion of our solo enterprise.

Don't kill the messenger or ignore the message: You must protect your business investment. Unless the business you operate is your expensive hobby, insurance will minimize (minimize=shrink that puppy) your personal damage - even if you think you don't need it.

2. Small Business Loans. No Money Isn't Funny.
Your small business hasn't made a dime in 6 months but the bills keep coming. You did everything short of kidnapping the neighbors dog for ransom to get the cash-flow flowing - nothing. This is about the time when all those Jay Lesko commercials, payday advance ads and multiple credit card offers start looking really good!

If you operate in the US - it's time to find out exactly what your tax dollars have been doing and call-in a few favors from your government. Presidents come and go, your tax dollars go on forever!

The SBA provides funds to non-profit community lenders who then make micro-loans to business borrowers. The credit decision is made locally which benefits you - none of that 'our corporate office way the hell off in who the hell knows where' makes the decisions. You may qualify for a small working capital loan from $5,000 to $35,000 based upon your business. Like anything else with our government, there a few hoops to jump (put on your Air Jordans) and the average loan is around $13,000 but the interest rate isn't usurous (usurous=loan sharks, the Sopranos, the Godfather - take your pick).

3. Unique Idea - Health Coach?
As a life transitions coach, I'm always looking for ways to improve and asking other coaches for feedback. My personal coach lives in Nevada but he helps me when that wall (you know the one that looms large and immovable) over all our solo ventures - I hit headfirst!

Anyway, I met this woman over the weekend and she is a health coach. Of course when she said that, I started asking questions! Health Coach? That's kinda like 'under-water-basket-weaving' isn't it?....but what she does is motivate and help people who want to start or continue a healthy lifestyle.

She does a little menu planning but that isn't where the bulk of her time is spent. She markets to large corporations like AT&T and promotes the benefits of having healthy employees. Then she goes and gives a 2-3 day workshop for crazy money.

For those of you who can see the possibilities, whether you are a coach or considering coaching - go check out this site. It can be a great addition to a current coaching practice or business consultants.

That's it for today and I leave you with this:

Planning is bringing the future into the present so that you can do something about it now.~ Alan Lakein

Screwed Up & Not Enough Coffee!

Yeah, yeah...I screwed up the NFIB link. It happens, and for those of you who look for anything to complain about - have fun.

The correct link is: National Federation of Independent Business

Now...if I gave you the right link, trust me - it is worth a look. If in my previous post I gave you the wrong link....oh, well!

Enjoy your day!

Advertising & Must-Have Solo Bennies

Miss me?! Yeah, me too!
Anyway let's get right into it because ideas that work and resources that you can use is why you come here. If you want theory - you've definitely come to the wrong place!

Advertising. Our business needs it, we want it to payoff and definitely spend wisely for it. Without it, you're blowing kisses to the invisible person a hundred miles away who doesn't know you exist!

Ok, so what's the solution? How can you reach targeted prospects with all the demo-psycho junk pundits (pundits=master bull-shit artists) say you must know to sell your product or service? Here's one idea that you may not have considered: Sponsor A Radio Show

World Talk Radio
If you like talk radio while you're working, now you can tune in online. As far as I know, this is the largest Net Talk station. With more than seventy regularly presented shows, you have a wide variety of programming and they add new content every week. There are even archives of many of the shows, so you can find what you missed.

What I think is a great idea, especially for those of you looking for a way to get more targeted prospects is the sponsorship aspect. A Silver Sponsor gets one 30 second ad spot during each show you sponsor for $200 a month and your spot will remain in the archives for 30 days after the live show broadcast. This can be money well spent and definitely cheaper than you'll get on regular radio stations in most big cities. If you think 30 seconds isn't long enough - set an egg timer and try talking for 30 seconds. Longer than you thought isn't it?!

As Solo's, many times we can't take advantage of offers that businesses with employees have. Health, retirement and other plans primarily ignore solo business owners. Unless you have a job or joined at the hip with someone who has a job that offers these to you - pretty much, you're on your own.

What has been proven over time to work for many Solo's is joining trade or small business organizations to get the same bennies offered to 'employee based' businesses.

Here are 2 that you might want to consider. Your particular home business may have an industry tie that you can take advantage of also - be sure to check.
1. National Business Association
At $30 a month, you won't get comprehensive offerings but for some of you without a Plan B that doesn't include a full-time job or being joined at the hip to someone who may leave you stranded. Basic member benefits include life insurance, medical supplement and pharmacy discounts. Non major perks for members listed however are quite extensive.

2. National Federation of Independent Business
Another membership organization that you can join for even more Solo Entrepreneur clout. I liked this one because it has separate health savings accounts. You get all the basic member benefits above life insurance, medical supplement and pharmacy discounts - Plus you have choices for health care HMOs, PPOs and more.

See - short & sweet...for once.


That's it for now and I leave you with this:

Continuous effort - not strength or intelligence - is the key to
unlocking our potential. - Winston Churchill

Taking Care of Solo Entrepreneurs

Hope all of you took some time off to take care of yourselves - yeah, I know it's not high on your 'task list' but it's needed. If I can have one less grande soy cappuccino, then you can take a 5 minute walk around the block!

This weekend was spent preparing for my New Year (hey, I'm an April baby - NOT January!). So in reviewing my journal for this past year, I noticed there were hits, misses and some...what the hell was that all about?! moments. Guilt Highway isn't a road I make it a habit of traveling, so it's about figuring out what the next step should be. And that's what I'm going to share with you here - some tidbits of wisdom that I found that may help you 'make your own' road.

Ahhh Blogging. You either love it or hate it.
If you don't have one, get one. If you do have one and finding it hard to keep it updated because your brain goes to mush after the first couple posts, you want to get this book by Margaret Mason, No One Cares What You Had for Lunch: 100 Ideas for Your Blog!

The section that got me going and that I agreed with immediately was on handling an 'S.O.B.' who decides you are their victim for the day. Yes, that was politically correct for me!

Margaret's take on it: "Fight back. Sometimes a blog entry will cause controversy. This may make you feel like retreating. Don't. Stand up for yourself. Acknowledge sensible arguments where they are made, but argue your point. Your readers want to see how deep your thinking is. So should you." That Works for me!

Recommended for Service Sellers
Selling a service is basically time restricted - you have a specific knowledge or ability that sells by the hour and deliver solutions required by your "client." Thing is, your time is just like everyone else's - limited. I've used this guide for the past 2 years to build my coaching business and you might want to go get it here

I've been a big fan of Kevin Evoy since my first book. It took me 3 months to finally get the hang of that whole demand-supply thing because analysis paralysis set in. Once I got it, I haven't looked back! Pick up the Service Sellers Manual and let me know what you think.


Pissed Off Any Customers Lately? Wait, it's still early in the year
Holly Buchanan has an article on GrokDotCom that covers this exact question. If you've ever been in a store wandering around with an item in your hand ready to pay, only to find all the sales staff in deep conversation with each other over last nights American Idol twit - then you know exactly what I'm talking about.

No matter what business you are in, this is one that you'll want to print out and keep near your computer. Sure if you have an online business it will take some detective work on your part to figure out why your visitors didn't buy or leave their contact information - but no matter what business you have, knowing your business' POF (Piss Off Factor) will help you grow it to the level you want with less stress!

That's it for now and I leave you with this

"One of the most essential things you need to do for yourself is to choose a goal that is important to you. Perfection does not exist -- you can always do better and you can always grow."
~ Les Brown

More Resources for Solo's

Welcome Back!
Have you ever gone to a website for the first time and got that kind of 'lead-in'? If it's your first time visiting and What makes them think you want to come back?!! Ok, mini rant over.

Found some time this week to check a couple sites that looked interesting. Before I go there, have you noticed how many off-line businesses aren't using the internet to bring in more business? I know you are not one of them (are you?!!) because you are adapting tools of the internet to your business. Do me a favor - turn your colleagues on to it - will ya?! Thanks.

Here we go:
1. Fast Trac.
This appears to be the reality check we sometimes need to get our businesses on the right track for growth. They offer a hands-on business development program to help entrepreneurs hone the skills needed to create, manage and grow a successful business. Get this - work on your own business ideas throughout the course plus get feedback from other entrepreneurs! Invaluable for a Solo.

2. Working Solo.
I may have told you about this great Solo resource before and if you have not gotten over there, do it this week! Why? Because it's a rarity for someone to get what working as a Solo Entrepreneur is about. Independent, self-reliant, baskets of fear (cleverly disguised by the way) sometimes but we do it our way because - it's the only way! At WS, get seminars, tapes, books and practical information for the Solo.

3. Anywhere Office.
Went here and stayed a while. This blog got a bookmark and may get a spot on my list for weekly check-ins. These guys cover the Solo Professional Road Warrior whose laptop is their virtual office. They help take you from effectively using mobile technology in your solo business to managing your enterprise so you also have a life!


That's it for now and I leave you with this

You must look within for value, but must look beyond for perspective. - Denis Waitley