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To all our small business owners: you’ve gotta have insurance

(ENTREPRENEUR NEWS) To all of our small business owners: you should know what kind of insurance you need and how to get it.

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You know you should have insurance, but you don’t know why. You’re running a small business and you have at least ten other things on the brain besides what type of risk mitigation measures you need to put in place. Besides, the cost of the monthly premium alone could be put to much better use in the rest of the budget. Any of these sound familiar?

Small business insurance is a necessity for conducting protected business activities. It may sound hyperbolic, but not having it could cause your not just your whole business to collapse, but also bankrupt you in the process. This scary reality can be avoided by choosing to invest in the correct coverage for your needs. The federal Small Business Administration (SBA) states that a good rule of thumb is to “insure against things that you could not pay for on your own.”

Here’s a quick rundown of the types of policies you could choose for your small business.

General Liability
According to insurance provider Hartford Fire Insurance Co, general liability insurance “helps protect your business from liability in the form of property damage claims, bodily injury claims, and/or personal and advertising injury claims that could put your business’s assets at risk.“ Consider general liability insurance as the first line of defense that can cover many different types of claims, but lacks some nuances that you may discover you need for your specific business.

Product Liability
Product liability is insurance that covers a business that manufactures or distributes a product. This type of coverage can be useful from individuals who make their own cosmetics to sell on Etsy or merely sells on the behalf of others. If a product caused harm to someone who purchased it, product liability would cover you.

Professional Liability
Professional liability is for the business that provides a specific service instead of a good. Whether you’re a financial consultant or a certified masseuse, if you don’t have professional liability insurance, you could be put at financial risk if a customer who used your service sues you. This type of coverage insures you against the financial loss of malpractice, negligence, and errors that a customer can receive if they purchased services from you.

Home-Based Business
52 percent of all businesses in the United States are run from home. It makes sense that a specific subset of insurance was developed for individuals with this particular need area. This type of insurance is added as a rider on top of a homeowner policy that adds specific language to cover equipment and if third-party (i.e. not the homeowner) becomes injured while at the home based business.

These are the four general areas of applicable small business insurance. Of course, there are many more types that you may need like workers compensation or auto liability. The price of all these coverage areas can be affected by the type of industry your business is in, as well as the number employees that work for you.

By now, the dollar signs may be ticking up in your head. Take a deep breath. The best way to deal with the cost of a good policy is to decrease your risk areas as much as possible and consider the amount of deductible you’d be willing to pay. The SBA recommends assessing your liability annually before renewing policies, and that’s a great way to start this process for the first time. Get with a licensed agent before making any policy decisions and rest assured, the cost of coverage will be small in comparison to the cost of trying to cover a catastrophic event out of pocket.

I’m not an insurance underwriter/broker and this story is not to substitute consultation with a real-life trained insurance agent. With that in mind, go find your nearest small business insurance broker or contact your Chamber of Commerce for assistance.

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Alexandra Bohannon has a Master of Public Administration degree from University of Oklahoma with a concentration in public policy. She is currently based in Oklahoma City, working as a freelance filmmaker, writer, and podcaster. Alexandra loves playing Dungeons and Dragons and is a diehard Trekkie.

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Business Entrepreneur

How to stay focused and motivated when you work from home

(ENTREPRENEURSHIP) Do you find it impossible to stay on task when you work from home? Check out our tips for maintaining focus and motivation when working remotely.

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When you work from home, it is a blessing and a curse. On one hand, you technically never have to get dressed. However, you also end up with every possible distraction at your fingertips. Staying focused can be difficult even if you’re Type A, which I certainly am not.

Although I’m no expert in time management, I’ve managed to hone my borderline ADD attention span into productivity with the following tactics.

1. Define your workspace

First things first, you need somewhere to get work done. While some people may be able to get everything done from bed, for others the temptation to nap the day away is far too tempting. Get yourself a desk, or turn a table into a temporary workspace. Just make sure if you have kids or family at home while you’re working, they understand the boundaries of your zone.

Setting up camp in the living room isn’t going to help you if the kids are using it as a play space, and hiding out in a guest bedroom won’t provide much privacy if you didn’t let anyone know that it’s now temporarily your cubicle. Consider making a do not disturb sign for the door, or using shelves to define boundaries in a room.

2. Create a schedule

Okay, I know it’s obvious, but making a schedule for yourself is the next step after setting up a workspace. Determine what needs to get done and when, and share this with your housemates, kids, or whoever else is around. It’s easier to stay focused if you clearly define when you’re working so any potential distractions known when to leave you alone and for how long.

3. Determine productivity

Are you more of a morning person or do you get everything done post afternoon nap? Figure out when your most productive time is and set your schedule accordingly.

You won’t get much done if you’re a night owl forcing yourself to slam out projects at 6AM. Of course, you can work outside of your productivity zone, but you may make yourself miserable in the process.

4. Remove distractions

Nothing is going to get done if your phone is blowing up with texts, your favorite TV show is on, and that fun quiz someone sent you on Facebook is up in one tab while your personal email is open in another. Set your phone to silent if you’re able, or at the very least, let your most frequent contacts know that you’re working.

If you’re like me and have very little self-control when it comes to browsing your favorite sites, you may consider installing a browser plug-in that limits how long you can spend on certain sites, or even temporarily block sites during certain times of the day.

5. Set a timer

Once you’ve created a schedule, widely shared it with your most distractible folks, and are ready to get down to business… there’s still distractions. You know you’re working on something for the next hour and half, but it’s dragging out forever and you can’t stop checking the clock to see if it’s break time yet.

Set a timer on your phone, computer, kitchen timer, or even your microwave. This way you can remain focused and have something externally alerting you when time’s up.

6. Reward system

It works for kids, it can work for you too. Setting up a reward system may help boost motivation, and can be as simple as “if I work for two hours solid on this project, I can watch one episode of this TV show.”

Give yourself a reasonable goal and incentive to complete that goal if the project itself isn’t inspiring internal motivation. I’m a fan of dessert based rewards, but you do you.

7. Go somewhere else

When all else fails, don’t work at home. If you’re able to, get out of the house and go to a coffee shop, library, or coworking space. Shame yourself into working by telling yourself everyone around you knows when you’re distracted. Or you know, find motivation by surrounding yourself with others who are being productive.

8. Power in numbers

Join a group of other freelancers or remote employees to create a support system. While this may open you up to more distractions, having others around who share the same struggle of remote work could help increase your productivity. Some people are more motivated when working independently in a group setting. Give it a try to find out if you’re part of that crew.

Ultimately, you know yourself and what distracts you.

Try to remove as many distractions as possible, and create a realistic schedule for yourself. No one will benefit from working eight hours straight without a break. Give yourself a chance to test out different techniques and figure out what works best for you.

You’re not a failure if setting up shop in the library ends up making you less productive. Just try another setting, or rearranging your home workspace. Ultimately, make sure you’re setting yourself up for success with a clear schedule, a clean workspace, and some sort of break/reward system. You can work out the other details as you go.

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Business Entrepreneur

Every modern business needs to automate these important processes

(ENTREPRENEUR NEWS) If you’re still handling the majority of your business functions and processes manually, you’re missing out on a chance to grow.

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Automate your biz

We’re living in an era of tremendous innovation. But not only are business technologies rapidly advancing, they’re also extremely cost effective. If you’re still handling the majority of your business functions and processes manually, you’re missing out on a chance to grow.

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There’s something to be said for performing tasks manually, but if you’re attempting to do everything on your own, you probably have an issue with control. You’re worried about what will happen when you step away and aren’t quite sure of how your business will respond. Well, here’s a news flash: The most successful small businesses in the world are automating many different key activities, including the following:

1. Employee Scheduling

“If you’re still scheduling your employees using pen and paper and then calling them individually or making them come into work to learn when they are working, you are living in the past and need to modernize your process,” ShiftPlanning clearly explains.

It may seem like a basic business process, but employee scheduling is extremely important for many companies.

You need to ensure you have the right number of people working at every hour of the day, as well as the right mixture of talent and personalities.

Thankfully, you don’t have to handle this responsibility on your own. You can streamline and automate the entire process with employee scheduling software.

2. Social Media

For small businesses, social media is a big priority. Platforms like Facebook, Twitter, and Pinterest allow you to put your brand in front of thousands – even millions of people with the click of the button. But if you’re like most businesses, you don’t have the time or resources to spend 40-plus hours per week working with social media.

Don’t fret, though. Automation is possible in this area as well. In fact, social media automation is a swiftly growing industry that features dozens of reputable tools that can take your business to the top. Here’s a look at a handful of the top ones.

3. Human Relations

Most people don’t realize that you actually automate many different HR tasks with relative ease. While it’s still a good idea to have an HR person on staff (or at least someone who has experience in the area), HR software can reduce much of the burden associated with maintaining a full-blown HR department.

With HR software like Zenefits, Justworks, or Algentis, you can automate tasks like compliance, benefits, insurance, taxes, and payroll – all things that otherwise take up hours of your day. This also lets you move towards a paperless system, saving money and space.

4. Backup and Recovery

If your business has ever experienced data loss, you know how significant and detrimental it can be. However, you’re also aware of how time-consuming it is to manually backup files. It’s easy to forget, space is at a premium, and you aren’t even sure you’re doing it the right way.

This is where automated backup and recovery comes into play.

An automated solution handles the process without any need for manual intervention and ensures your data is waiting for you in the event of a disaster.

How does that sound?

What are you waiting for?

If you aren’t currently automating business processes like these, you’re well behind the curve. Whether you realize it or not, you have access to tremendous tools that allow you to streamline these responsibilities with relative ease.

Take advantage of these opportunities and actively work to push your business forward. It’s the businesses that automate that will excel in the future.

This story was originally featured on November 11, 2016.

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Business Entrepreneur

7 books every entrepreneur should read

(BUSINESS ENTREPRENEUR) You’ve heard it said, “do as I say and not as I do.” Read these books from authors who have figured out what works and what doesn’t when starting a business.

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The power of books

If you’re thinking about leading a startup, but not sure where to go, the internet is often the first place we look. Surely, you can find dozens of blogs, articles, stories, and opinionated editorials that can help give you something to think about.

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However, there are tons and tons of great books that can help you think about what you need to get started, how you need to change your mindset, or challenges you may confront as you begin your startup journey. Take a look at the following 7 you may want to add to your bookshelf.

1. The Startup Checklist: 25 Steps to a Scalable, High-Growth Business
This text not only boasts a 5 start rating on Amazon, but offers what few books do – practical, tangible, down to earth advice. Where lots of books try to tell you a story, talk strategy, and share wins, author David Rose instead focuses on advice that assumes no prior experience – and breaks it down from the fundamentals.

2. Nail It then Scale It: The Entrepreneur’s Guide to Creating and Managing Breakthrough Innovation
Nathan Furr and Paul Ahlstrom focus on creating a lean startup by offering a step-by-step process that focuses on nailing the product, saving time, and saving money. The first step is about testing assumptions about your business, and then adjusting to growing it (hence: Nail It and Scale It). Strong aspects of this book include a great theoretical foundation, and an easy to follow framework.

3. The Founder’s Dilemmas: Anticipating and Avoiding the Pitfalls that Can Sink a Startup
Wasserman’s strength here is that he focuses not only on the financial challenges, but identifies the human cost of bad relationships – ultimately how bad decisions at the inception of a start-up set the stage for its downfall. This book is a great tool to proactively avoid future legal challenges down the row, and also discusses the importance of getting it right from the start.

4. The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers
Horowitz writes about his experiences, taken from his blog, in a way that even inexperienced managers can touch and learn. The advice here really focuses on leading a start-up, and what lessons his experience has given him. Presented in a humorous, honest, and poignantly profane way.

5. The Startup Owner’s Manual: The Step-by-Step Guide for Building a Great Company
Blank and Dorf here standout due the sheer mass of this text. A comprehensive volume at 573 pages, my favorite piece for new investors is a focus on valued metrics – leveraging data to fuel growth.

6. The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good Life
A personal favorite of mine, this book is recommended for entrepreneurs not because it’s focus on business, but as a reminder that those of you wanting to start up are people. You have limited resources to manage as a person, and will need to adjust your perspective on what you care about. This book is about changing your mindset to pick your battles and be more focused.

7. Disciplined Entrepreneurship: 24 Steps to a Successful Startup
Bill Aulet starts with an approach that entrepreneurs can be taught, and breaks down the process into 24 steps, highlighting the role of focus, the challenges you may encounter, and the use of innovation. This text wins due to its practicality for new start-ups, and a specific method for creating new ventures. It also features a workbook as an additional, optional resource. Check it out on Amazon

GET READING!

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