Categories
Operations

Common Business Insurance Mistakes

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Running a business is like a engaging in an extreme adrenaline sport: often exhilarating and very rewarding but also something that could have potentially devastating consequences at any given moment. An appealing part of business is the thrill of the chase but there are certain areas you cannot afford to be blasé about and top of this list is taking out insurance.

Every business is different and choosing the wrong type of insurance for yours could cost you down the line in more ways than one. Being aware of the common mistakes made by business owners is one small step towards making the right decisions for your company. Put your best business foot forward and avoid falling into the following insurance traps.

Being unaware of the basics

Even an established business will struggle if they fail to have an understanding of the business insurance basics. Business insurance is business insurance with one policy no different from the next, right? Wrong, no two insurance policies fall under the same umbrella and if you are willing to settle for a basic form of insurance that may only cover a tenth of your unique requirements, then you may as well put your assets in the hands of a child.

Taking the time to consider your business from all angles in terms of potential threats to assets and property etc will help you choose the right form of insurance for your business.

Leaving it too late

It is a cruel irony – waiting until the unexpected happens before investing in an insurance solution. It’s easy to assume that you are untouchable, particularly if you are a start up company with a run of good fortune but an expensive lawsuit or company accident may be waiting in the wings. A second consequence of leaving it too late to get insurance is buying poor coverage as a result of playing it safe with a small start up budget. Insurance is something that must be considered in the earliest possible stage to ensure your business gets the cover it needs.

Getting the wrong coverage

You wouldn’t take out home insurance for your car or vice versa, would you? Yet many businesses are content to pay over the odds for an insurance coverage that does little or nothing for them. When all is said and done, it is only up to you as owner to tailor insurance cover to your needs – not what the competition has or whatever the easiest option is but what caters to the interests and progression of your company.

Insurance policies are personal to each business which is why no company should ever need to settle for a one-size-fits-all approach when it comes to relying upon insurance providers. Insurance experts such as Catlin USA pride themselves in providing specialist insurance solutions to clients; sharing their expertise within the banking industry to ensure clients can achieve winning business results.

Categories
Success Attitude

3 More Positive Strategies to Deal with Your Eeyore Vampire Boss

3 More Positive Strategies to Deal with Your Eeyore Vampire Boss

A couple of weeks ago I shared with you “3 Positive Strategies to Deal with an Eeyore Vampire Boss.” I knew there were flocks of negative bosses everywhere, but evidently more than I realized.

Your overwhelming response prompted me to remember some of my Eeyore Vampire bosses. The one who was so insecure she didn’t want the organization to grow. Another who wanted me to trade product for pot. The one whose boyfriend was jealous of my success.

I reflected on what I learned from them and here are “3 More Positive Strategies to Deal with Your Eeyore Vampire Boss”:

Take Charge of the Conversation

From the one who was so insecure she didn’t want the organization to grow I learned that positive success means change. While some bosses say they want to succeed, their definition is to keep things as they are. To prop up the current façade so that it survives, not thrives.

Take charge of the conversation with such bosses and realize that their fear is real, primarily fear of losing control. Rather than waiting until the weekly meeting, have impromptu conversations about some positive outcome and connect it to something familiar that he knows about. That’s comforting to your boss, easing him into growth mode rather than jerking him out of his comfort zone.

Take Care of Yourself

From the one who wanted me to trade product for pot (and promised to share with me) I learned that you have to take care of yourself.

Yes, the job is important. Yes, you respect authority. Yes, you need to make money.

Yes, you have a job and respect authority in jail, but it doesn’t pay very much.

Each morning when you get up and stare at yourself in the make-up or shaving mirror, it’s you. Only you. Your first responsibility is to yourself. As James Altucher writes in his great book, be sure to “Choose Yourself.”

Take care of yourself. Live in honesty, integrity, and love and you’ll always have a job, or better yet, be your own Work Positive boss!

Take Compassion on the Boss

From the one whose boyfriend was jealous of my success I learned that sometimes the boss needs some compassion, too.

I was 22 years old, had tripled the company’s revenue each month in my first three months, even picked up her Great Dane from the shelter when he ran off in a driving rainstorm, and she fired me a week after I returned from my honeymoon because her boyfriend was threatened by me. What did I learn?

It took a while to quit hating her and forgive her. When I did, I realized this company was the first she owned. She was figuring out what it meant to be responsible for all kinds of operational matters that she had little background in. She was in way over her head, which is why she got drunk to fire me. Later she lost the business.

The boss is human and makes mistakes, too. I made my fair share working for her.

Quit hating the boss. Hate hurts only you.

Forgive the boss. No, she doesn’t deserve it, but forgive her for your sake.

Take compassion on the boss for being human, too, take care of yourself, and take charge of the conversation so you Work Positive in a negative world.

About the Author:

Dr. Joey Faucette is the #1 Amazon best-selling author of Work Positive in a Negative World (Entrepreneur Press), leading Positive Success expert, & speaker who helps business professionals increase sales with greater productivity so they leave the office earlier to do what they love with those they love. Discover more at www.ListentoLife.org.

Categories
Entrepreneurship

Are You Born An Entrepreneur? #entrepreneurfail

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New Webcomics series brought to you by #entrepreneurfail and GetEntrepreneurial.com. Enjoy!

I recently volunteered as a business plan coach for high school students through the National Foundation of Teaching Entrepreneurship, and was impressed that each and every student (in a mandatory class) was excited about their potential ventures and significantly improved their skills during the session. Is it possible that every child has the potential to become an entrepreneur?

Scientists have always wondered what characteristics are innate, and what traits can be molded based on upbringing. Are there some indicators of future entrepreneurial success? Seems like the jury is out on that question. There are many successful entrepreneurs that started a proverbial lemonade stand and newspaper route, but there’s also a good share of them that launched their first venture in their ripe middle ages.  And MBA programs are teeming with students hoping to learn the nuggets that will help them endeavor into entrepreneurship.

We’ve all heard the tales of massively successful startups and their humble roots in a garage, or a dorm room. What if it has even humbler roots in a baby’s crib! Many experts claim that although some traits are inborn, others can be learned. In a recent TEDx talk, Cameron Herold talks about how to raise kids to be entrepreneurs. Perhaps some of you current entrepreneurs can relate to the stories he tells and perhaps future parents can plan their activities accordingly!

Also, let’s not forget that recently, Entrepreneurship Barbie was launched, helping girls envision a life of fashionable shoes and new ventures. It’s the age of the “kidpreneur” scream many gurus, and here’s a telling infographic to help in that goal.? All in all, the one trait that is truly a deal breaker is experience. I think every child and adult has the potential to become an entrepreneur if he/she has the desire to test, try it, and learn from it at least once.

Were you a kidpreneur? Or at least showed the traits early on? Or did the bug come and bite you later in life? Let us know in the comments below.

This post and comic were created by Kriti Vichare and adapted from #entrepreneurfail: Startup Success.

Categories
Franchise

Four Questions to Ask Before Becoming a Franchise Owner

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Article Contributed by Ann Shirley

If you’re an aspiring business owner looking to get your foot in the door then you may want to consider becoming a franchise owner. Becoming a franchise owner is a great way to gain valuable experience in the business world. You will be able to build connections with other franchise owners and people who work for the company. While you will be free to run your own franchise, you can lean on the support of others in the business to help you with marketing and advertising and other modes of assistance that will allow your franchise to grow and prosper. If you’re interested in becoming a franchise owner you should carefully consider these four questions.

  1. What kind of franchise should you invest in? There are countless options available from food to retail and even education. Food franchises can be risky. There are many options available for people to purchase water ice franchises. However, these franchises are usually only open for a season. During the downtimes you may find yourself strapped for cash. In addition, unpredictable factors such as the weather may affect sales. A safer option is to own an educational tutoring franchise. There will always be children in need of tutoring services, and even in the summer you’ll have students in need of SAT prep.

  2. Does the franchise have a good reputation? One of the only drawbacks to owning a franchise is that you’re not a completely independent business owner. This can be very beneficial for thriving businesses. However, if a business is struggling you may want to avoid investing in one of its franchises. If the business folds you could lose your franchise and be out of money. For example, fitness franchise Curves has been in a lot of hot water recently for its closing. Look for a franchise that has a proven track record of success, less competition, and is innovative and willing to try new ideas or take advice from their franchise owners. As a franchise owner you may not have total authority over the company, but you should still have your concerns addressed and work with a company that is willing to listen to your ideas.

  3. What kind of support will your franchisor offer? It is important to choose a franchise that offers you support. While you will be running most operations yourself, you’ll want a franchisor that can help you with marketing and advertising and offer you extensive training and support as needed. Owning a franchise is a great way to get started in the world of business especially for aspiring entrepreneurs, but it is crucial for franchise owners to have outside help and assistance to allow them to learn and grow within the business.

  4. How much will it cost to own and operate the franchise? Discussing the cost of owning and operating your own franchise can be tricky. There are many important factors to consider including a franchise fee, legal fees, build-out costs, inventory, and cost of supplies. Talk with your franchisor ahead of time to find out which costs they will cover and which ones you will be accountable for. Also, find out if there are any annual or reoccurring fees that you must pay. It’s recommended that you make a list of any questions you may have regarding finances ahead of time.

You may also want to ask questions about taxes. Some franchises may be tax deductible which would allow you to get some of the money you invest back at a later time.

Are you a franchise owner or are you considering becoming one? What are or were your biggest concerns or questions regarding owning a franchise? Is there anything you wish you would’ve asked ahead of time? Leave a comment letting us know!

About the Author

Ann Shirley is a freelance writer from New York. As a franchise owner for Hunting Learning Center, she enjoys writing articles about business and entrepreneurship for others to benefit from.

Categories
Operations

The Key to Running any Kind of Catering Establishment

The Key to Running any Kind of Catering Establishment

Anybody that works in the catering industry knows how stressful it can be at times, and that is why you need to be sure that you can rely on all of your equipment. You will need a range of quality catering equipment that won’t let you down and will live up to the tough demands that this industry is known for. No matter how busy you get you need to know that you will be able to serve food and drink of the highest standard in order to run your business efficiently. All kinds of establishments, including sandwich shops, cafés, restaurants, any kind of fast food establishment, bars and even convenience stores that offer food and drink that needs to be refrigerated, need to have confidence in the quality and reliability of their catering equipment.

Providing quality food and refreshments to the public will enhance your reputation and improve your business. The best way to maintain your standards and reputation is to invest in high quality and reliable equipment. In addition, if you own an establishment where your fridges and displays are in front of the customers you will also need to ensure that you have sleek and stylish items, and this is because appearance and cleanliness also accounts for a lot in the catering industry.

Investing in Reliable Catering Equipment

What you will need in your establishment will depend on the food and drink that you offer to customers, but generally it will include fridges, freezers, display cabinets, ovens and other cooking equipment, cutlery, a range of bar supplies and more. You will want high quality items at affordable prices, and for this it is worthwhile starting at reputable supplies such as Fridgeland and others. These companies supply catering equipment to all types of outlets, and by shopping at large and established places it ensures that you are getting reliable items that will last for years to come too.

With all the necessary equipment set up at your business you can be sure that it won’t let you down and you will be able to run efficiently. Busy periods in the catering industry can be stressful, but having high quality, reliable equipment will alleviate a lot of this stress and ensure that you are able to maintain a continuous service to your customers.