Category Archives: Awesome Affiliates

Keeping Business Momentum Moving During the First Quarter and Beyond

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Business profitability moves in a cyclical pattern. Typically, the first quarter of the New Year is the slowest, and is often the most difficult to survive, particularly for small businesses. It’s natural that sales taper off during this time of year – customers are recovering from their holiday spending, they’re preparing to pay Uncle Sam what they owe and the winter doldrums have set in as well. However, there are a few things that you can do to help ensure that you keep your business moving forward.

Set Goals

Goal setting is an important consideration for any business in any industry. However, it’s important that you go about setting your goals in the right way. Use the SMART method, and you’ll have a significant advantage over the competition.

SMART is an acronym for Specific, Measurable, Attainable, Relevant and Timely. Each goal you set should follow these criteria. Moreover, you should set your goals as early as feasible, so you can have a plan in place to work toward during the slow months. Often, action translates to momentum, though you’ll need to be prepared for a different sort of momentum than what you experience during busy sales periods.

Goals keep your company moving forward, even if you’re not experiencing a high level of foot traffic or your website sales have slumped. However, your goals during this time of year should differ from those you set during busier months. Focus on business improvement, refinement, new project planning and the like instead.

Determine Needed Improvements

Often, keeping a business moving isn’t all about actual selling. Sometimes, it’s about finding things within your business to improve. The slower months of the year are the ideal time to dig deep and identify what you can do better and how you can change it. This can apply to any area of your business, from shipping and receiving to marketing and promotion – you might find new software that streamlines your receiving process, or perhaps you’ll work on creating a marketing campaign directed at current customers from your existing database rather than focusing on bringing in new ones. Now is the time to take stock of your business, identify areas where change is needed and then make those changes.

Advertising Still Matters

Just because you’re stuck in the doldrums of the dreaded first quarter, it doesn’t mean that you should stop your advertising. However, it’s the perfect time to investigate new marketing methods that you might have wanted to check out but lacked the time, earlier in the year. For instance, if you’ve been considering social media marketing but lacked the time, get started. Maybe you’ve have considered starting a newsletter to keep your customers informed, or you want to conduct surveys to gather vital data. Now is the time. You’ll also find that because the season is slower for pretty much all businesses, your own marketing messages will get more traction.

Plan New Projects

Because these months are slow, you’ll have time on your hands that can be put to good use in the area of project or product planning. If you’ve been thinking about starting a new project, offering a new service or releasing a new product, this is the perfect time of year to get started with the process. You’ll find that the productivity and energy your new planning generates spills over to other aspects of your business as well.

Keeping a business moving forward during slow periods is a challenge for every business owner and CEO. Have patience, set goals, improve your company, try new things and that momentum will continue.

Don Elfrink is the owner and operator of AutoMatStore.com, a company selling auto mats throughout the nation. Before AutoMatStore, Elfrink was the operator of an automotive production site. AutoMatStore focuses on logo, carpeted, molded and all weather floor mats.

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How Rubber Stamps Can Help Your Business Stand Out

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When your business begins to grow, it is important that you, as the leader, begin thinking about the importance of your company’s appearance. There are a lot of areas that can be covered on a large scale, from moving to a more prominent office location to creating a new, more user friendly website. Often, many businesses pay more attention to big changes and skip out on smaller ones that can make your office look and feel more professional, without draining your company’s coffers.

One of the simplest, most cost effective things that your business can invest in is rubber stamps. These basic office supplies can go a long way in making your business appear larger and more professional, not only to employees, but to customers and suppliers as well. Here are a few ways how basic and customized rubber stamps can help your business stand out from your competition.

Basic Stamps

Rubber stamps come in nearly every shape, size and design that you can imagine. Many common phrases and job titles that are often used in the business world such as “Paid” or “Accounts Receivable” can be found pre-printed on commercial stamps. For just a few dollars, these stamps will not only make the job of your accounting department easier, but also put a more professional appearance on invoices and receipts. With simple stamps, invoices can be marked off much more quickly and without the mess of writing all over each one.

Custom Made Stamps

In addition to the basic design of pre-printed rubber stamps, most office supply companies can also create custom stamps to fit a wide variety of your needs. Whether it is a customized picture or any phrase that your business uses on a regular basis, office supply companies can provide you with rubber stamps that meet your exact specifications.

The most common use for custom made rubber stamps are as signature stamps. By providing the stamp maker with a copy of your signature, they can create a replica onto the face of the stamp. This is ideal for business owners and professionals who are constantly signing off on documents and paperwork. By using a stamp, you can easily save valuable time each day. Stamps like these should be well-controlled. Only authorize one be made, and be careful of who has it – it in the wrong hands a signature stamp could be used on countless documents.

Avoiding Confusion

Another benefit of using rubber stamps in the office is that it helps avoid confusion on documents between employees. Skip troubles with handwriting and unclear instructions. By using stamps to communicate on documents, co-workers and employees are able to clearly understand what is expected out of them in regards to your instructions.

By making small changes around your business, you can easily alter the perception of your company by your employees, business associates and consumers. By using rubber stamps for your office’s communications you can increase the professionalism both between employees and to the public. Not only do these stamps make your business look more sophisticated, but they also reduce the amount of mistakes make because of misunderstandings over instructions. For companies who need to process large amounts of documents, using rubber stamps can save significant amounts of time for those needing to authorize the paperwork. Look at your office’s procedures for documents today, and imagine how rubber stamps could increase productivity in the workplace.

Mike Gardener is a founding partner of TheOfficeProviders.com. Mike is a passionate real estate investor who loves helping other investors and businesses by providing any kind of office space. You can see his site for more details. His areas of expertise include real estate investment, office space rental, and economic and business issues. 

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Do Your Taxes Have Bad Breath?

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Today, our guest poster Justin Krane offers up a step by step plan on how to stay on top of your taxes and how to avoid putting them off till the last minute. Additionally, you can join Justin and our CEO Deborah for an amazing financial webinar on May 29th at 1PM PST/4PM EST. In this webinar, Justin will teach you how to create high quality goals and the financial strategies to put in place to work towards achieving them. You in? We are! Register by clicking here.

You are trying to back away from them but their stank is just ridic? They have no idea how bad their breath is! Especially when they eat the onion bagel with lox cream cheese! You’ll do anything to avoid their halitosis.

Got me thinking. Do your taxes have bad breath? Your taxes only end up stinking if you put them off till the last minute. It stinks to have no idea how much money you owe the IRS. Give your taxes a breath mint! No more scrambling the last few days before taxes are due. No more tax surprises. No more bad breath.

How you plan your taxes is most likely how you plan your financial life. It’s time to be proactive, not reactive! I want your financial life to be easier for you.

Here’s my step by step plan on how to stay on top of your taxes.

1. Keep your books/financial records current. Hire a bookkeeper. You didn’t get into business to enter all of your receipts/bills into Quickbooks by yourself. This should not be your day job. No more 10pm data entry after your kids go to bed. Why not watch Homeland instead?

2. You need to speak with your accountant every quarter (better than getting a root canal, right?). Give them your quarterly profit/loss statement. Review it with them. Ask your CPA to tell you what you owe in taxes for that quarter. Then when you get the amount owed, pay the taxes then. Don’t wait till the end of the year. You will forget. You might spend your tax money somewhere else and then it’s game over. If you do this every quarter, you will most likely have paid in enough in taxes and you wont get hit with a huge bill.

3. Ask your CPA how you are going to pay your taxes. Will it be through withholding from a salary, or just based on paying estimated taxes?

4. Make sure you have the correct entity for your business. Should you be a sole proprietor, LLC, or an S Corp? Ask your CPA if you need to take a salary to pay your taxes. Most of the time, S Corps and C Corps have to pay salaries to you.

5. If you have sizeable realized gains in your investment portfolio, tell your CPA. A realized gain is when you buy something (stocks/mutual funds, etc) and sell it for a profit, in a taxable account.

Why do all of this tax planning stuff? Because now we can have a clearer idea how much money we have left. Our money is dying to talk with us! It’s so much easier to have a conversation with it when we know what we have – once we pay taxes. It’s time for us to get peace of mind, happiness, and more financial control. We just have to make the decision that doing tax planning isn’t that bad after all.

Justin Krane, is a Certified Financial PlannerTM professional and the President of Krane Financial Solutions.  His savvy, holistic approach to financial planning allows clients to unite their money with their lives and businesses with sound financial decisions. Using a unique system developed from his studies of financial psychology, Justin partners with entrepreneurs to create a bigger vision for their business with education and financial modeling. Follow Justin on Twitter @justinkrane.

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How to Finance Your Business in an Emergency

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While big business may have access to bank lines of credit and even government bailouts, small businesses usually don’t have the same financing resources. When an emergency strikes and you need cash, you need to understand how to finance your business through a rough period.

Emergencies may include major equipment failures, serious cash flow shortages due to customer defaults, unexpected lawsuits, tax liabilities, or a myriad of other situations. Regardless of the cause, you need to find cash fast to rectify any situation that threatens the stability of your business. Following are some creative methods to get financing quickly.

Factoring Invoices

A factor is a company that buys your invoices for cash. If you sell a customer $1,000 worth of goods, for example, and extend 30-day credit terms, you obviously have to wait for your cash. A factor advances 80% to 90% of that invoice to you and sends the rest when your customer pays the balance. A hefty 5% fee is not unusual, but a quick $950 is most welcome in an emergency. You do need to set up an account with a factor beforehand, but in the case of an emergency, this can be done rapidly.

Credit Card Advances

Financing a business with credit cards is not a new idea, so ask your lenders for increased credit limits to temporarily get through whatever situation has caused the cash flow difficulties. Most likely you have multiple credit cards, so a $500 limit increase on a few of those goes a long way toward solving immediate problems.

Merchant Advances

Some companies lend businesses money at high interest rates. $5,000 may end up costing you $7500, but again, if your restaurant’s freezer has failed and you can’t operate without it, you may have to go the route of merchant financing. Find these companies online.

Deposits

Certain businesses collect deposits before they do the work. Caterers commonly collect money upfront when they book a wedding or a holiday party. If you have customers who are ready to book but just haven’t gotten around to it, a few phone calls could generate some nice deposit dollars. Have your sales staff also prospect for new customers and find some quick cash that way.

Early Payment

If you have a good relationship with some prime customers, ask them to pay early for your services.  If they currently have 30-day credit terms but can pay in 15 days, ask them to do so to rake in that much needed cash.

Supplier Loans

Major suppliers may also lend you money in an emergency. Vendors need you to stay in business and you may be surprised at the reaction you get when you ask them for a short-term loan.

Relatives

When the choice is going out of business or finding cash, it may be time to ask trusted friends and relatives for a loan. You may be embarrassed to explain the circumstances, but a short-term infusion of cash from any source is very comforting (and motivating!) in an emergency.

Employees

Employees obviously know about the emergency situation that has caused the cash shortage. Perhaps ask them to delay cashing their paychecks since this will free up some cash for the company or you ask them to loan money to the business. If this is done with a note, and as long as your employees fully consent to the loan and is not a condition of employment, it is completely legal and you may be pleasantly surprised at the results.

Running out of cash is one situation all entrepreneurs fear. But sometimes it just can’t be avoided. By utilizing some of the above ideas, you can probably find the funds you need to survive. Once you learn how to finance your business in an emergency, it will be much easier in case the situation ever occurs again.

About the author:

Kristen Gramigna is Chief Marketing Officer for BluePay, a credit card processing firm that offers merchant cash advance services for businesses looking to take the next step towards success. She brings more than 15 years of experience in the bankcard industry in direct sales, sales management, and marketing to the company and also serves on its Board of Directors.

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Should You Check Into a Vendor’s Online Reputation Before Going into Business with Them?

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Working with a vendor offers certain advantages to a business. For example, ordering becomes a simple process and overall efficiency is improved. In most cases, the business enjoys a cost savings as well as less stress. Overall, the right vendor can make life easier for a business owner.

But there are lots of things to consider before going into business with a vendor. One of the top priorities is how that relationship will affect the future of your business.

Besides finding a vendor that can meet your needs, it is also important to find one that has good reputation. Associating with a company that is less than reputable can reflect poorly on your business.

Gathering information that answers the following questions can help in making key decisions about a vendor’s online reputation and whether it can offer the services your company needs.

  • What does the vendor specialize in?
  • Is the total cost clear?
  • Can the vendor offer scalable services?
  • Can they commit to the schedule?
  • Is the company stable?

The bottom line is reputations matter. At the same time, it is important to do some research into companies before snap decisions are made. In most cases, a stellar reputation can be a trusted indicator that a vendor is reliable, trustworthy, and operates as a professional business.

It’s the less than stellar reputations that can be more puzzling. For example, it is very possible for even the best company or business to have unhappy customers and clients. And it is a fact that frustrated people are more likely to voice their concerns than people who are satisfied.

Taking the time to do a little research about the vendor will make you feel more confident in your decisions about working with them. It will also provide helpful information about how the company operates.

What Does the Vendor Specialize In?

Some vendors seem to be able to offer a bit of everything. Their goal is to please everyone. However, it is generally wiser to work with a company that specializes in the specific items needed.

This helps ensure the company has more knowledge and expertise in the items being provided and there is a true focus on the area of business, industry, or niche that you happen to be in. It is more likely this vendor will understand your unique needs and preferences.

Is the Total Cost Clear?

The vendor should be able to provide a total cost proposal that is very clear and easy to read. This allows businesses to choose exactly what is desired within a given budget.

Can the vendor offer scalable services?

Growth is a goal for every business. This makes it important to always keep scalability in mind. Ensure that the vendor will be there for you when you’re ready to grow and expand.

Can They Commit to the Schedule?

No matter what type of business or niche you’re in, time is money. When it comes to business, sticking to a schedule is imperative, and this, of course, applies to working with vendors.

Quality vendors should be able to present documented and planned schedules that include dates and deliverables.

Is the Company Stable?

Ideally you will find a vendor that meets other criteria and that you are completely satisfied with in every way. When that happens, knowing the company is stable will provide assurance that it will be there for you in the future. In other words, a long-term relationship can be established – which will be beneficial for both the vendor and the business.

As a business, you have to be cautious about business-related associations – including relationships with vendors. Your business will be judged according to its relationships and affiliations with other businesses. With that in mind, choosing vendors carefully is part of the reputation management process.

This article was written by Debbie Allen, a professional writer and blogger.

Image courtesy of adamr at FreeDigitalPhotos.net

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

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10 Ways Small Businesses Can Start Saving Money Right Now

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Whether you are an entrepreneur who’s just starting out or a seasoned small business owner, you probably have one thing in common. Chances are you want to cut the costs of doing business. In addition to increasing profits, this allows you to reinvest in your own success. There are a number of creative ways that entrepreneurs can cut their costs. Here are ten strategies that will help you slash expenses quickly and efficiently.

Turning off computers
Energy costs can be a major line item each month. A simple way to save on electricity is to turn off computers or laptops when you’re going to be away from your desk for an extended period of time. If you know you’re in meetings for several hours or leaving the office for the day, why not turn off your computer? You can also consider an automatic device that turns of items at given times of the day, such as overnight. Doing so will save money and prolong the life of your computers and laptops. It’s a win-win for cost conscious companies.

Switching out light bulbs
Most of us have made the switch from traditional incandescent light bulbs at home to help save on energy costs, but what about at work? CFLs may have a higher upfront cost than incandescent bulbs, but the cost savings in the long-term is worth it. They last up to ten times as long and use 2/3 less energy than traditional light bulbs.

Automatic hand dryers
Do you find that your business goes through paper towels like they’re going out of style? Why not make the switch to automatic hand dryers? They also have a higher upfront cost, but they significantly cut down on the cost of paper goods. Newer automatic hand dryers are also energy efficient, using less electricity than older models.

Equipment restoration
If your business uses certain electronic or manufacturing equipment to develop products, you should consider equipment restoration to help save money. Perhaps some of your machines have stopped working entirely due to electrical failure or certain functions no longer work? Look into companies that can help get your machines up and running again. The cost will most likely be significantly lower than replacing the machines with new equipment.

Download free software
If you’re in the market for a new software program, there are numerous free resources available to budget-conscious business owners. If your software costs are getting out of control, consider looking at free or open source software. Many companies offer free trials of their programs, or entirely free options for the life of the software. So do your research, and look into alternatives to costly programs. For example, Open Office is a good possibility if you’re considering purchasing Microsoft office.

Multiple bids
If you are hiring a vendor for a particular project or working with a consulting service, it’s a good idea to get multiple bids. Don’t just hire the first company you come across because chances are you may be able to get a better deal by shopping around. A good rule of thumb is to obtain at least three bids for projects before you make a final decision. You don’t necessarily have to go with the lowest bidder, but always get quotes from vendors to compare!

Outsourcing
If you’re on a shoestring budget, look into outsourcing some of your business. Sites like Elance and Guru are good places to find freelance web designers, writers, and programmers. Often, working with an independent consultant is less expensive than hiring a full-time employee or working with a firm.

Go virtual or share space
A smart way that small businesses are cutting costs is by taking their operations virtual. If you can work out a situation where employees telecommute, then you don’t need to worry about the high cost of renting office space. If full-time telecommuting is not an option for your business, look into shared space office space. A communal office space can be much less costly than individual offices.

Google Voice
Google offers a number of free or low-cost tools for businesses. Google Voice allows you to quickly and easily set up a business phone line and voice mail without the high cost of working with a telecommunications company to get started. If saving money on communication costs is a priority for your business, try out Google Voice.

Reuse and recycle
This one probably goes without saying, but it is worth mentioning. Always make sure you reuse your scrap paper, print on both sides of the page whenever possible, and avoid printing out every email message you receive. It’s also a good idea to recycle paper and toner cartridges. Some large office supply companies offer special discounts on certain products for businesses that take advantage of their recycling programs.

There are a number of strategies for cutting costs for your business. While some strategies such as switching out old light bulbs carry a higher upfront cost, they are great money savers over the long-term. Whether you’re just starting out or you’re a seasoned entrepreneur, saving money for your small business should be a top priority.

About the author: Carl Petoskey’s vast knowledge in the business industry stems from his 15 years writing and working for various small businesses. When he’s not writing, you can find him covering LWG Consulting or other companies focused on bettering small business owners.

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Finding a Unicorn: The Quest for a Work/Life Balance

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By David Nilssen, CEO & Co-founder of Guidant Financial

The work/life balance topic is always a hot one with entrepreneurs–especially today when Smartphones keep us connected at all times. Now more than ever, professionals are faced with the impossible challenge of cultivating a healthy personal life while striving to reach their entrepreneurial goals.

So, how can you balance your personal life and your professional life?

In my opinion, you can’t. While there are always exceptions, a work/life balance is really a unicorn: it doesn’t exist.

Much as we’d like to pretend to separate the two, that’s an unreasonable feat to overcome. Put simply: If you are an entrepreneur, work is personal and personal is work.

That said, there are plenty of ways to make your life work:

  • Love what you do. When you own and/or run a business that reflects your passion, responding to necessary tasks shouldn’t feel like a burden.
  • Love the ones you’re with. If you hire employees that are not only high performing workers, but also people you’d like to hang out with, blending your two lives will be a pleasure.
  • Love new technology. There’s an app for just about everything these days; from calendars to eating reminders, you should take advantage of any technology that will organize or simplify your world.
  • Love your freedom. When you’re the boss, you get to make the choices. If you need to postpone personal errands to meet with an important client, that’s up to you; on the flip side, if you need a break to re-charge your batteries, your vacation can take priority. One of the best things about entrepreneurship is the freedom it affords you.

A great example of how to multitask in this way is to think outside of the “time” box—instead of limiting yourself to 9 – 5 with a traditional lunch break, let yourself take time in the afternoon when you need it. If your child has a special day at school, go and be a part of it; you can always make up the work later on that night after you’ve put them to bed.

Just remember that you don’t have to be everything to everyone: only to yourself.

David Nilssen is the CEO & Co-Founder of Guidant Financial. Read more tips about becoming a successful entrepreneur in his book, Making the Jump into Small Business Ownership. He can be found on Twitter at @DavidNilssen.

 

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How to Find Investors for Your Business Idea

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Having a great business idea is just the first step. Getting funding for your new company is the more challenging task that follows up. Often, individuals are discouraged from making their dream a reality because of the limited funding opportunities that are available.

It is possible to find investment for a business idea, even if the economy is slow. Presentation of your idea and having a highly professional business plan will show potential investors that you are serious and that you have what it takes to succeed. The following tips will help you present yourself well and capture the interest of potential investors.

A Great Business Plan is Prerequisite Number One:
Investors are busy people. They have many years of experience in corporate management and they can immediately recognize people who are serious about starting a business and the ones that are making amateur attempts.

To impress a potential investor, you need a solid business plan. Good business plans require a lot of research and hours of preparation. You have to be familiar with the market, with your financial needs and with the specifics of the product that will turn it into a success.

A poorly written business plan will be discarded immediately, which means that your business attempts end before you will have even gotten the chance to prove yourself.

Offer Something Unique and Market-Worthy:
Even if you have the greatest product idea, you may still find it difficult to get funding. The investors will analyze the idea’s revenue-generation potential.

Choose the right market niche. It has to be relatively empty. Trying to compete against major, well-established players will make it difficult for you to get a market share and to begin making money.

Great product ideas are the ones that can be sold easily. Think about practicality and about finding the right target audience. This is the product development you will need to follow, in order to attract investment.

Have Realistic Expectations:
Having realistic expectations and understanding that failure is a possibility will help you negotiate and present your business plan in a solid, professional manner. Investors avoid working with dreamers. Although having a grand vision is great for a start, you will have to learn how to keep it real.

Just think about it! Investors meet dreamers and new entrepreneurs on a regular basis. Realistic expectations and understanding of business processes will help you set yourself apart and achieve the main goal – finding funding for your business idea.

Learn How to Negotiate:
Finding investment for your project will often mean that you will have to negotiate. Learn how to do it in a way that does not alienate people and that helps you achieve your investment goals at the same time.

Very often, interested investors will be willing to offer something but their conditions may be tough. You will have to talk it over, reaching an agreement that benefits both of the parties involved.

Good communication and negotiation skills will help you create a great first impression but they will also keep the integrity of your business idea. The experience that investors have could work against you and this is why you need to have an idea about the compromises you are willing to make and the parts of the process you will remain inflexible about.

Maintain a Healthy Amount of Skepticism:
Understand one very important part of the investment seeking process – if something appears too good to be true, than it probably is a trap.

Investment scams target young, inexperienced entrepreneurs. You could fall for such an offer, finding it impossible to recover and regain your financial integrity.

Refuse investment offers that have very unusual demands, that will bind you for many years to come and that will take away your financial freedom. If you have some concerns, talk to a forensic accountant about the investment option. The forensic accountant will do research instead of you, figuring out whether the funding is legitimate or a fraud scheme.

Author Bio: This is a guest post written by Nick Anderson. He is an experience finance writer and works for Forths Forensic Accountants.

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5 Google+ Marketing Tips for Your Small Business

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Your small business only needs to maintain a presence on Facebook and Twitter, right? Wrong. Even though Google+ can seem like an afterthought in social media, ignore it and you’ll miss out on an enormous audience. There are five things you can do on Google+ to promote yourself in a new and exciting way and boost your brand’s awareness:

1.       Use the “About Page” to link your website

Take advantage of this opportunity to tell the audience about your company. This is the perfect place to add important keyword links for your site. Another cool feature is that Google+ allows you add bullet points, so you could simply list your products and services and have them link to pages on your website, which go into more detail.

2.       Plan events

Gmail accounts are ubiquitous, and Google+ has really neat optimized features for users. Their event feature, for example, is a great tool to use if your company would like to plan webinars, parties or other events. Regardless of whether or not they are Google+ users, their invitation will sync up with Google Calendar and help you track attendance. It’s also a great way to keep track of planning and logistics related to the event before, during and after!

3.       Create frequent optimized posts

By including keywords in your Google+ posts, you will ensure that you show up whenever your followers search for that keyword. This feature is called social search and it is especially effective for those with a large following. By frequently posting relevant content, you are increasing your chances of coming up in Google search results, which is one of the biggest benefits to maintaining a Google+ page.

4.       Be a Google Author

Google is constantly looking for new ways to authenticate content. By setting up Google Authorship, you are establishing yourself as a credible source for content. This means that you will be trusted by Google and will be able to reap all of the SEO benefits that come with that. By simply adding a photo of yourself and a miniature bio, you can drive tons of traffic to your page and significantly boost awareness.

5.       Talk to the right people

Google+ is all about talking to the right people, and it makes it pretty easy to do so. One way to do this is to join communities that are relevant to your company’s industry and interests and becoming a valuable part of the conversations. Once you have done this, you can begin to form relationships with people, and when they add you to their circles, you can add them to your company’s. Once they are in your circle, the things you post will show up for them.

Danielle Pacelli is the Marketing Coordinator at MycroBurst/Logo Design Guru. MycroBurst is based in Langhorne, Pa. and is an online marketplace for graphic design. MycroBurst provides custom designs through crowdsourcing. Follow Danielle and MycroBurst on Twitter @MycroBurst.

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6 Things Small Businesses Almost Always Forget To Insure

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Given the stress of starting and running a business, it’s not surprising that small business owners often forget about some lesser-known types of insurance, or try to cut corners by foregoing the basics. Without the right insurance coverage, your business could lose a ton of money in an instant with nothing to back it up financially. Here are some areas small businesses almost always forget to insure.

1. Business Interruption Insurance: Because Disasters Wreck Your Bottom Line

Could your business survive a week or even a month of inactivity? Most can’t take that much lost revenue. Business interruption insurance protects you from losing money when your business cannot operate for a certain period of time.

If, for instance, your building was damaged, business interruption insurance would pay for areas including:

  • Lost profits
  • Expenses that you have to pay even though you’re not operating
  • The cost of relocating temporarily
  • Any extra expenses

2. Commercial Property Insurance: Because Quality Real Estate Is Hard To Find

Appearance is everything when it comes to business and advertising. For any business, it takes time to find the perfect office space. The commercial property is also probably the biggest expense for a small business. You should do everything you possibly can to protect your investment.

Commercial Property Insurance similar to home insurance will cover any unforeseen damage done to your space. Whether Mother Nature caused the damage through a disastrous flood or if an enraged employee takes it upon him or herself to remodel your lobby area. Your property insurance will cover all the sustaining damages. There’s a couple of different types of commercial property insurance so be sure to talk things over with your insurance broker.

3. Fraud Insurance: Employer Should Exercise Caution In Hiring

What would you do if an employee defrauded your company for thousands or even millions of dollars? You could press charges and sue the employee to get the money back, of course, but lawsuits can take years of litigation.

Fraud insurance protects your business when a trusted employee uses his or her position to steal money by being misleading about a work-related injury. Or if an employee continues to work after receiving benefits from a claim. This type of insurance is generally referred to as, claimant fraud. Improper claimant fraud can easily cost a small company millions, which in return can force trustworthy employee’s to pay higher insurance premiums. Since there’s not a sure way to know if an employee could potentially commit fraud. Employers should take precaution and look out for certain behaviors when a claim is filed like, combativeness, if they are hard to get in touch with, two versions of the same accident and no actual witnesses at the scene of the injury. In an office space filled with around thirty people, it’s a slim chance anything happens with zero witnesses.

4. Startup Insurance: Because Starting a New Business Can Be Scary

It takes a lot of courage to start a new business. According to some researchers, 90 percent of businesses fail within five years. If you’ve put your life savings into a failed business, you could emerge without anything to show for it.

Startup insurance protects you from this loss. You still face plenty of perils when you start a small business, but startup insurance lessens these risks. Entrepreneurs who have no knowledge of the insurance industry should take the extra time to find a seasoned insurance broker in your business industry to assist with purchasing the right coverage package. A great insurance package should include a few benefits that will not only benefit their employee’s, but the employer as well. Such as a health reimbursement arrangement that potentially covers all of your employees medical bills and rolls over any unused funds at the end of the year.

As a business owner you should view your company as your child. If you choose to make your company available to the public without any insurance, it’s similar to driving around town with your kid in a car without seatbelts. Without insurance you make your company more vulnerable to failure.

5. Health Insurance: Because You Can’t Run A Company With The Flu

New business owners need to save money wherever they can. But that doesn’t mean you should gamble with your health. It’s important for small business owners to purchase health insurance for themselves (assuming they don’t get it through their spouses’ employers).

Since health insurance is 100 percent tax-deductible, it doesn’t cost as much as you think. And it’s a smart move that could save your business and your life.

6. Special Event Liability Insurance: Because Company Picnics Can Be A Liability

Every business should have general liability insurance. That’s a given. If you plan to hold special events, though, you might need additional insurance to protect you.

The specifics vary according to the kind of event you host. Will you hold the event on company property? Do you plan to serve alcohol? What kind of activities will you have at the event?

These and other factors will play a role in the kind of special event liability insurance that you need. It isn’t as simple as, say, filling out a homeowners insurance quotes page, so you may want to talk to your insurance agent personally.

Small businesses need to protect themselves from the unexpected, and the world is full of unexpected events. What other types of insurance policies should small businesses purchase? Does your industry require you to carry specific types of insurance not mentioned here?

Author’s Bio: Kristina Jackson is a passionate freelance writer in technology, business and design. When she’s not busy writing, you can find her hanging out with her puppy Louie. Or watching online videos of Paula Deen. 

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