Small Office-Home Office Tips #10


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The Windows 98 Tip of the Day

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*1.  IN-HOME BUSINESS INSURANCE

One option for people working at home is to buy an "in-home 
business" insurance policy. Unlike simple homeowners' 
insurance, these policies cover more than just property damage 
that affects equipment used in your business. An in-home 
business policy can go further, providing compensation for the 
lost business that may result from property damage. In-home 
business policies also typically include general 
liability coverage.


*2. TODDLERS: SECURITY THREAT TO YOUR BUSINESS?

Small children are naturally attracted to computers. After all, 
they get to type on the keyboard and see interesting special 
effects, such as the Windows "Blue Screen of Death." But a 
child playing with your computer could accidentally delete an 
important document or damage program files. To protect your 
computer from your kids, password-protect your system. Many 
screen savers, for example, can be set to require a password 
before allowing access to your PC.


*3. BRAINSTORMING BY NUMBERS

Okay, you're sitting at your desk with a blank piece of paper 
trying to come up with, let's suppose, a few killer marketing 
ideas. Five come to you quickly. That was easy! You're 
finished, right? No, it's definitely worth pressing on. The 
first few ideas you get before you "hit the wall" are often 
just minor variations on things you've tried before. If you try 
to extend the brainstorming session after it stops being fun 
and easy, you'll become more desperate--er, creative. Your real 
killer idea might not come to you until number 32.


*4. KEEPING TABS ON YOUR BUSINESS

If you run a home-based business, it's sometimes difficult to 
get a handle on how well you're performing. After all, there's 
no one to review your salary once a year and tell you how 
you're doing. Evaluating your business and your own performance 
is another situation in which you can call upon your business 
plan. Periodically--maybe once a quarter--take a look at the 
plan and see how much you've achieved. If you're on plan or 
ahead of plan, pat yourself on the back. If not, it's time for 
some troubleshooting. Begin by looking at the most basic parts 
of your plan, including the definition of your business and the 
target market for your product or service.


*5. KNOW WHEN TO SHOW 'EM

Your accountant and attorney may ask some pretty nosy questions 
about your business, but it's important for you to fully 
disclose what you know so they can give you appropriate advice. 
But if your banker, suppliers, or creditors ask questions that 
you're uncomfortable answering, don't. First, try negotiating 
down the level of information you can give to satisfy them. In 
some cases, you may simply have to refuse to give out sensitive 
information about your business; in others, you may decide that 
disclosing isn't as risky as losing the business relationship.


*6. GOT YOUR BACKUP TO THE WEB?

Backing up the information on your PC is one of the best 
"insurance" policies your business can have. Yet, it's all too 
easy to put off the task, especially if you don't have enough 
diskettes on hand or a blank zip cartridge. One alternative is 
to back up your files to a central server on the Net. Companies 
that offer the service guarantee privacy and security. One such 
company is @Backup.com, which can automatically back up as much 
as 100MB of data daily. The service costs $99 per year, but the 
company is currently offering a 30-day trial. Or, you can get 
up to 10MB of storage space free by installing @Backup Lite. 
For more information, visit the site at

http://online.backup.com


*7. PROJECT MANAGEMENT SHAREWARE

Minute Man Project Manager is a shareware program that can help 
you track multiple projects and deadlines. The program lets you 
view your projects with several different tools, including 
Gantt and PERT charts. You can download the software through 
FileWorld at

http://www.pcworld.com/fileworld/file_description/
0,1458,3663,00.html

The shareware is $50 if you decide to keep it.


*8. S-CORP OR LLC?

Now that all 50 states have some type of provision for 
establishing limited liability companies (LLCs), many small 
business owners consider using that structure. S-CORPs and LLCs 
are similar in that they both help businesses avoid double 
taxation. However, LLCs allow companies to offer more than one 
class of stock and do not impose limits on the number of 
shareholders, as S-CORPs do.


*9. SAVE MONEY WITH E-MAIL

You're a TipWorld subscriber, so we know you have access to 
e-mail. Now think about how much money e-mail can save your 
business. No paying long-distance charges for voice or fax 
calls. No paying delivery services a premium for overnight or 
next-day service. And e-mail is in many ways more efficient 
than a phone call because the recipient reads the message when 
time allows--no more phone tag! If you're still spending a lot 
of money for long-distance phone calls and delivery services, 
see if you can replace some of those calls and packages with 
practically free, unusually efficient e-mail.


*10. DOING YOUR HOME WORK

Entrepreneur Magazine has posted its database of 400 home-based 
business ideas. If you're interested in moving into a new line 
of work, this site is definitely worth a look. You can cut to 
the chase by entering a keyword in the Search box or browse by 
business category. The listing is heavy with franchise 
opportunities but still useful just for investigating types of 
businesses suitable for the home office. The site also provides 
background information on "business opportunity investment." 
You can check it out at

http://www.entrepreneurmag.com/bizopp500/home400.hts
