Starting your work at home business might be done for the cost of a computer or a big batch of supplies for starting out. But it might also be a major expense that involves loans, grants and the like. No matter what the start-up costs, consider what it will mean if you have a serious problem down the road. What if your computer breaks down? What if your office is broken into by someone who wants that computer for themselves?
Plan for those scenarios by making certain of all the following.
Surge protectors. A power strip and surge protector might seem like a small thing to consider, but if there is ever a lightning strike in your neighborhood, the investment will pay off many times over. Plug all your equipment into a surge protector. Have your computer cleaned by a professional on a regular basis, and don’t overload any circuits. Double check with your electric company or an independent electrician to make certain you aren’t overloading your system.
Security systems. Keeping your property safe from intruders and vandals is a priority. Install motion detection lights, keep fresh batteries in your smoke detectors, and keep a fire extinguisher nearby. Contract with a security firm if you can afford it. Always make sure you have more than one phone line in the event of emergency – having a cell phone and a backup land line is always a good idea. If you have an alarm installed on your house, make it a very loud one – and remind your neighbors of what to do if they hear it go off.
Health insurance. As the owner and operator of your own business, your income can depend directly on your health. A few days in the hospital can wrack up a huge bill, as well as the lost time off work and the income you missed thanks to the absence. For more serious health issues, your business survival could be in jeopardy. That’s why health insurance and supplemental cash insurance (such as Aflac) is so important. Look into ways to get the insurance you need at a price you can afford.
Homeowner’s insurance. If your office is in your home, update your homeowner’s insurance accordingly. If anything happens to your home, your office will be out of commission as well, meaning your income could take a major hit. Plan for that scenario with more than enough homeowner’s insurance to cover any problems that might arise.
Check out your bank. With all the bank failures happening this year, making certain your bank is on the up-and-up is essential. Invest your money in a very safe place, and keep in mind the FDIC insurance – they cover only 100,000 dollars per customer if the bank does fail. For those who have taken out a large loan to start the business, that is something to consider.
You must log in to post a comment.