Small businesses should embrace social networking

My Google Alerts came to me on Wednesday, as always, but something I didn't expect was there...a post by Paula Henry, a local real estate agent in Indianapolis. Paula's blog talked about how valuable and necessary an inventory is. She mentioned that if you do create an inventory, you'll most likely find a lot of items that you forgot you own, some of them possibly 'gadgets' you don't know how to use. She then seamlessly moved the discussion over to a company called Noobie. The remarkable thing about this is that Patrick Welch, President of Noobie, Inc., and Mike & I, owners of Hartman Inventory, are friends, but she has never met either of us! (Do you see an opportunity to co-market here?)

I emailed her and asked how she learned about us, stating the different social networking sites we're on. She replied that she's in all those places as well, but Twitter was the winner this time. Her remarks: I occasionally go looking for people in Indianapolis and found you and your company. When Twitter first started, I was hooked up with all Realtors and people in the real estate industry. Well, that doesn't make much sense, so I started looking at Indiana specific places and ended up at Smaller Indiana and the Twitter group there...... the rest is history. I keep looking for and finding businesses and services which I think are of value to my clients.

For those of you who still question the value of social networking, this is a classic example of why it is worth your time, and how it helps your business. We most likely would have never touched Paula's contacts...but because of Twitter, we have!

Winter weather can cause significant damage

As the first snowstorm of the season hits the Northeast it’s a timely reminder of the significant potential damage that winter weather can cause. Winter storms result in about $1 billion in insured losses annually and are the third largest cause of catastrophe losses, after tropical cyclones and tornadoes. Melting snow can inflict significant damage to property. From 1988 to 2007, winter storms resulted in $24.4 billion in insured losses. As to what to plan for this winter, the Farmers Almanac is forecasting a colder winter than usual. It predicts temperatures will be below average throughout much of the nation. Heavy snowfall is expected from southern New England southwestward into the Ozarks. Brrrr! Check out I.I.I. facts & stats on winter storms.

How much do I insure my contents for?

When we moved, we purchased all new furniture. How does my insurance company decide how much to insure my contents for? How do I know if I have enough coverage?

Steve Shoultz, of Priority Risk Management Inc., provides the short answer: the insurance company sets your contents limit as a percentage of your dwelling limit, typically either 70 or 75%. So, if you insure your home for $200,000, your contents limit will be around $140,000 or $150,000. I believe most people are woefully underinsured and would be unable to replace much of their belongings in the event of a catastrophic loss.

Steve provides a more detailed answer in tomorrow's blog.

Time 'falls behind' this weekend

It's that time of year when we change the time at home and at work on our watches, clocks, microwaves, coffee makers, ovens, VCRs, Televisions, DVD players, radio alarm clocks and many other appliances and electronics. Wow! You probably don't even realize how many you have! Think about how difficult it would be to list all of these items if you had a disaster - could you remember all of them? Could you remember the manufacturer, when you bought them and what you paid for them? Under the stress of dealing with the loss from a tornado, fire, flood, theft, etc? Having an inventory of your belongings will reduce the emotional turmoil and help you maximize your insurance claim.

And, while you're turning the clocks back, this is the perfect time to remember to replace the batteries in your carbon monoxide and smoke detectors.

Pictures of a cluttered closet? Oh no!

I received a couple phone calls after my last post about preparing for a home inventory. "Is it really true about the cluttered closets?" Of course, it is! These aren't pictures that will be placed in a photo album and shared like you would photos of a new grandchild. Nor will they be matted, framed and hung above the fireplace!

These photographs of an inventory portfolio will most likely be viewed when you first receive your report, then never looked at again - until you need them to prove ownership when filing an insurance claim. And at that point, you won't care at all that there was an unmade bed or a cluttered closet!

What do I need to do to prepare for my inventory?

This is a question quite a few people ask. Our answer? Absolutely nothing!

There is nothing you need to do to prepare for your inventory service. (If you want an electronic file of your appraisal forms and certificates of authenticity, you will want to have them available.)

Our focus is to document the contents of a home or business; we don't pay attention to clutter, dust or an unmade bed. And trust me, you'd rather have pictures of a cluttered closet than have a disaster and have no pictures at all!

Disaster Preparedness Tip #10 of 10

From the National Association of Insurance Commissioners - Appraise your home periodically to make sure your insurance policy reflects home improvements or renovations. Contact your insurance provider to update your policy accordingly.

Disaster Preparedness Tip #9 of 10

From the National Association of Insurance Commissioners - Speak with your insurance provider to find out if your policy covers additional living expenses for a temporary residence if you are unable to live in your home due to damage from a disaster.

Disaster Preparedness Tip #8 of 10

From the National Association of Insurance Commissioners - Find out if your possessions are insured for the actual cash value or the replacement cost. Actual cash value is the amount it would take to repair or replace damage to your home or possessions after depreciation while replacement cost is the amount it would take to repair or replace your home or possessions without deducting for depreciation. Speak with your insurance provider to determine whether purchasing replacement coverage is worth the cost.

Disaster Preparedness Tip #7 of 10

From the National Association of Insurance Commissioners - Keep a readily available list of 24-hour contact information for each of your insurance providers.

Don't end up saying "I wish I had..."

Can you remember what you own? Following is a story relayed by a friend of mine; a testimonial why you need to have a home inventory (and business as well)...

My husband and I "hid" my purse under the seat of our van and headed out for a walk. When we returned about 35 minutes later, my new, small purse had been stolen from within the van - along with all of the contents. When the police came to the scene of the crime, I tried to remember what I had in my wallet and which other items were in the purse so I could have them included on the theft report.

Frankly, I couldn't remember all of the credit cards or other items at the time. For example, I temporarily forgot that I had my pocket pc in the purse. How much cash did I have?

There are steps I have learned to take since then to keep track of such items, but consider this: if I couldn't remember all of the comparatively small number of items in my small purse, how well would I remember all of the contents of one small room of my house? Or how well would I remember the contents of my garage or basement? How well would I remember under the stress of the loss?

That's where the Hartman inventory service can help. Gosh, some days, I can't even remember my friends' phone numbers. Could you use help remembering if you experienced a loss?

There are professional services available for those who don't want to document their own personal property. Don't wait until you have to say, "I wish I had...".

Disaster Preparedness Tip #6 of 10

From the National Association of Insurance Commissioners - Know what is and is not covered by your insurance policy. You might need additional protection depending on where you live. Make sure your policies are up to date. Contact your insurance provider annually to review and update your insurance policy.

Choosing Disaster Insurance: Named Perils Policy vs. All-Risk Policy

The New York Times article posted today discusses the decision small business owners face when choosing the type of insurance they should carry. Discuss this with your agent to make sure you are properly covered. Waiting until a disaster hits is not the time to find out! And don't forget to cover the contents!

Fire affects a total of 4 houses

There was an article in the Indianapolis Star today about a house in Noblesville that was totally destroyed by fire. Many people think "it won't happen to me," but here is a situation that it happened to someone else, so to speak, but other's homes were damaged also. Remember that no matter how careful you are, others around you might bring a catastrophe your way. Another reason to have a home inventory (or business inventory). Be prepared!

Disaster Preparedness Tip #5 of 10

From the National Association of Insurance Commissioners - Store copies of all your insurance policies in a safe location away from your home that is easily accessible in case of disaster. You may want to store your policies and inventory in a waterproof, fireproof box or in a safe, remote location such as a bank safe deposit box. Consider leaving a copy of your inventory with relatives, friends or your insurance provider and store digital pictures in your e-mail or on a Web site for easy retrieval.

Victims of a property crime feel anger and outrage

Property crimes make up an overwhelming majority of all crimes. Homes and businesses are equally susceptible to the attention of thieves. And mostly these crimes happen when you aren't there. An overwhelming number of residential burglaries happen during the day when you are at work. And, of course, businesses are most often burglarized after normal business hours.

There are few things more violating than coming home or arriving at your business and discovering your door has been kicked in or a window smashed. You feel incredible anger and outrage when you find you have been the victim of a property crime. And when filing the insurance claim, victims often discover they can't remember everything that is missing.

Advantages of having an inventory:

1. You'll remember. We're constantly told people don't recover thousands of dollars from their insurance company because they forgot numerous items. Many just give up after months of thinking because of the daunting task of trying to pull all that information together.
2. Proof of ownership. A thorough inventory will provide the information needed - photos plus serial and model numbers - often required before a claim will be settled.
3. Reduced stress. Having all the information in an inventory document will help alleviate the stress and other emotions associated with your burglary. You won't be thinking over and over, reliving the experience, while you try to remember what was in that corner or what was the brand name of our TV.
4. The time factor. Adjusters tell us that those with an inventory often file their initial claim within 48 hours. Without an inventory, they state it usually takes the full 12 months they have allotted to file - mainly because they know they aren't remembering everything!

Would you want to spend the time, energy and emotions that occur from not having an inventory? Have you created your home inventory and/or one for your business? If not, consider hiring a local inventory service provider. It'll be done quickly, professionally, and many will update it for you on an annual basis.

Disaster Preparedness Tip #4 of 10

From the National Association of Insurance Commissioners (NAIC) - Remember to include in your home inventory those items you rarely use (e.g., holiday decorations, sports equipment, tools, etc.).

Disaster Preparedness Tip #3 of 10

From the National Association of Insurance Commissioners (NAIC) - As you acquire more valuables — jewelry, family heirlooms, antiques, art —consider purchasing an additional “floater” or “rider” to your policy to cover these special items. These types of items typically are not covered by a basic homeowners or renter’s insurance policy.

Stock losses, hurricane claims will drive up premiums

Due mainly to the frequent disasters and the recent economic issues, discussion is happening regarding higher insurance rates and tighter controls for proof of ownership when one files an insurance claim. Read this article from the Kansas City Star. Then call a local personal property inventory service provider to schedule your inventory if you don't want to do it yourself. It's well worth the investment...just ask anyone who has endured a disaster and the painstaking process of collecting the information required by the insurance company.

Disaster Preparedness Tip #2 of 10

From the National Association of Insurance Commissioners (NAIC) -
To enable filing claims more quickly, keep sales receipts and/or canceled checks. Also note the model and serial numbers of the items in your home inventory.

Disaster Preparedness Tip #1 of 10

From the National Association of Insurance Commissioners (NAIC) - Take an inventory of your valuables and belongings. This should include taking photographs or a video of each room. This documentation will provide your insurance company with proof of your belongings and help to process claims more quickly in the event of disaster.

There are people who want to steal from you

My neighbor has been in law enforcement for 12 years, and provided this insight from his daily experiences. Theft is up. It doesn't matter if you have a 10,000 square foot house with $1,000,000 in contents or a 2,000 square foot house with only $10,000 worth of items - there are people who want to steal from you!

He sees burglary victims every day who have had their lives changed forever. The sad truth is that 99% of them cannot provide an all-inclusive list of their stolen property, let alone the model and serial numbers (required to prove that the items belong to them).

Creating an inventory now can save you thousands of dollars in the future - and eliminate a great deal of stress. It can also give you peace of mind, knowing that you are financially protected. Plus, having this information will make the insurance claim process run much more smoothly.

We all think it will never happen to us. But, what if it does? Will you be ready?

Cash Value vs Replacement Cost

We have experienced a few years of 'extreme' disasters, with numerous hurricanes, frequent tornadoes and an unusually high number of house fires. And even with these occurring, nearly half of U.S. consumers are insufficiently prepared — in terms of their insurance coverage — to deal with potential losses, according to new research by the National Association of Insurance Commissioners (NAIC).

“Many consumers are not able to recover after a disaster because they don’t realize how depreciation can impact their assets,” NAIC President Sandy Praeger said. “It is important that consumers understand the implications of purchasing an actual cash value policy vs. replacement cost insurance. In the event of a disaster, the difference could mean thousands of dollars in payout.”

Actual cash value is the amount it would take to replace the contents of your home or business, after depreciation. For example, a sofa has a 10-year life. If it is 5 years old when you experienced your loss, you'll receive approximately 50% of it's value. Replacement cost is the amount it would take to replace your belongings with items of similar quality, without deducting for depreciation. However, this is usually paid out in a 2-step process. You'll first receive the cash value (in this example, 50%), then after purchasing a new sofa, and submitting the receipt, you'll receive the balance.

Check your policy, and discuss your coverage with your insurance agent. Make sure you have the type of coverage you need.

4th year marked by introducing new web site

Hartman Inventory, LLC reaches its 4th year milestone and launches a new business by introducing its new web site. This culminates a 9-month project creating an inventory turnkey business package, Hartman Inventory Systems.

Known for creativity in design and technology, Zent Consulting was chosen to develop this all-inclusive marketing package. In addition to the website, Zent also created the e-newsletter template and blog page header, plus print brochures and business card designs. This ensures that the business image remains consistent, while providing personalization for each purchaser, or Member, of the Inventory Systems.

The project uses variable print technology and a dynamic content database program that will allow the Hartman Inventory Group Members to achieve a professional presence electronically and in print within days of purchase of the Hartman Inventory Systems. “Instead of taking months to have a website developed, print materials produced and an e-newsletter created, our Members can begin promoting their business quickly, rather than spending that valuable time working on their marketing materials,” stated Mike Hartman, President and Founder of Hartman Inventory Systems, LLC.

Details of the new turnkey package will be announced soon.

About Zent Consulting: Known for sophisticated web design and personalized client relationships, Zent Consulting is a full-service agency providing web mediated solutions. From website and print material development to strategic marketing and branding implementation, Zent creates integrated messages that produce targeted results.

About Hartman Inventory, LLC: Founded in 2004, Hartman Inventory is a woman-owned business, known to be “the professionals in business and home inventory services”. Their service provides thorough documentation for disaster preparedness and recovery, estate and financial planning, divorce and prenuptial agreements, moving and storage, proof of uninsured losses and purchase, sale or dissolution of a business or partnership.

The best use of your time

Many small companies begin as a sole proprietorship or two-person operation (fondly called mom-and-pops). As the company grows, a need for additional help is realized. This business owner who used to wear the operations, bookkeeping, marketing and sales hats now must decide who will help with these tasks. A choice whether to become an employer or to hire companies that provide some of these services looms overhead.

An option often considered is hiring third-party service providers because 1) they don’t call in sick or go on vacation, 2) they can be used on an as-needed or contracted basis, 3) they have the expertise and knowledge of their industry, and 4) they are the professionals in their field. Often times business owners have a variety of skills, but common sense must be used when making the decision of whether to do it yourself or hire someone else (employee or sub-contractor).

Well-known purchased services are cleaning, admin, human resources, marketing, payroll and accounting. Are your bills and invoices processed in a timely manner? If not, then a bookkeeping or accounting service would be a good opportunity for you to eliminate interest and bank service charges and also get faster payment on your receivables. Are you the only person who doesn’t look forward to payday? Possibly it’s time to contract with a payroll service so you aren’t facing the heartburn and anxiety from wondering if everything is being done properly. Are you still maintaining your own website and trying to write a newsletter, but finding both are suffering from lack of attention? A marketing or web design firm could be the answer. And consider the laws today regarding hiring practices. An HR consulting firm is a must if you don’t have a human resources professional on staff.

Other services that are becoming more common are concierge services, professional organizers and inventory services. Do you spend way too much time trying to remember where you put things? Then maybe it’s time to hire someone to bring functionality into your office. Do you do monthly or annual inventories and find you’d rather be out selling instead of counting? An asset inventory company could most likely do it faster and provide the updates in a more timely manner.

Often the answer is hiring the third party service provider who can get the job done more professionally, in less time, and you’ll have benefited financially by making that choice. The next time you have this type of decision to make, ask yourself: Is this a wise use of my time?

Starting your business - Criteria #3 - Skills/Abilities

My last two posts about starting your business covered what I feel are 2 of the 3 main criteria when deciding what type of product or service to build your business around. They are passion and money. The third, Skills/Abilities, help you realistically determine what you can do or are able to do. When we started our business, we were in our mid-50s. We knew we didn’t have the strength, stamina or physical fitness we had when younger, so assessing our abilities helped us focus on a business that would not demand a high amount of physical activity. Landscaping and cement work, for example, were out of the picture! Other skills/abilities besides physical should also be considered. Do you have computer skills -- or a desire to learn? If not, you probably won’t want to start a company that requires a great deal of time creating spreadsheets and correspondence. Thinking of starting a bookkeeping service? Obviously, experience and knowledge in accounting will be required.

There are other criteria you might want to add to this list, but these three will get you going in the right direction. Once these decisions are made, you have a good outline of what type of businesses to investigate. You will have eliminated some and discovered others you wouldn’t have initially considered.

There are many ways to find this information. Consult a business broker. Many represent franchises only, but others also work with those who offer business opportunities and business owners wanting to sell an existing business. These professionals will even help you decide what would be a good fit. Are you a customer of a franchise business? Ask the owner for some information. Visit a networking event with the intent to question the entrepreneurs about what they do. Search the internet; it is a great resource to find exactly what you’re looking for.

Narrow down all of your options, first by making sure they align with your three criteria. Then ask a simple question: Do I want to do this? The question may seem to be almost ridiculous, but if you focus only on the criteria, this seemingly obvious question might be left unanswered!

Be honest with yourself, and no matter how inviting something is, if it doesn’t meet your passion, financial position and abilities, plus you honestly cannot see yourself doing this day after day, don’t even consider it!

Making this decision is a life-changing event. Make sure you fill the passion so you can enjoy your next career!

Starting your business - Criteria #2 - Money

I believe there are 3 main criteria that are essential when pursuing the desire to be an entrepreneur or business owner - Passion, Financials and Skills/Abilities. Passion for the product or service feeds your values is number 1. The passion for what you do allows you to enjoy beginning each day, gives you a purpose to push forward when things are tough, and encourages you to beat all the odds.

The second, Financials, is very important. Do you have a large amount of money that will enable you to purchase a high-level franchise, an existing business that is extremely successful or a high-tech company that owns a large amount of expensive equipment? Or are your funds limited to the point you must focus on low-cost entry to market? On the other hand, you might have some money available, but also other resources that allow you to consider something in the middle. Knowing what funds you’ll have available will help pare down your list. Being realistic is difficult, but there are a plethora of opportunities no matter what your financial situation. Ask others, do some research, and be creative!

The 3rd criteria? Check back tomorrow.

Starting your business - Criteria #1 - Passion

Recently down-sized, company closing, early retirement offer, tired of making other people rich. Whatever the scenario, those with an entrepreneur mind-set eventually make the decision to own or start their own business. Some people are young, while others don’t make the transition until their late 50s or early 60s.

Once the decision is made to become a business owner, entrepreneur or self-employed, how do you decide what to do? Sometimes it’s an easy process. Let’s say you’re in your mid-20s, creating great web pages for an employer and love what you do. The only thing is, you realize you’d rather own your own company. It makes sense to continue in that field, and possibly extending your reach to other marketing areas as well. But what if you work in an auto factory that just closed? I doubt you’d find it a good choice to start your own automobile company. Or how about a retired teacher wanting to start a second career? With all the opportunities waiting, how do you choose?

Passion! Money! Ability! These three words shout the three key criteria that this new adventure must meet. There are others, but these three are essential. Knowing ahead of time what best fits you, you’ll be more focused as you investigate. Consider franchises, business opportunities, licenses, independent businesses, home-based businesses or any other form of entrepreneurship.

The first, passion, will steer you toward doing something that feeds your values, allows you to serve a purpose and give you something more than money to drive you to succeed. When your daily efforts feed a passion, you will enjoy each day and it will not feel like work. For example, when my husband and I worked through this process, we wanted to create a company that, at the end of the day, we could feel good knowing that we provided a service that helps people. Keeping that in mind eliminated some options that we might have otherwise considered.

She wished she had a home inventory

A fire victim relayed this story to me, stating how she wished she had a home inventory. She was stressed for months because she was working with the adjustor instead of spending time with her daughter. When their house was on fire, they jumped from 2nd story windows. Her daughter broke her back, was hospitalized and in a great deal of pain. They had family heirlooms and it was extremely difficult to prove these fire-damaged furnishings were antiques. The time she devoted trying to prove the value of the items and receive an acceptable settlement was enormous. All the while, she was torn between needing to settle the financial issues and desperately wanting to be with her daughter! Imagine how different those months would have been if she had a list of her belongings along with photos and appraisals of these items.

So distraught he couldn't deal with it

A theft investigator relayed the story of a man who was burglarized. He was so distraught at the thought of being victimized that he couldn’t even remember the brand of his TVs. A month later, he still had not filled out his police report or insurance claim. He stated that became so overwhelmed with negative emotions when he thought about the burglary that he just couldn’t force himself to fill out the paperwork! Therefore, the police had no information to try to recover his stolen items, and his financial recovery was being delayed. Imagine how much easier this man’s experience would have been if he had an inventory of his belongings.

An inventory equals less stress

Experiencing a disaster is horrible enough! Now, think of the aftermath when you’ll be asked to list everything, room by room, that was damaged or destroyed. Consider if you’ll be able to work through the stress and negative emotions to do that. Most people realize that they face the possibility of a fire, tornado, theft or other disaster. Unfortunately few have a thorough inventory of their belongings which results in a lower settlement than they expected.

Financials aside, the emotional stress you would experience is something few people think about until it’s too late. Without looking around, take a moment to list everything in the room. Now try to do that for all of your home’s contents. Impossible! Now think of how difficult it would be if you were not in familiar surroundings and under the stress of just experiencing a disaster. It can take months to list everything you own(ed), and you are in limbo while compiling this information.

Once funds are received, will your claim be sufficient enough to fully recover? Many disaster victims state that they forgot thousands of dollars worth of items. According to the National Insurance Industry, policy holders who have a thorough inventory not only receive faster results when filing a claim, they also receive greater settlements. If you don’t remember what you own, you won’t request replacement; thus, you won’t fully recover. And for high-dollar items, you will most likely be required to show proof of ownership (i.e., big screen TV).

Most people agree it is important, but few have this documentation. Reasons cited for not maintaining a personal property inventory are that are people are too busy, it takes too long, they don’t know how, or realize they will not keep it up to date if they do create one.

If you are in one of these categories, seek the assistance of a professional to provide the service for you. Verify they are bonded and insured. In addition to the inventory service, the provider should also include secure backup of your records and a process in place to update your records annually. Without the updates, the report will be outdated very quickly. The cost of a professionally documented inventory is minor compared to the loss you could encounter!

Positive or negative? Depends on how you look at it

Whatever it takes, you must have a positive attitude. And that makes the top 5 reasons to avoid self-employment mentioned in the previous post possibly also be the top 5 reasons to seek self-employment.

A startup doesn’t usually turn a profit for a long time. So? Be prepared for that. It isn’t always a startup; that’s why they are called ‘startups’. Eventually the red numbers turn black.

You work extremely long hours. Most people work long hours when employed by others, too. And when you’re self-employed, you have control of when. You can work any 23 hours a day you CHOOSE to work!

You wear multiple hats at all times. So? Hats are cool!

A book can’t be a business coach. Agreed. If you need a business coach (everyone does), hire one. He/she will help you work ON your business while you work IN your business. You’ll have someone to hold you accountable. But read, too. Books can give you marketing advice, sales techniques, motivation, information and inspiration. Read!

You need the “big guy’s” opinion, then realize you ARE the “big guy”. That’s the toughest of all because the first time this happens, it scares the heck out of you! (Another reason to have a business coach.) Eventually, you’ll be making decisions, the right decisions, because you have learned your business. And you’re happy you made the choice of self-employment because you LIKE being the “big guy”.

Being self-employed is a roller coaster ride, to say the least. As you grow, you’ll know where you want to be and how you’ll get there. Most importantly, you will believe in yourself. The top five reasons to avoid self-employment will go away, or at least become manageable. And even with the ups and downs, the independence and pride of ‘self’ far outweigh the alternative.

Top 5 reasons not to own your own business

Four and a half years ago I was an employee. Then I was not. A few months later, employed once again. This time, I was employed by ‘self’.

I had always wanted to do my own thing, be my own boss, not have to answer to ‘the man’. Though it was a dream, it was never a goal I set out to achieve. Most likely because I really didn’t believe it could ever happen.

So actually being self-employed was a ‘happening’, not a plan. When Mike and I started the business, I was aware that it would be an entirely different way of life. After all, I read books. I have an MBA. I did my homework. I studied. I even got A’s! But knowing something and doing something are totally different.

There is nothing (other than experience) that can truly prepare you for the reality of being self-employed. You can read about it, hear others talk about it, and know people who do it, but until you live it, you don’t really know it.

I asked a lot of entrepreneurs about self-employment when I was deliberating. The top five reasons people gave me to reconsider my decision to become self-employed are:

• a startup doesn’t usually turn a profit for a long time
• you work extremely long hours
• you wear multiple hats at all times
• a book can’t be a business coach
• you need the “big guy’s” opinion, then realize YOU are the “big guy”.

I have experienced each one of these issues, and with them came self-doubt. But once you get past the shock of realizing that everything people warned you about is true, you revisit your vision and goals, then get down to business. You can even start to view these negatives as positives. OK, reality check - maybe they aren't positives, but thinking this way gives you a self-survival technique.

Statewide fire drill Oct 9

Sound the alarm! The National Fire Protection Association (NFPA) is asking kids and families all across North America to practice their home fire escape plans. Their website states, "With your help, we hope to have the world's biggest fire drill. Let’s get started!"

Indiana's state-wide fire drill will be held on October 9, from 7:00-7:30. According to the Indiana Fire Chief's Association's website, The Indiana Department of Homeland Security and the Indiana State Fire Marshal are teaming up with the National Fire Protection Association to urge Hoosiers to “Prevent Home Fires.”

The Home Safety Council provides tips for your family's home fire drill:

• Draw your escape plan; know where to meet
• Go over your plan together
• Keep the way out clear
• Put the plan where everyone can see it
• Push the smoke alarm button to start the fire drill
• Get out fast
• Practice getting out when people are asleep, too
• Go to your meeting place
• (In the case of a real fire, call 911 from outside)

Business opportunity - advantages of purchasing a turnkey package, Part 3

Marketing can become a full-time job in itself, especially when starting a new business. Just creating a logo and business image can be time consuming, whether you attempt this yourself or hire a professional. Then there is the task of getting business cards designed and printed. As we all know, that is just the beginning. What about flyers, sell sheets, product lists, price lists and brochures? Each will need to be created, designed and printed. And where do you begin when choosing a website? Do you want to use templates or will you need a complex site? Who should you use? Referrals are the best way to make this decision; interviewing the designers also takes time. Writing the content, or hiring someone to do so is another task that must be addressed. Are you going to have a newsletter? If so, will you write it yourself or hire someone to write it for you? All of these marketing issues must be addressed, and completed, prior to opening your business. Having a marketing package provided will take a lot of burden off your shoulders, and bring your business a professional, tried-and-true business image that allows you to concentrate on building your business rather than your website!

No business startup is complete without support. It is probably the most important and valuable part of the entire package. When looking for a turnkey business to purchase, make sure you have a sufficient amount of support and guidance to be successful. Without assistance from a mentor or consultant, startups normally take longer ramping up. This translates into making costly errors and a great deal of lost revenues. The support offered from a turnkey package should be consistent, personal (not canned training you might not need) and extend well past one year.

A good, high value turnkey business will allow the new entrepreneur to begin immediately. The complete package should provide everything necessary so they can, from day one, focus primarily on making connections to create their own successful businesses.

Business opportunity - advantages of purchasing a turnkey package, Part 2

As stated in the previous post, just knowing how to do a business isn’t enough. There is a difference between knowing how and actually being able to complete the process. A good turnkey package will include a supply of templates. It takes hours and hours to create letters, worksheets, marketing pieces, etc., so these documents should be available to download and edit. Imagine popping a CD into your computer, adding your logo and contact information, and then addressing your first marketing letter within hours of receiving your turnkey package. It can happen!

Hands-on training is essential. Even what seems to be the easiest process can be overwhelming when trying to learn everything at once. Actually doing the task is the best way to learn, with a detailed manual and in-person or telephone consultation to support and reinforce the hands-on training.

The manual is the map or guided tour that will be consulted constantly during the startup phase. Thorough manuals should include background information, marketing tips, resources and any processes the new business owner will need to know. For example, our manual includes step-by-step instructions for processing photographs. It is so detailed that it starts with putting the camera card into the computer and ends with pressing ‘print’ on the photo software. The same is true for each office procedure, marketing initiative and customer follow-up, to name a few.

And then there's marketing...

October 5 - 11 is National Fire Prevention Week

This week is designated by the National Fire Prevention Association (NFPA) as National Fire Prevention Week. The NFPA's 2008 campaign is, "It's Fire Prevention Week: Prevent Home Fires!" Do you regularly check for home fire hazards? If not, there is the potential for danger. This statement is supported by the fact that fire departments responded to nearly 400,000 home fires in 2006.

From October 5-11, 2008, fire safety advocates will spread the word to their communities that, with a little extra caution, preventing the leading causes of home fires – cooking, heating, electrical and smoking-materials – is within their power.

We recommend 2 items for your to-do list: 1) check for possible fire hazards and 2) inventory the contents of your home (and business).

Business opportunity - advantages of purchasing a turnkey package

Most entrepreneurs purchase a turnkey package to start their business because of the ease of start-up. The learning curve is extremely long and difficult when starting a business from the ground up, and can be lessened a great deal with this type of assistance. Mistakes that are made and the time used learning the business can be considered “lost business” because you can’t serve your customers until you know how to. A turnkey business provides the education and knowledge without requiring you to go to the school of hard knocks to learn it first hand.

The cost of a franchise or other turnkey package can often be recovered faster than starting a business on your own. The reason for this is the new business owner will have access to the creator’s experience and knowledge, each of which has a price tag attached to it. A turnkey operation is, according to InvestorWords.com, a business “which can be implemented or utilized with no additional work required by the buyer.” Just by 'turning the key', you are basically open for business. A good package is complete enough to start your business immediately.

There are two categories, intangibles and tangibles, to consider when comparing turnkey business opportunities. The intangibles are shared experiences, knowledge of the business, processes and procedures, consulting and mentoring, training, etc., all being extremely beneficial for a quick startup. Equipment, marketing materials and, of course, a detailed manual, are the tangibles that should be reviewed.

But just knowing HOW to do the business isn't enough...

Settlement wasn't near the amount needed

Kevin Hill, of Brown and Brown Insurance, answers a common question:

"I recently suffered a loss of personal property in my home. The settlement I received from my insurance company wasn’t near the full amount to replace the items. Why was that?"

The first reason could be the valuation method used for insuring the contents of your home. Many home owners’ policies cover the home on a replacement cost basis, but the contents on an “actual cash value” basis. That means that depreciation is taken into account when claim settlement is made.

If that isn’t the case, and replacement cost is being used, let’s look at a common assumption many insurance purchasers make. The home owners’ policy reflects coverage for personal property at a limit equal to 75% of the home’s insured value. The incorrect assumption is that the check will be cut for that amount. That is incorrect.

The insurance company will only pay for actual loss, the limit is just used as a rating cap during premium calculation. In order to determine what you will receive as payment, let’s look at the duties after a loss. The one most specifically relating to your question is:

“Prepare an inventory of damaged personal property showing the quantity, description, actual cash value, and amount of loss. Attach all bills, receipts and related documents that justify the figures in the inventory.”

Failure to provide this inventory can result in absolving the company of paying any of the loss. It is highly encouraged that this inventory be completed PRIOR to the loss, and stored with any documentation in a fire proof safe, or away from your home or business.

If you have provided an inventory and the payment is less than the amount you turned in, documentation may be the key. Again, preparation in advance of the event would help in this situation.

"I kept putting it off"

Comments from customer Kelly Thrasher, More Clients Now.

My husband, Chris, and I were amazed about how efficient and thorough Cindy and Mike were when doing our inventory! What I find funny is that they found items we had forgotten we even had, which is a great reason for having this done!

I feel at ease now. About 5 years ago, we had a break-in. There wasn’t a whole lot taken, mainly electronics and the kids’ game systems and games. The worst thing was, we later remembered other items; unfortunately, we had already settled our claim.

The other difficult part was we were asked to provide proof of purchase. I don’t know too many people that keep receipts on items purchased years ago, let alone try to find the receipt if they did keep it. The time and money saved by having an inventory would have been priceless! We would have been able to recover everything easily in a fraction of the time it took trying to remember (and still forgetting things). I’m certain that we lost more than $1000.00, just from not being able to remember and provide proof. This cost us a lot more than having the Hartmans doing a complete inventory for us!

I kept putting it off because I thought it was too expensive. I was blown away when I learned how reasonable it is. What would you do without an inventory? You’d be like I was 5 years ago, trying to remember. I urge everyone to have this done!

More than 900 defendants charged with disaster-related fraud

The Hurricane Katrina Fraud Task Force has brought federal charges against 907 individuals in 43 federal judicial districts across the country since Katrina made landfall in August 2005. The Task Force is charged with deterring, detecting, and prosecuting individuals who try to take advantage of the disasters related to Hurricanes Katrina, Rita, Wilma, Gustav, and Ike, as well as other natural disasters.

When people file fraudulant claims, who do you think ends up paying for it in the long run? You bet! Check out this October 1 press release from the Federal Bureau of Investigation.

Duties after a loss

I was the speaker for Castleton Sertoma today (great group of people!), discussing the need for a business and home inventory. Bruce Klineman, Business Development Manager for Neace Lukens Insurance, provided everyone with a copy of the 'norm' of what insurance companies require from the insured after a loss.

It starts, "In case of a loss to covered property, we have no duty to provide coverage under this policy if the failure to comply with the following duties is prejudicial to us. These duties must be performed either by you, an 'insured' seeking coverage, or a representative of either". Then, point #6 lists what is required on the report,"Prepare an inventory of damaged personal property showing the quantity, description, actual cash value and amount of loss. Attach all bills, receipts and related documents that justify the figures in the inventory."

This shows why it's so important to have your personal property documented for your home and business prior to a disaster. Can you imagine trying to do that without a previously prepared inventory - especially when feeling overwhelmed due to the stress you'd be experiencing? Thanks to Bruce for the information, and a big thank you to the group for making me feel so welcome. Great conversation!

Starting a business - 4th of 4 options

A startup, a startup kit or a turnkey package - 3 of the 4 options when starting a business. If none of these options are for you, consider investing in a franchise. They provide continual support through a contractual relationship. The franchisor’s guidance is commonly provided in exchange for a fee, known as a royalty. The majority of franchises offer all-inclusive assistance, from marketing to office procedures to location of your store to how you conduct your daily business. If you know that you’ll need continued assistance, this is probably the best choice. Most, if not all, require a background check and financial qualifications.

No matter how you choose to start your business, you usually get what you pay for. Compare before buying! Whether it's a startup kit, turnkey package or a franchise, remember that the success of your business is up to you. It rests entirely on your shoulders, and your determination, hard work and perseverance create your outcome.

Starting a business - 3rd of 4 options

My previous posts discussed the startup options for people who are wanting to start a business, but concerned about the unknown. Starting from scratch or buying a startup kit seems a little too 'alone' for some. Are you wanting help but not to the extent of a franchise? Then a turnkey business, or turnkey package, is most likely for you. The name comes from the opportunity to get started just by 'turning the key'. You’ll find turnkey packages that are barely more than a startup kit, while others can be favorably compared to a franchise. The higher-end turnkey businesses include websites, newsletters, marketing materials, equipment, hands-on training and continued mentoring and support. Pricing can range from hundreds to tens of thousands of dollars. They are less expensive than the majority of franchises, have fewer restrictions, and the business is still your own. Though very similar to a franchise, one major difference is the purchasers of a turnkey is not required to pay royalty payments.