Do you run a small business or A.K.A One Man Business and you are tired of going broke or Out Of Cash almost all the time, do this Small Business Insurance Practise I would tell you in this article and thank me later when we see in 2022.
This is not your regular Business Insurance Policy you know in the US or any country you are reading this from.
Infact, this is not a Business Insurance Classs or Method you were taught in Business School.
This is common man sense, I was able to draft this out from my own personal business experience and it has worked for me in 2021.
I hope this still work for you in 2022.
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It all dpends on your commitment and seriousness.
If you are looking for Online Business Ideas in 2022, check out the post in the text link.
Let us see how to esape going Broke in 2022 as Self Employed.
My Experience, I’m not an insurance Expert.
Simple Small Business Insurance In 2022 That Works
- Create A Savings Plan.
- Be Consistent.
- Invest In Assets.
- Monitor Expenditure and Cost.
- Save More.
- Build Multiple Income Stream.
- Buy Original.
- Increase Production.
- Outsource From Expert.
- Set Realistic Goals & Target.
Want To Learn How Bulk SMS can Help Your Business Grow?
See: Our Bulk SMS Tutorial
Back to Small Business Insurance Masterclass, 🙂 .
Let me give you my personal experiene on 1,2,3 and others.
General saying that most Startup do not have enough capital or even personal money to afford what they want.
I would say that was me, I’d not have any money I got from anywhere while starting my first business which made me call it small business.
I have to offer services to people that pay me and I use the money to grow my business and support myself.
With that I had no Business Savings or extra money left in my business because I re-invest the money I made and the business generate.
This went on for 5 years and when people ask me to show what my business has done for me financially, like my invest on Landed properties or car or others.
I have nothing to show for it.
I was just like a rat in a closed bottle that is moving around without progress or new height.
I learnt number the hard way, it was a painful experience.
Insurance for a business will save the business from going bankrupt.
The major reason you keep going bankrupt in your business and accoummulating debt is because you have little or NO savings plan ahead.
1.Create A Savings Plan
Savings can be helpful if you know how to do it but if you save and use, that is not a Business approach.
That is why you need a Savings Plan for your Business.
Plan to save for a long term without tempering with the saved money until it is due and for what you created it for specifically.
No matter the problem you would encounter in your business.
You can save 40% of every of your business income for 5 years or start with a short term like 1 year or two years.
In the next section, I would tell you what to use it for.
Which Every Term you choose, long or short term. ensure that you stick to it and be consistent.
Consistency brings result not just by making plans or getting motivated.
3. Invest In Assets
What is Asset?
According to online dictionary, which defines it as items of ownership convertible into cash; total resources of a person or business, as cash, notes and accounts receivable, securities, inventories, goodwill, fixtures, machinery, or real estate.
from the examples mentioned, you would known the type of Assets to buy, if I may explain to you in my own defination.
To me; Assets are things you can acquire that generate recurring revenue (income) for you.
Depend on how much you save, you would know what assets you should acquire.
A New Skill can be an ASSET, Your New Working Machine in your Business can be an Assest.
A landed Property can be an Asset.
Choose your Assets Wisely.
Cryptocurrency is not an ASSET.
Blog is an Asset. (go and argue with your villiage people).
If you have a blog and you think it I’m wrong, See the Mistakes You Are Doing In Blogging.
Now, See How To Make Money Blogging.
If you are Business Person, Blogging is suppose to be a marketing channel for your business and a way to introduce a new business model/ product.
Kindly watch this Blogging For Business Course Here.
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Published on November 8, 2021 @ 11:02 am