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Separating Your Personal Life From Business Life

This post is intended for people that are self-employed. Most of us would like to be self-employed because we don’t want to put up with the tiresome and tedious conditions of a real job. But being self-employed, being an entrepreneur, and having your own small business isn’t just a walk in the park. In this type of work, it can take more self-discipline than a real job since there is no one over your shoulders telling you what to do.

Another factor is that many beginners think that self-employment is a dream job so they can just slack off during their business hours, and that’s where they get the wrong picture when the results they want don’t start showing up. One of the worst things a self-employed person can do is not knowing the difference between a personal life and a business life. If you cannot separate though two, you’ll in for a very unproductive ride.

The reason for this is if you don’t, you’ll be wasting time doing other tasks that unimportant to what really matters and that’s your business. Here are some random things that I think normal people would do that if done in business mode, can suck out precious minutes of productively.

-Watching TV
-Going on forums
-Checking e-mail
-Going on Facebook
-Looking at the latest news
-Turning Skype on while you’re working
-Playing with Kids
-Chatting with a friend
-Going out with friends
-Going out with girlfriend or boyfriend
-Doing the laundry
-Going out to get food

When you work, whether it is for 10 hours or 4 hours, those hours are for your business. It’s important that you focus on your work and nothing else. It may be tempting to hang out with family or friends. It may also be hard to turn them down. But that is what will define how much you value your business ethics, even if they can’t take the job seriously. You’re the only one that matters when it comes to take your taking your job seriously.

You may probably hear people who do make money on autopilot, but don’t be too easily fooled by their words. They just want to tell you that because that want to make work “sound easy” when in fact, to get to that point, they have worked really hard, probably a lot harder than most people expect. You can surprise yourself as well as surprise others to how hard you work as well.

Some things that might help separate a business life and a personal life is work on schedule every single day. Even if you’re self-employed, does your business work around your personal life? Or does your personal life work around your business? If you’re serious about getting stuff down, it should be the latter. Some people work the best a couple hours in the morning, some people work the best late into the night.

For example, I find the best hours for me to sit in front of the computer and write is from the hours between 10PM and 2AM. I can get most done during these times because distractions are at its minimal. Somehow I don’t work well when I know there is sunlight outside. Call me a vampire if you must. Again, even if it’s just a couple of times, you’ll need to find your business hours as sacred hours.

Second, you must trying wearing business attire. I know this sounds silly, but the mind is crazy and will accept thoughts and feelings towards things that you think are real. If you pretend that you are actually working in an office and actually wearing business attire, you may become more serious in your work like a professional would at work. A person who dresses sloppy might make their work sloppy, while again, a person who dresses professionally might take their work more professionally. And it’s the smallest things that make the biggest differences. However, it’s just an idea and may not work for everybody.

When you are done, you can reward yourself by doing the things you had in mind. Making a small business doesn’t have to be hard. It is simple if you can manage your time right. The main purpose of being self-employed is to have more free time to do things, unlike regular job hours. But that does mean that you’ll have to make the most out of the time that you do work, and that starts with separating your personal life from business life.

Small Business Life Insurance Needs

Have You Given Any Thought To Small Business Life Insurance?

What Type Of Business Do You Own?

Is your business a Sole Proprietorship?

Are you part of a business Partnership?

Is your business an S Corporation?

What about a C Corporation? Is this how you incorporated?

Have you taken advantage of the new Limited Liability Company laws?

How about Key Employees? Do you have any employees that you can categorize them as Key Employees?

Small business life insurance as it applies to each type of business is different in many ways but there are also many similar features as well. What we are discussing here is not group life insurance but more specifically life insurance as it applies to the owners of each business and life insurance for the key employees. Let us take a look at each type of business and how life insurance could go a long way in protecting the business itself as well as the heirs of a deceased business owner.

The Sole Proprietorship.

Because the owner of a sole proprietorship and the business itself is considered one and the same one may think that the need for small business life insurance is limited. Nothing could be further from the truth. We put in a lot of time and effort building a business that has to be dissolved at our death. We do want to have this business transferred to a member of the family when we die. How can this be done?

The estate of the sole proprietor can sell the assets of the business upon his or her death. A small business life insurance policy can be bought during the lifetime of the owner the proceeds of which would be used to buy the business. A buy sell agreement, which would be binding, would determine the terms and the amount to be paid for the business.

Let us assume the proprietor is married and has a son or daughter who is interested in taking over the business upon his death. This young person has spent a lot of time learning the intricacies of operating the business from his or her father. So dad decides he wants to transfer this business to this child upon his death. He has a buy sell agreement drawn up by an attorney that would fulfill his desires. This agreement is funded buy a small business life insurance policy specially bought for that purpose.

The proprietors wife is not particularly interested in the business but if the business owner dies before her she will still need income. The proprietor dies. The proceeds of the small business life insurance policy is used to purchase the business from the estate and the wife has full value in cash. She can use this money to purchase an annuity that would pay her an income for a certain number of years or for a lifetime. Of course this decision will depend on the amount of money we are talking about here.

The Partnership.

The use of small business life insurance in a partnership is very simple and straightforward. The ownership of this partnership is in the hands of three partners. For the sake of easy explanation let us assume that that these partners own equal shares. A buy sell agreement would be set up that would state that the partnership would buy the shares of a deceased partner from his heirs. The buy sell agreement would be binding. The heirs cannot decide they don’t want to sell. The partnership would buy a small business life insurance policy on the lives of each of the partners in the amount of the value of their shares. The proceeds would be used to fund the purchase. In some cases the policies can be owned by the partners themselves. The results are the same.

The Corporations.

Small business life insurance for c corporations, s corporations are limited liability companies is very similar to that of the partnership. The corporation usually owns the policies on the lives of the principals. Upon the death of a stockholder the corporation buys the stock from the heirs of the deceased. A small business life insurance policy is the least expensive way to fund the buy sell agreement. It is recommended that the insurance is updated on a regular basis and that the buy sell agreement is reviewed and updated from time to time…as it is binding.

Key Employee Life Insurance.

What state would your business be in if a key employee died? Have you given this any thought? In my 40 years in the life insurance business I have seen many interesting situations. Some businesses had no key employee life insurance on their valuable employees…much to their detriment. Others were prepared and things continued on smoothly after the death of the key employee. It is recommended that if a business has a very valuable key employee that they buy a small business life insurance policy on the life of that employee equal to about 5 years of that employees income. Upon his or her beath the proceeds of the policy is paid to the business and used to help keep the business going while the company finds a capable replacement.

For more detail on Business Life Insurance go to: http://www.lifeinsurancehub.net

4 Ways to Get Your Business Life in Order

One of the important things any business owner must do is to put things in order. Prioritizing is the key to success. Knowing what to give the most importance to may take some creativity, but it must be done. Here are a few keys to help you take control over your business and get organized.

1. Create a file. I would suggest purchasing an expandable file that has slots and tabs for you to label things. This way, you can file things in order of importance and finally get certain daunting tasks done.

2.Label your files accordingly. Make a section for each project that you are working on so that when you come across something that belongs in that section, you can file it away and know where it is at.

3. Do high priority tasks first. Let’s face it, the things of most importance must be done first. High priority items may be the most tedious to perform, so the most allowable amount of time should be spent on seeing these tasks through to completion. For writers, formatting your book may be the most tedious task you may ever find yourself doing, but because it can be done, you should do it first.

4. Label tasks of less importance in order from least to highest priority. Maybe you still need to choose between writing that first draft of your business plan, or putting the finishing touches on that new article you’ve been working on. Whatever the case may be, you have to figure out which things MUST be done, and which ones could stand to wait a day or two. Do the things that must be done first, and the others once the high priority projects are done.

Hopefully these four keys can help you to get your business life in order.