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Securing Financial Stability for Your Small Home-Based Business

Running a small business from home can be both an exciting and challenging experience. It is easy to get lost in day-to-day operations, but it is also important to maintain a long-term view and plan for any potential financial risks. In this article shared by Hopium Defi, we will discuss how to create a financial safety net that will help ensure your home-based business remains stable during times of economic uncertainty.

Register Your Business as an LLC

One of the first things you should do when starting a small home-based business is to register your business as a limited liability company (LLC). This will protect your personal assets in case of any legal issues or debts incurred by the business. It will also make it easier to open bank accounts and apply for loans if needed. You can form an LLC yourself or pay an attorney for the job, but using a formation service is the choice of many entrepreneurs. Choose the best LLC formation service based on good reviews, whether a quality guarantee is offered, and how affordable it is.

Get Adequate Insurance Coverage

Embroker notes that having adequate insurance coverage is essential for any small business. Make sure that you have the right type of insurance coverage that covers all aspects of your business such as property damage, liability, and workers' compensation. This will protect against any unexpected losses due to accidents or natural disasters.

Track Cash Flow Carefully

It’s important to track cash flow carefully when running a small home-based business. This means keeping track of income and expenses regularly so that you can anticipate potential problems before they become serious issues. Accounting Complete points out that having an accurate picture of your finances will help you make better decisions about how to manage money and stay within budget.

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Create an Emergency Fund

Creating an emergency fund is one of the most important steps when setting up a financial safety net for your small home-based business. An emergency fund should cover at least three months’ worth of living expenses in case there is ever an unexpected job loss or other financial hardship. This will help keep you afloat during difficult times and ensure that your business remains secure even during tough times.

Build Risk Management Strategies

When operating a small home-based business, proactively managing risk is the key to success. Identifying potential risks ahead of time – from accidents and natural disasters - allow you to develop plans for prevention or mitigation so that any unforeseen losses can be minimized or avoided altogether. Taking actionable steps with effective risk management strategies will help protect your finances in case something unexpected occurs along the way.

Purchase a Home for Your Office

Rather than renting office space, consider buying a bigger home where you can run your entire operation from one location instead of having multiple locations spread out across town or even across the country. Not only does this save money on rent but it also provides more flexibility about hours and days worked since you don’t have to worry about commuting between offices each day. Plus, this setup allows for more room for growth as well. First be sure to research the housing market so you can budget accordingly. You’ll find that the median sale price of homes in Spokane, for example, is currently running at around $380,000.

Optimize Content Marketing

With any business, it’s important to find ways to effectively market your brand. Content marketing is important for several reasons, and it has become a fundamental strategy for businesses and organizations in the digital age. Content marketing helps you establish and promote your brand's identity. By consistently creating and sharing valuable content, you can increase brand visibility and recognition among your target audience. You can lean into online resources to learn about effective content for your outreach.

Secure A Home Warranty

Securing a home warranty can save money on repairs while providing added protection against unexpected breakdowns or failures in appliances or systems within the house used by the small home-based businesses operating out of it. A home warranty can also provide coverage for losses due to natural disasters or other catastrophic occurrences which can be invaluable in an unpredictable economic climate. These warranties often cover items like plumbing fixtures, water heaters, electrical systems, and HVAC systems which could otherwise cost hundreds or thousands of dollars if something were to go wrong without one in place!

Setting up a financial safety net for your small home-based business may seem daunting at first but with proper planning and research, it doesn’t have to be. Registering as an LLC, instead of renting office space, renting a bigger home, and securing a home warranty — these steps should give entrepreneurs peace of mind knowing their businesses are secure no matter what life throws their way. With the right preparation and a financial cushion, you can ensure that your home-based business remains stable during any economic uncertainty.

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Cryptocurrency exchange Binance to exit Russia - Financial Times

The dam project broke ground in 2010, according to the government assessment from 2011 reviewed by The New York Times. By Feb. 1, 2011, just before the uprising, the project had managed only general preparations and earthworks, the assessment said. No concrete or asphalt had been poured, it said, no pipes laid.

But Libya had already paid about $6 million, the document shows.

Libyan prosecutors said Monday that the water authority officials had sent Arsel further payments years later, after the work had been halted as a result of the uprising, despite proof that the company had failed to fulfill its contractual obligations. It did not say how much additional money had been paid, or when the funds had been transferred. Arsel was due to receive an additional $655,847 at the time that work stopped, according to the 2011 assessment.

Arsels owner, Orhan Ozer, declined to comment for this article.

At the time, virtually all public infrastructure was handled by Colonel el-Qaddafis central infrastructure agency, the Organization for Development of Administrative Centers, whether or not its name was on the contract. Its head was Ali Dbeiba, whom Libyan prosecutors later accused of routinely awarding contracts to companies he ultimately controlled or that paid him kickbacks, many of them Turkish. Prosecutors said he pocketed as much as $7 billion along the way.

Arsel had several other projects with ODAC, according to an archived version of Arsels website, which was taken down after the floods. Arsel was never publicly named in connection with the investigation, which did not identify the specific companies involved.

Mr. Dbeiba stashed the spoils in dozens of bank accounts and luxury properties around the world, according to an investigation by the Organized Crime and Corruption Reporting Project, an independent media network. Among the properties were multimillion-dollar homes in Scotland that Libya has asked the Scottish police to investigate.

Original post:
Libya Flooding Disaster Underlines the Countrys Corruption - The New York Times

UNICEF stated that many more children are affected due to lack of essential services, such as health, schooling and safe water supply.

When disasters hit, children are always among the most vulnerable, said Adele Khodr, UNICEFs Regional Director, who has just returned from a visit to Al Bayda and Derna.

Storm Daniel struck eastern Libya on 10 September and left widespread flooding and destruction in its wake across Derna, Albayda, Soussa, Al-Marj, Shahat, Taknis, Battah, Tolmeita, Bersis, Tokra and Al-Abyar.

Torrential rainfall and the collapse of two dams flooded the coastal city, sweeping entire neighborhoods into the Mediterranean Sea.

Close to 4,000 died in the floods and 9,000 more are still unaccounted for, according to the World Health Organization (WHO).

While the missing are presumed dead, their bodies still trapped under debris or in the sea, many still hope their loved ones could still be alive. The deadly flooding has forced schools to host some displaced families.

UNICEF has been working with authorities and partners since the beginning of the tragedy to respond to the urgent needs of children and families in the affected areas.

I saw the devastating toll the floods have already taken on children and families. I met families grappling with a high psychological burden and I spoke to children in extreme distress, many not sleeping and unable to interact and play, Ms. Khodr said.

The memory of what happened still haunts their dreams and their thoughts. Now is the time to focus on recovery, including support the reopening of schools, provide psychosocial support, rehabilitate primary health care facilities and restore water systems. The tragedy is not over, and we should not forget the children of Derna and Al Bayda,

The number of children among the casualties is not yet confirmed but UNICEF fears hundreds died in the disaster, given that children account for about 40 per cent of the population.

Significant damage to health and education infrastructure means children once again risk further disruption to their learning and the outbreak of deadly diseases. In the impacted region, out of 117 schools, four were destroyed and 80 partially damaged.

Waterborne illnesses are a growing concern due to water supply issues, significant damage to water sources and sewer networks.

In Derna alone,50 per cent of water systems are estimated to have been damaged.

UNICEF has been actively supporting the children in eastern Libya since day two of the crisis. Sixty-five metric tonnes of relief supplies have been delivered to affected areas, including medical supplies for 50,000 people for three months, family hygiene kits for almost 17,000 people, 500 childrens winter clothing sets, 200 school-in-a-box kits and 32,000 water purification tablets.

The childrens agency has also dispatched mobile child protection and psychosocial support teams.

As we continue our life-saving response efforts, we also appeal to the authorities and donors to invest in long-term recovery that is equitable, resilient and child-focused, added Ms. Khodr.

Originally posted here:
Libya floods: 'Tragedy is not over' warns UNICEF - UN News

Devastating floods in Libya have exposed previously hidden archaeological structures in an ancient Greek city near Derna, prompting calls for preservation and restoration efforts.

The recent catastrophic floods that wreaked havoc across Libya have unexpectedly unveiled previously unknown structures at an ancient Greek city near Derna, posing a unique challenge for archaeologists and local authorities.

Libyan authorities, who arrived to assess the damage and salvage any historical remnants in the ancient city of Cyrene, stumbled upon structures that had lain hidden for centuries beneath layers of earth and debris.

Dr. Ahmed Issa from the Department of Archeology at Omar Al-Mukhtar University said that a national committee consisting of experts should be formed to classify the new archaeological monuments and develop a plan to restore the area.

Cyrene, founded in 631 BC by Greek settlers, stands as a testament to the rich history of the region.

Flourishing during the fourth century BC, Cyrene became a hub of agricultural and commercial activity, and several Greek baths, the Temple of Zeus and the Temple of Apollo are among its notable landmarks.

The catastrophic floods that swept through Libya have had dire consequences, leading to the loss of thousands of lives, the destruction of residential buildings, and the obliteration of critical infrastructure such as roads and bridges, particularly in the city of Derna.

The toll continues to rise, with more than 11,000 reported fatalities and over 10,000 people still missing more than a week after the calamity, according to both the Libyan Red Crescent and the United Nations.

Check out the video above for a closer look at the newly discovered structures inCyrene, Libya.

Video editor Theo Farrant

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Libya floods reveal forgotten structures in ancient Greek city - Euronews