For those who are able and willing to operate a bed and breakfast out of their own home, a profitable business often awaits — at least, if all measures are taken into consideration.

Potential innkeepers should consider the various factors attributed to their bed and breakfast — such as how much they’ll charge guests and how they’ll interact with them — in order to ensure that the business is prosperous.

Among one of the most important components of running a bed and breakfast out of your home is that of the different insurance coverages that are required, and how much it may cost you. Despite running the business out of your home, this does not mean that extra insurance policies aren’t necessary. Given that you’ll be running your business out of your house, it is vital that innkeepers attain the coverage needed to protect themselves against any accidents or issues that may arise.

So before you get out your homeowners insurance calculator, check out a few of the extra insurance types you may need if you plan on operating a bed and breakfast out of your home:

Property Insurance Coverage

This one is important because it goes beyond the typical homeowners insurance coverage. Having property insurance when running a bed and breakfast protects you against any damage to the building that may occur, and property used for operating the business.

Things covered under property insurance include business papers such as receipts and invoices, tech equipment like computers, or any detached buildings you may be using to run the bed and breakfast, to name a few. Having these bases covered keeps you protected against any property-related complications. ...continue reading

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negotiate your salaryThis is the first of two posts by Ryan Bonaparte on how to negotiate your salary. 

Most pieces of advice about starting a career generally focus on the basics of putting together an awesome resume, utilizing your powerful network to get your foot in the door, and landing that critical interview to secure your dream position.

These steps are extremely important, both at the beginning and at any transition point during your career. Without them, you’re basically just throwing your resume into a void, never to get a call back.

What is often left out, however, is the incredible financial benefit of negotiating your first and subsequent salaries.

While it may not feel like it, especially when you receive your first job offer with seemingly little to offer to a prospective employer in return, you are in a position of power in the negotiation process to negotiate your salary. The employer has decided that above all other candidates, you are the best fit. Don’t forget that fact. ...continue reading

credit unionInterest rates remain low, though that’s no reason to stow your money under your mattress.

Hiding your money at home won’t earn you any interest on it, and that’s one of the benefits — no matter how small — that banks and credit unions can offer customers. But banks and credit unions have different benefits and drawbacks, and knowing how each work can make it easier to decide where to put your cash.

Here are some differences between credit unions and banks:

Profit vs no profit

The first thing to note when comparing banks to credit unions is that  banks are in business to make money and credit unions are not for profit. This can allow credit unions to offer better interest rates, as we’ll get to shortly.

Credit unions are cooperatively owned by all members and run democratically by members who volunteer as board members, who decide interest rates and other factors.

To join a credit union, you may have to be a member of an employee group, association or some other specific affiliation, and may have to live in a specific geographic area. ...continue reading