How To Get a Personal or Business Loan When You’re Self-Employed

Self-employed workers can face certain challenges when trying to secure funding for their personal enterprises. Inconsistent income or lack of a steady paycheck that a W-2 salary offers can make lenders more reluctant to provide funds. This, in turn, can lead lenders to require a greater amount of documentation to determine whether sole proprietors or self-employed workers can make their payments.

However, just because you’re self-employed doesn’t mean that getting a personal or business loan is impossible—you just need to know where to look. From government programs to specific banks or online marketplaces, you still have several options to explore beyond traditional lenders. We’ll take a look at some of these below.

Key Takeaways

• Self-employed workers can find financing via personal loans through online lenders, business loans, lines of credit, and credit cards.
• Most lenders will require a fair to excellent personal credit score along with bank statements and multiple years of tax returns to verify income.
• Sole proprietors with newly established businesses or those rebuilding credit may want to consider a co-signer for loans.
• SBA microloans can also be a viable option for self-employed workers and range from $500 to $50,000.

Why Getting a Loan May Be Trickier

It’s no secret that self-employed individuals may encounter more obstacles when trying to obtain a loan. Lenders can be warier because salaried employees showcase more stability with income.

In lieu of pay stubs, self-employed workers may be asked for a few other documents to prove their income. For example, some lenders will want to see at least two months’ worth of bank statements to look at your credit and debit charges and make sure you have enough funds to cover payments each month.

Other verification documents may include your individual tax return and/or IRS forms Schedule C and Schedule SE. In some cases, multiple years may even be requested. Lenders want to make sure that you not only currently have the income, but that your business is well-established enough to maintain the potential loan agreement long term.

Note

Some lenders such as fintech-focused company Upgrade won’t consider your income in their application decision if you haven’t been in business for a year or more. This means that you may need to have a stronger showing in areas such as personal credit score—otherwise, the best route could be having a co-signer.

Personal Loan Options for the Self-Employed

When it comes to funding, even those on a company’s payroll can have difficulty getting personal loans. However, these loans are attractive because they can be used for just about everything—unexpected expenses, emergencies, medical bills, debt consolidation, and home repairs, to name a few. Here are some personal loan options.

Online Lenders

Some of the best personal loan lenders, particularly those that are based online, tend to work with those who are self-employed, meaning it shouldn’t be too difficult to find a company you can trust. However, you’ll still want to make sure to apply for a loan that sets you up with the best chance of getting approved, such as a loan that fits your credit score.

Examples of online lenders that might be good matches, depending on your credit and other criteria, include:

• LightStream: For those with good to excellent credit (660+ score)
• SoFi: Good credit score, bank statement and/or tax returns required
• Upstart: Credit score of 300+, only personal income (self-employed, other wages) considered
• Upgrade: Fair to good credit score, two years of individual tax returns

Credit Cards

Credit cards are typically easier to qualify for than personal loans since you are receiving a line of credit versus a lump sum of cash. Major credit cards can grant you additional benefits, such as travel perks, exclusive offers, and discounts. Application requirements are straightforward; the bank will verify your annual net income, credit score, and debt-to-income ratio.

Payday Loans

Payday loans are designed to help borrowers in emergency situations but are not meant to be long-term financial solutions. These loans generally need to be repaid during your next pay cycle and typically cover smaller amounts between $100-$500 with limits varying by state.

Note

Payday loans can come with an exorbitant annual percentage rate (APR) as a result of high finance charges. This means you may pay a rate near 400% versus the average credit card APR of 12% to 30% for most credit cards.

Before considering payday loans, you may want to look at other loan options such as friends and family if the need is urgent. You may also want to make certain lifestyle changes in the process.

Co-signed Loans

Having a co-signer can be valuable when you are having difficulty qualifying for a personal loan. If you have just started building credit or are in the process of rebuilding it, a highly qualified co-signer may help you secure a better rate. You can typically add a co-signer such as a parent to your personal loan or credit card application, and financial institutions will verify their income and credit score, as well.

Your co-signer is also agreeing to take on your debt should you be unable to pay back the loan, and there are other consequences outlined in what is called a Notice to Co-signer.

Business Loans for the Self-Employed

If you’re a sole proprietor looking for a business loan, you have quite a few options. While your local SBA office offers loan options tailored to sole proprietors and small businesses, you can still secure funding from online lenders and other sources.

SBA Microloans

The Small Business Administration (SBA) may be one of the most ideal options for sole proprietors, self-employed workers, and independent contractors to start their business loan search.

“When people reach out to us, we usually send them out to a resource partner to get ready for financing,” said SBA lender relations specialist Frank A. Anderson in an email to The Balance. “And that resource partner or organization can help them put a business plan together and get their financials together to present to a lender to apply for a loan.”

While the SBA’s most common loan program is the 7(a), others can benefit self-employed workers in particular, including SBA microloans. These loans range in amounts from $500 to $50,000 and can be used as working capital. Another benefit of these loans is that lenders can accept credit scores in the high 500s.

Business Credit Cards and Lines of Credit

Business credit cards work like personal credit cards but are tied to business bank accounts and should only be used for business expenses. With a business credit card, you might get cash back on purchases like office supplies, internet or cable services, and gas.

A business line of credit, meanwhile, is a loan that allows you to borrow up to a certain limit and then pay interest on that amount.

Note

A line of credit is more flexible than a business loan because you can borrow what you need as long as you don’t go over your limit.

Jonathan Kelly, a New York Life insurance specialist, told The Balance via email that many small-business owners may prefer the latter. “Someone self-employed would want to use the line of credit more because it’s usually more money and you can do more with it,” he said.

How To Apply

When deciding to apply for a personal or business loan, the best step you can take is to be prepared. In general, you’ll need any of the following to apply as a self-employed worker:

• Federal tax returns for the last two years
• A Schedule C or Schedule SE form
• Bank statements

You will also want to assess your credit score beforehand. Knowing your score in advance can also help you decide if you should go into the loan application process with a co-signer to help your approval odds and potentially improve your terms.

Many homeowners aspire to one day build their dream home, but are held back by confusion over the best path forward for making their dream a reality.

Should you tear your home down and start from a blank slate, or do attempt a remodel?

It’s impossible to give a definitive answer, but a trusted and skilled architect can help you weigh your options so that you land on the ideal solution for your project.
Below are some critical factors you should bear in mind when deciding between a remodel or new construction so that you can make the decision that is right for you.

Factors to Consider When Choosing Between a Remodel and New Construction

1. Is the existing structure safe?

This is perhaps the most important question to ask. Structural issues may be detected through a thorough property inspection. If the existing structure is not in good condition, it may rule out the possibility of a remodel.

This is especially true in cases where the foundations or key structural members are faulty, or in cases where an older home may no longer be up to code, particularly in earthquake- or wildfire-prone areas.

2. What is your budget?

There is often a misconception that a remodel will be significantly cheaper than a full, ground-up, new construction. But an extensive remodel can sometimes near the cost of a new build.

Unless you’re keeping the majority of the existing structure, you are introducing complexity to the project which the architect and contractor must account for. For example, the demolition process would need to be much more surgical and careful.

With this in mind, it’s important to have a clear sense of what your budget is and whether or not it is appropriately aligned with the goals of your project. If your design goals are challenging enough, there are situations where new construction may start to make more sense than a remodel.

3. What is your timeframe?

Depending on the scope of the project, a remodel can be completed significantly quicker than a new construction, especially if key elements of the home (foundation, supporting walls, etc.) are reused.

For individuals whose project involves the home that they currently live in, a remodel may make more sense than new construction. For individuals who don’t plan to move into the home for a significant period of time, time can be less of a constraint.

4. How important is sustainability to you?

If environmental sustainability is important to you, reusing as much of the existing structure as possible can help reduce your project’s carbon footprint and drive it closer to net zero carbon. This can be achieved in both a remodel or a new construction.

Concrete, for example, is one of the largest contributors of greenhouse gas emissions when it comes to architecture. One can reuse concrete foundations even when pursuing new construction. It may take some planning but this is a great place to reduce your carbon production.

5. What limits does your jurisdiction place on residential projects?

Most local jurisdictions place a limit on what can legally be considered a “remodel” vs new construction.

While it may seem like semantics, the distinction is important, if a project is deemed a new construction it will typically involve a more rigorous approval process which can disrupt the project’s timeline. Additionally, being deemed a new construction might trigger a tax reassessment that might potentially lead to a higher tax burden.

Usually, in order for a project to qualify as a remodel instead of a new construction, it will need to meet certain requirements.

First, it may need to fall within the same footprint (the foundation). Second, it will need to be the same number of stories, because building higher than the original structure could threaten surrounding views. Third, the home will typically need to preserve a certain percentage of the existing structure, which will typically be measured in walls. While the exact percentage will depend on local regulations, many jurisdictions require at least 50% of the structures existing walls be untouched.

An architect who is skilled in substantial remodels should be able to meet all of these requirements while still meeting the goals of your project, if it is important to you that your home be classified as a remodel instead of a new construction.

6. Is your home in a historical district?

If your home exists in a historical district or already has a historical designation, this can limit how much you are able to change or update the structure of the home. (This is typically only a concern when it comes to the exterior—not the interior—of the home.) It might, for example, limit the materials or colors that you use on the exterior portion of the home, or even the overall style of architecture.

In San Francisco, for example, if a structure is more than 50 years old it will automatically trigger a historical review. If the review determines that someone historically significant lived there in the past or that something of historic or cultural significance occurred there, it could lead to historical designation.

The Value of an Architect

If you are still unsure as to which path is the right one for you, a skilled architect, with experience in both new construction as well as significant remodeling projects, can help guide you toward the appropriate solution.

The sooner in the process that you are able to involve the architect, the better the end result will be. When you begin discussing your project, it’s important that you explain the goals, budget, and timeframe for your project, as all of these will impact which route is best for you.

In 1666, one of the most influential scientists in history was strolling through a garden when he was struck with a flash of creative brilliance that would change the world.

While standing under the shade of an apple tree, Sir Isaac Newton saw an apple fall to the ground. “Why should that apple always descend perpendicularly to the ground,” Newton wondered. “Why should it not go sideways, or upwards, but constantly to the earth’s center? Assuredly, the reason is, that the earth draws it. There must be a drawing power in matter.”

And thus, the concept of gravity was born.

The story of the falling apple has become one of the lasting and iconic examples of the creative moment. It is a symbol of the inspired genius that fills your brain during those “eureka moments” when creative conditions are just right.

What most people forget, however, is that Newton worked on his ideas about gravity for nearly twenty years until, in 1687, he published his groundbreaking book, The Principia: Mathematical Principles of Natural Philosophy. The falling apple was merely the beginning of a train of thought that continued for decades.

Newton isn’t the only one to wrestle with a great idea for years. Creative thinking is a process for all of us. In this article, I’ll share the science of creative thinking, discuss which conditions drive creativity and which ones hinder it, and offer practical tips for becoming more creative.

Creative Thinking: Destiny or Development?

Creative thinking requires our brains to make connections between seemingly unrelated ideas. Is this a skill that we are born with or one that we develop through practice? Let’s look at the research to uncover an answer.

In the 1960s, a creative performance researcher named George Land conducted a study of 1,600 five-year-olds and 98 percent of the children scored in the “highly creative” range. Dr. Land re-tested each subject during five year increments. When the same children were 10-years-old, only 30 percent scored in the highly creative range. This number dropped to 12 percent by age 15 and just 2 percent by age 25. As the children grew into adults they effectively had the creativity trained out of them. In the words of Dr. Land, “non-creative behavior is learned.”

Similar trends have been discovered by other researchers. For example, one study of 272,599 students found that although IQ scores have risen since 1990, creative thinking scores have decreased.

This is not to say that creativity is 100 percent learned. Genetics do play a role. According to psychology professor Barbara Kerr, “approximately 22 percent of the variance [in creativity] is due to the influence of genes.” This discovery was made by studying the differences in creative thinking between sets of twins.

All of this to say, claiming that “I’m just not the creative type” is a pretty weak excuse for avoiding creative thinking. Certainly, some people are primed to be more creative than others. However, nearly every person is born with some level of creative skill and the majority of our creative thinking abilities are trainable.

Now that we know creativity is a skill that can be improved, let’s talk about why—and how—practice and learning impacts your creative output.

Intelligence and Creative Thinking

What does it take to unleash your creative potential?

As I mentioned in my article on Threshold Theory, being in the top 1 percent of intelligence has no correlation with being fantastically creative. Instead, you simply have to be smart (not a genius) and then work hard, practice deliberately and put in your reps.

As long as you meet a threshold of intelligence, then brilliant creative work is well within your reach. In the words of researchers from a 2013 study, “we obtained evidence that once the intelligence threshold is met, personality factors become more predictive for creativity.”

Growth Mindset

What exactly are these “personality factors” that researchers are referring to when it comes to boosting your creative thinking?

One of the most critical components is how you view your talents internally. More specifically, your creative skills are largely determined by whether you approach the creative process with a fixed mindset or a growth mindset.

The differences between these two mindsets are described in detail in Carol Dweck’s fantastic book, Mindset: The New Psychology of Success.

The basic idea is that when we use a fixed mindset we approach tasks as if our talents and abilities are fixed and unchanging. In a growth mindset, however, we believe that our abilities can be improved with effort and practice. Interestingly, we can easily nudge ourselves in one direction or another based on how we talk about and praise our efforts.

Here’s a brief summary in Dweck’s words:

“The whole self-esteem movement taught us erroneously that praising intelligence, talent, abilities would foster self-confidence, self-esteem, and everything great would follow. But we’ve found it backfires. People who are praised for talent now worry about doing the next thing, about taking on the hard task, and not looking talented, tarnishing that reputation for brilliance. So instead, they’ll stick to their comfort zone and get really defensive when they hit setbacks.

So what should we praise? The effort, the strategies, the doggedness and persistence, the grit people show, the resilience that they show in the face of obstacles, that bouncing back when things go wrong and knowing what to try next. So I think a huge part of promoting a growth mindset in the workplace is to convey those values of process, to give feedback, to reward people engaging in the process, and not just a successful outcome.”

—Carol Dweck

Embarrassment and Creativity

How can we apply the growth mindset to creativity in practical terms? In my experience, it comes down to one thing: the willingness to look bad when pursuing an activity.

As Dweck says, the growth mindset is focused more on the process than the outcome. This is easy to accept in theory, but very hard to stick to in practice. Most people don’t want to deal with the accompanying embarrassment or shame that is often required to learn a new skill.

The list of mistakes that you can never recover from is very short. I think most of us realize this on some level. We know that our lives will not be destroyed if that book we write doesn’t sell or if we get turned down by a potential date or if we forget someone’s name when we introduce them. It’s not necessarily what comes after the event that worries us. It’s the possibility of looking stupid, feeling humiliated, or dealing with embarrassment along the way that prevents us from getting started at all.

In order to fully embrace the growth mindset and enhance your creativity, you need to be willing to take action in the face of these feelings which so often deter us.

How to Be More Creative

Assuming that you are willing to do the hard work of facing your inner fears and working through failure, here are a few practical strategies for becoming more creative.

Constrain yourself. Carefully designed constraints are one of your best tools for sparking creative thinking. Dr. Seuss wrote his most famous book when he limited himself to 50 words. Soccer players develop more elaborate skill sets when they play on a smaller field. Designers can use a 3-inch by 5-inch canvas to create better large scale designs. The more we limit ourselves, the more resourceful we become.

Broaden your knowledge. One of my most successful creative strategies is to force myself to write about seemingly disparate topics and ideas. For example, I have to be creative when I use 1980s basketball strategies or ancient word processing software or zen buddhism to describe our daily behaviors. In the words of psychologist Robert Epstein, “You’ll do better in psychology and life if you broaden your knowledge.”

Sleep longer.  Sleep debt is cumulative and if you get 6 hours of sleep per night for two weeks straight, your mental and physical performance declines to the same level as if you had stayed awake for 48 hours straight. Like all cognitive functions, creative thinking is significantly impaired by sleep deprivation.

Enjoy sunshine and nature. One study tested 56 backpackers with a variety of creative thinking questions before and after a 4-day backpacking trip. The researchers found that by the end of the trip the backpackers had increased their creativity by 50 percent. This research supports the findings of other studies, which show that spending time in nature and increasing your exposure to sunlight can lead to higher levels of creativity.

Embrace positive thinking. It sounds a bit fluffy for my taste, but positive thinking can lead to significant improvements in creative thinking. Why? Positive psychology research has revealed that we tend to think more broadly when we are happy. This concept, which is known as the Broaden and Build Theory, makes it easier for us to make creative connections between ideas. Conversely, sadness and depression seems to lead to more restrictive and limited thinking.

Ship it. The honest truth is that creativity is just hard work. The single best thing you can do is choose a pace you can sustain and ship content on a consistent basis. Commit to the process and create on a schedule. The only way creativity becomes a reality is by shipping.

Final Thoughts on Creative Thinking

Creativity is a process, not an event. It’s not just a eureka moment. You have to work through mental barriers and internal blocks. You have to commit to practicing your craft deliberately. And you have to stick with the process for years, perhaps even decades like Newton did, in order to see your creative genius blossom.

 
Smart home automation systems offer homeowners enhanced security, convenience, and energy efficiency. By integrating various smart systems, the technology provides real-time alerts, remote monitoring, and easier control over household functions from your mobile device.

1. How Do Smart Home Automation Systems Provide Real-Time Security Alerts?
   Unlike more traditional security systems, smart home systems are equipped to alert you to problems as they happen, not after. Features include:
   Contact sensors and immediate notifications for unauthorized access or environmental hazards.
   Alerts when someone leaves doors or windows open or unlocked.
   Motion sensors monitor the activity of loved ones, especially children, elderly family members, and pets.
2. What Are the Benefits of Remote Monitoring and Video Surveillance?
   Smart home systems let you monitor your property in real-time, whether you’re at home or away. Benefits include:
   Live video feeds you can access on your phone, tablet, and computer.
   Notifications when family members arrive home.
   Two-way audio and video communication through porch security cameras.
3. Which Household Functions Can You Remotely Control?
   Smart home automation lets you manage various household functions from anywhere by phone and other smart devices.
   Control garage doors
   Control smart locks for the front door and other entrances and exits.
   Turn on lights to make it look like someone’s home.
   Schedule appliances and electronics to turn off automatically, especially if you think you forgot to do so before leaving.
   Receive alerts for potential issues, such as water leaks or temperature fluctuations.
4. How Do Smart Home Systems Help Save on Utility Bills?
   By optimizing energy usage, smart home systems can lead to significant energy savings.
   Smart thermostats can adjust heating and cooling based on your schedule.
   Automated lighting and smart plugs reduce unnecessary energy consumption.
   Smart monitoring tools help identify and reduce energy waste.
5. Do Smart Home Features Increase Property Value and Offer Insurance Benefits?
   Installing smart technology can enhance your home’s market appeal.
   Potential buyers often seek homes that are up-to-date and have integrated smart systems that can be controlled remotely.
   Some insurance providers offer discounts for homes equipped with advanced security features.
6. Can Smart Home Systems Enhance Entertaining and Daily Routines?
   Beyond security and efficiency, smart home devices can make your day-to-day life easier and fun.
   Have music play as your wake-up call instead of an annoying beeping alarm clock.
   Set virtual tripwires to activate holiday lawn decorations and outdoor lighting for passing neighbors.
   Control your home’s entertainment system with voice commands.

Everyone with even a little bit of debt has to manage their debt. If you just have a little debt, you have to keep up your payments and make sure it doesn’t get out of control. On the other hand, when you have a large amount of debt, you have to put more effort into paying off your debt while juggling payments on the debts you’re not currently paying.

Know How Much You Owe

Make a list of your debts, including the creditor, total amount of the debt, monthly payment, interest rate, and due date. You can use your credit report to confirm the debts on your list. Having all the debts in front of you will allow you to see the bigger picture and stay aware of your complete debt picture. Debt reduction software can make this process easier.

Note

Once you have a handle on your debt and your income, you can calculate your Debt to Income ratio (DTI). This ratio tells you how much of your income is going toward debt payments. To find yours, divide your debt payments by your income, and multiply by 100. For example, $1,200 of monthly debt divided by $3,000 of monthly income is 0.4 x 100 = 40%. The lower this number is, the better, and tracking it can help you understand your finances more clearly.
Don’t just create your list and forget about it. Refer to your debt list periodically, especially as you pay bills. Update your list every few months as the total amount of your debt changes.

Pay Your Bills on Time Each Month

Late payments make it harder to pay off your debt since you’ll have to pay a late fee for every payment you miss. If you miss two payments in a row, your interest rate and finance charges will increase.

If you use a calendaring system on your computer or smartphone, enter your payments there and set an alert to remind you several days before your payment is due. If you miss a payment, don’t wait until the next due date to send your payment, by then it could be reported to a credit bureau. Instead, send your payment as soon as you remember that it was missed.

Note

A budget can help you stay out of debt, and it can help you climb out. It allows you to see how much money you earn and where that money is going. Create a bare-bones budget that allows you to pay for necessities like your rent or mortgage and utilities. Set aside everything else to pay off your debt as quickly as possible.
Create a Monthly Bill Payment Calendar

Use a bill payment calendar to help you figure out which bills to pay with which paycheck. On your calendar, write each bill’s payment amount next to the due date. Then, fill in the date of each paycheck. If you get paid on the same days every month—the 1st and 15th—you can use the same calendar from month to month. But, if your paychecks fall on different days of the month, you’ll need to create a calendar every month.

Make at Least the Minimum Payment

If you can’t afford to pay anything more, at least make the minimum payment. Of course, the minimum payment doesn’t help you make real progress in paying off your debt. But, it keeps your account in good standing, which avoids late fees. When you miss payments, it becomes harder to catch up and eventually your accounts could go into default.

Note

While you’re working on paying down debt, stop using credit cards. Start carrying cash instead. Stick to the budget you created and only buy what you can pay for with cash.
Decide Which Debts to Pay Off First

Paying off credit card debt first is often the best strategy because credit cards have higher interest rates than other debts.1 Of all your credit cards, the one with the highest interest rate usually gets priority on repayment because it’s costing the most money.

Use your debt list to prioritize and rank your debts in the order you want to pay them off. You can also choose to pay off the debt with the lowest balance first. This might cost a little more in the long run, but knocking off small debts first can build confidence.

Pay Off Collections and Charge-Offs

You can only pay as much on your debt as you can afford. When you have limited funds for repaying debt, focus on keeping your other accounts in good standing. Don’t sacrifice your positive accounts for those that have already affected your credit. Instead, pay those past due accounts when you can afford to do it.

Build an Emergency Fund to Fall Back On

Without access to savings, you’d have to go into debt to cover an emergency expense. Even a small emergency fund will cover little expenses that come up every once in a while.

First, work toward creating a small emergency fund—$1,000 is a good place to start. Once you have that, make it your goal to create a bigger fund, like $2,000. Eventually, you want to build up a reserve of three to six months of living expenses.

Note

It’s easy to convince yourself that you “need” to purchase a new tv or that you “need” to go on vacation. The truth is, there aren’t that many true needs in life. You need food, shelter, clothing, transportation, and things like that. You want steak, a nice house in the suburbs, designer labels, and a luxury car, for example.
Recognize the Signs That You Need Help

If you find it hard to pay your debt and other bills each month, you may need to seek outside help, like a credit counseling agency. Other options for debt relief are:

Debt consolidation
Debt settlement
Bankruptcy
These each have advantages and disadvantages, so weigh your options carefully

In insurance, indemnification is a legal principle that means your insurer agrees to compensate you for covered losses in amounts equivalent to what was lost. Below, we take a thorough look at what indemnification means and how it may affect you as a policyholder.

What Is Indemnification?

Indemnification is the act of being compensated by your insurer for a loss that restores you as closely as possible to your financial position before the loss. “Indemnity” is a similar term you might see that also has the same overall meaning.

Your insurer agrees to take on losses stemming from covered accidents or property damage when you’re a policyholder. Instead of you paying out of pocket for liabilities or property replacements, the insurance company picks up the tab to reestablish your financial standing to a state similar to what it was before the incident. If it’s an event where there’s another party involved, such as a car accident, your insurance company may sue the other party to recover damages.¹ 

How Does Indemnification Work?

Your insurer indemnifies (compensates you for your loss) after a covered claim. With car insurance, the insurance company shifts the financial responsibility from you to itself for costs arising from an accident or other covered event. This could mean paying for vehicle repairs, medical treatments, and attorney fees or judgments in a lawsuit. Without your policy and its indemnification provision, you’d be responsible for these bills. The process and principles are the same for other types of insurance, such as homeowners and commercial property insurance.

Note

It’s essential to purchase as much insurance protection as you can afford in a policy because insurers only reimburse you up to your policy’s limits. Also, note that the insurer’s indemnification responsibility is limited to the conditions stated in your policy agreement.

What Is the Role of Depreciation in Indemnification?

Policyholders sometimes run into problems with indemnification because of depreciation. Depreciation is an item’s loss in value due to all causes, such as age and condition. It can be cause for concern because if you total an older or high-mileage car, your insurer’s payout may not be enough to replace it.

Depreciation plays less of a role in some parts of homeowners insurance because most policies today have replacement cost coverage for structural damage. If you have to completely replace a damaged roof or other structure in your home, paying the full cost for a new roof of the same kind is the only practical option for the insurer.

However, it’s essential to check your homeowner’s policy to verify your coverage type. Older homes may have a modified replacement cost policy so that special features like hardwood floors are replaced with standard building materials. Moreover, unless you have replacement cost coverage for your belongings, the insurer may indemnify them for only their actual cash value (ACV or depreciated value), not what it would cost to buy new items.²

Indemnification vs. Indemnity Insurance

Indemnification is not the same as indemnity insurance (also known as professional liability insurance).

As mentioned, indemnification is an agreement by your insurer to return you to an equivalent financial standing after a covered loss. Indemnity insurance is a supplemental liability insurance designed to protect service providers or other professionals who counsel, give their expertise, or provide specialized services. This type of insurance provides coverage that protects professionals from claims filed against them for negligence or failing to perform their duties, and the resulting litigation costs or other financial losses.

Typical types of indemnity insurance in the business setting may include malpractice, Errors and Omissions (E&O), and Directors and Officers (D&O) insurance. 

Key Takeaways

• Indemnification involves your insurer paying for losses covered in your policy to restore your financial standing or property to the same condition as before the incident.
• Indemnification can pay for property damage, medical expenses, liabilities, legal fees, and other costs stated in your agreement.
• You may be compensated for your home or belongings at their depreciated values, not their original prices, unless you have a replacement cost coverage policy.
• Indemnity insurance is different from indemnification, as it protects certain professionals from the cost of claims filed against them.

Key takeaways

• A collision deductible waiver (CDW) is an optional endorsement that covers your deductible if you’re hit by an uninsured driver and must use your collision coverage instead of their liability insurance to file a claim.
• CDWs may not cover certain types of situations, such as hit-and-runs, partial-fault accidents and accidents with underinsured drivers.
• This endorsement to a standard auto insurance policy is very limited and only offered in California and Massachusetts.
• Uninsured motorist property damage (UMPD) coverage is often available as an alternative if you want a low-deductible way to protect yourself from uninsured drivers.

No matter how safely you drive, there’s always a chance that an irresponsible or distracted driver makes you the victim of an accident. Once the damage is done, it’s a toss-up whether the at-fault driver has car insurance. If you’d rather not take that gamble, a collision deductible waiver (CDW) can help hedge your bets. This optional endorsement waives your deductible when you’re hit by an uninsured driver and have to rely on your own collision coverage for repairs. CDWs vary by state and insurance provider, but they can be a smart safeguard depending on your policy structure and financial risk tolerance.

What is a collision deductible waiver?

A collision deductible waiver (CDW) is an optional feature you can add to your car insurance policy. It is an endorsement that covers your collision deductible when you are involved in an accident with an uninsured driver. It is not available in every state or with every insurance company.

In a typical car accident, the not-at-fault driver can file a claim against the at-fault driver’s liability insurance, up to their coverage limits. However, if the at-fault driver doesn’t have insurance, you may be forced to use your own collision coverage — if you have it — to pay for repairs. That can feel unlucky and unfair, since the accident wasn’t your fault. But, in essence, a CDW removes the gamble of hoping the other driver has insurance.

How does a collision deductible waiver work?

How a collision deductible waiver works and when it applies depends on the guidelines set by your insurance company. That said, there are some common restrictions that most companies follow:

• Coverage requirement: In order to have a CDW, you must have collision coverage, which is usually part of a full coverage car insurance policy.
• Actual cash value (ACV): The ACV of your vehicle must be more than your deductible — though if your car isn’t worth much, you probably don’t carry collision coverage anyway. In general, it makes sense to drop collision coverage when the cost of premiums and deductibles exceeds what you’d likely get from a claim.
• Fault determination: Most insurers require you to not be at fault for the accident. Some auto companies may require you to be 100 percent fault-free to have the collision deductible waived, while others may waive a percent of your deductible based on your percentage of fault.
• Driver identification: The at-fault driver typically needs to be identified and found uninsured for your CDW to apply. In cases of hit-and-runs where the driver is never identified or cases where the driver is just underinsured, the CDW would generally not apply.

Collision deductible waiver in California

In California, collision deductible waivers follow the same acronym, but are technically called California deductible waivers under state law. 

California Insurance Code requires insurance companies to offer policyholders a CDW if they have both collision coverage and uninsured motorist bodily injury (UMBI) coverage on their policy. California requires insurance companies to offer uninsured motorist property damage (UMPD) coverage to all policyholders who do not have collision coverage but allows policyholders to reject this coverage by signing a waiver. 

California also does not allow policyholders to carry both collision and UMPD simultaneously, since the protections are somewhat redundant. Both can cover damage to your vehicle caused by an uninsured driver, but collision applies regardless of fault, while UMPD is specifically for cases where you’re not at fault and the other driver is uninsured. Allowing both would mean double coverage for the same incident, which insurance regulations aim to avoid.

For California drivers who opt for UMPD on top of liability-only coverage, the UMPD coverage limit is a fixed amount of $3,500 and is without a deductible.

Collision deductible waiver in Massachusetts

The state of Massachusetts doesn’t require CDWs to be offered like California, but it is unique in the fact that UMPD is not an alternative option. Most states have both or neither. So this means that having collision coverage with a CDW is your only option to avoid paying your deductible if your vehicle is damaged by an uninsured driver.

Alternatives to collision deductible waivers

Even a low deductible can be a significant out-of-pocket expense, especially if you have to pay it unexpectedly. If you don’t have the option of a CDW or choose not to have one, here are some alternatives that might help you save on deductible expenses:

Diminishing or vanishing deductible

Many insurance companies offer these options as either an additional endorsement you can pay extra for or as a policy benefit to preferred drivers. Once you select a deductible amount, the deductible is reduced over a certain period of time and as long as you stay incident-free. For example, if you select a $500 collision deductible, you may see a $100 decrease in your deductible every year you keep a clean driving record (no at-fault accidents or moving violations). The length of time and amount of reduction is determined by the carrier.

Uninsured motorist collision deductible waiver

An uninsured motorist collision deductible waiver is very similar to a CDW. If you are involved in a car accident with an uninsured identified driver and this driver is at fault for the accident, your insurance company will waive the collision deductible. Again, the specifics surrounding this coverage will depend on your insurance provider, but you usually have to pay extra for this waiver.

Uninsured motorist property damage

UMPD provides coverage for your vehicle and property when it is damaged by an uninsured driver. It essentially acts as a replacement for the property damage liability coverage the at-fault driver should have had. UMPD availability, coverage and deductible options vary between states and carriers.

Choose a low deductible

The most common collision deductible is between $500 and $1,000, but you may have lower options depending on your carrier. Some auto insurers offer a zero collision deductible, but they typically start at $100. While lowering your deductible will increase your premium, drivers with older cars might not see a significant change.

Is a collision deductible waiver the same as uninsured motorist coverage?

Collision deductible waiver and uninsured motorist coverage are not the same. The CDW, usually an optional add-on, waives your collision deductible in the event of a claim against an uninsured motorist. Uninsured motorist (UM) is a type of liability coverage that can pay for repairs and medical payments for you and your passengers caused by an uninsured driver.

UMBI usually only pays for medical expenses, and UMPD is a separate coverage for physical damage loss. However, some states have UM coverage that combines both coverage types, and some states don’t allow for UMPD coverage at all.

If a CDW isn’t available through your insurance company or in your state, uninsured motorist property damage can be a practical alternative. With uninsured driving on the rise, UMPD offers a more affordable way to stay protected — often with lower premiums and deductibles compared to collision coverage. See the table below for UMPD availability by state.

21 tips for effective leadership

Here are some tips to become an effective leader:

1. Be humble

Leaders who are humble share the success of the team with other team members. They might do this by drawing attention to the hard work of each individual within the team and recognizing the effort of each team member against external forces when they have the chance to do so. This type of humility can help all team members feel a sense of inclusion and pride in their work.

2. Be goal-oriented

Rather than focusing on a problem, effective leaders direct their attention toward the solution. They may do this by focusing on company goals and developing a plan to meet those goals. Effective leaders prioritize so they can complete the most urgent tasks first.

3. Build trust

Develop relationships to earn the trust of the team because it can facilitate better teamwork. A leader who actively seeks to build trust may also demonstrate that consideration for the interests of team members and the company. Here are a few tips to help you build trust at work:

• Participate in daily activities.
• Learn something about each team member.
• Be fair and consistent.
• Involve individuals of all levels in decisions.
• Recognize your colleagues’ contributions to shared work.

4. Be decisive

Decisive individuals can make quick and efficient decisions in the workplace. This may help them troubleshoot problems and achieve success quickly. When choosing a solution, think about the goals of your project and company, then pick a solution that aligns with these goals.Strive to inspire a shared vision among colleagues so that everyone is working toward a common goal. When it comes time to make a decision, be confident in your ability to guide team members toward the proper outcome. This confidence can help inspire a team to follow your leadership.

5. Set an example

As a leader, you have a greater deal of accountability than the individuals on your team. Your primary goal as a manager is to set an example. Be the kind of leader you would follow yourself. For example, if you want your colleagues to be on time, be punctual yourself.

6. Encourage communication

Part of building trust in the workplace is establishing an environment where team members can take risks and comfortably express their ideas, concerns or opinions. Here are a few ways to promote an open environment for two-way feedback:

• Encourage feedback. Encourage individuals to ask questions, recommend ways to solve problems and discuss concerns. Let them express their opinions on company policies or decisions.
• Reward outstanding individuals. Mention or reward team members who’ve achieved significant progress toward the organizational goals or shared useful feedback with the company.
• Promote respect for varied opinions. Encourage all team members, including senior leaders and management, to respect the opinions or perceptions of their colleagues.

Related:20 Ways To Improve Your Work Environment

7. Learn about your team

Taking time to learn about your team and to help the team learn about each other, can help improve communication and mutual respect. As a leader, learning about your peers and understanding their individual personalities, goals and work styles can also help you develop better strategies for management. You can also use what you learn to establish an environment every team member feels like you listen to them and care for their wellbeing.

8. Provide constructive feedback

Constructive criticism can have a positive effect on a team member’s professional growth. When you provide feedback, be specific. Clearly explain how team members can change their behavior to better align with your expectations. Maintain a friendly and respectful tone and restate the individual’s value to the company. You can also tell them that you’re providing this feedback because you want to see them grow and succeed.

9. Know when to delegate tasks

As an effective leader, know when to delegate assignments and when to complete them yourself. Assigning tasks in this way can help you focus on the most important tasks you have yet to complete.Before you delegate a task, consider the following:

• Other team members who have the skills or information to complete the assignment
• If the assignment provides an opportunity to build and improve an individual’s skill set
• Is this a recurring task
• If there’s enough time to delegate the assignment efficiently
• Reasons you shouldn’t delegate this task

10. Give without expecting something in return

Effective leaders may adopt a servant-leadership mindset. This involves refocusing your mind on giving without expecting something in return. Leaders who give naturally see potential and abundance in those around them, so developing this mindset might help you succeed in encouraging the development of your peers. You may also share knowledge and offer support generously.

11. Know your own limits

Even the kindest and most caring leaders have boundaries and limits. When you have firm boundaries as a leader, you can earn the respect of your colleagues or team members. Knowing your strengths and limitations can help you delegate tasks that are better suited to other team members.When you set limits or clear boundaries with team members, put your communication skills into practice to explain what you need that can help you be successful. Also, be sure to respect the boundaries and limits of others.

12. Keep learning

Successful leaders often know that there’s always something new to learn. Many team members respect leaders that can admit when they don’t have the right answer and are eager to learn new things. These leaders are willing to let their teams teach them something new and look for professional development opportunities for themselves, such as taking a course or attending networking events.

13. Trust your team members

When you trust the individuals on your team and let them do their job without interfering, you can increase their productivity and boost their morale. You can also build their confidence and improve their work performance. You can demonstrate your trust in your team by allowing them independence in some aspects of their work.

14. Encourage productive meetings

Time is a valuable resource, so use it wisely. As an effective leader, you can encourage productive meetings by:

• Staying on task and keeping discussions focused
• Planning ahead to get as much as possible out of a short time
• Brainstorming creative productivity ideas or strategies with your team

Read more:Tips for Hosting Productive Meetings

15. Learn from your mistakes

Learning from past mistakes can help you determine better techniques for achieving your goals. It can also be a great way to lead by example and show your team that mistakes can be useful. When you make a mistake, engage your positive leadership mindset and consider it an opportunity for future improvement and growth.

16. Be passionate

Many effective leaders are passionate and give their best effort. When your team sees your engagement and motivation, it can encourage them to offer the same enthusiasm at work. This practice can increase productivity and enhance morale.

17. Compliment and recognize team members

Recognize the good work and strong efforts your team put into their job. Recognition can include compliments and awards. This acknowledgment can make team members feel loved and appreciated, which can increase their job satisfaction and engagement. Providing recognition for top performers can also motivate other individuals to work hard.

18. Create a fun work environment

Establish a fun work environment where team members can relax. To do this, schedule trips or games for relaxation. Teams that have these kinds of activities on their work schedule may feel happier and more productive. A fun work environment can build a strong rapport among your team members, allowing them to learn from and collaborate with each other.

19. Focus on change

As a leader, help your peers understand the objectives and goals of the company and what they can do to help achieve those goals. Once they know what changes the company is trying to achieve, they may be more enthusiastic about doing work that can contribute to its success. In this way, focus on the company’s overall vision and have the desire to bring about change.

20. Promote diversity

Effective leaders often welcome diversity and enhance the strengths that it can confer in a company. A diverse workforce that includes a wide range of personalities and backgrounds may generate new ideas and innovation, which can increase the likelihood of success. As a leader, recognize the value of diversity and strive to build teams that embrace it.

21. Help to develop future leaders

Part of being an effective leader is ensuring there’s someone else who can take over your position when necessary. Your company can benefit from creating a plan that leaves no time gap between supervisors. This means training other team members on how to perform your duties. Having trustworthy, competent team members who can take on your role ensures the company can maintain its productivity in your absence.

Social media sites are great tools which allow us to keep in touch with friends, family and coworkers. However, understanding the potential risks to these sites is important to enjoying and using them properly. Your online activities may expose excessive information about your identity, location, affiliations, and relationships, which leads to an increased risk of identity theft, targeted violence and/or stalking.

For a safer social networking experience, one should always assume:

• No one is anonymous on the internet. Nothing posted is private:
  • Once something is posted it can spread quickly.
  • Everyone can see what you post—from who you are friends with, to your comments, to where you post. 
  • An embarrassing comment or image can and will likely come back to haunt you.
• The more you participate in social networking the higher your risk to cyber crimes is.

To remain more secure and manage your online presence, follow these best practices:

• Do not accept friend/follow requests from anyone you do not know.
• Avoid third party applications. If they are needed, do not allow them to access your social media accounts.
• Be cautious with the images you post. What is in them can be more revealing than who is in them.
• Configure your security options on your accounts to minimize who can see your information.
• Never check “remember me” or “keep me logged in” options from public or shared computers.
• Do not use the same password for all of your accounts.
• Do not use your social media accounts to log into other sites. Create a new account for the site instead.
• Do not post personally identifiable information.

Every social media site is unique in their security settings and protocol. In order to protect your information, one must understand how the site operates and which settings are appropriate. To learn more about popular social networking sites and how to stay secure, see our tips below.

X:

X is an open platform, where participation is open to everyone with an email address and internet access. It is important to remember that anyone can read your posts that are not set to private even if they do not have an account themselves.

By default, your posts are set to public and are available to everyone on the internet. You can limit who sees what you post by changing the setting to “Protect My Post”. Protecting your account has many benefits including:

• All posts are protected.
• People will have to request to follow you before they can view anything you post. You will also have to approve these requests.
• Other users will not be able to retweet what you post.
• Protected posts do not appear in search engines.

An additional layer of account protection would be login verification. Instead of just entering your password to log in to your account, you will also need to enter a code sent via text message to your mobile phone.

Besides protecting your posts, there are other items you should consider before posting on X.

• Posting images can often create more interaction with your account; however, it is important to remember all images contain metadata. The metadata can contain a lot of information such as the location where the picture was taken, the date and time of when it was taken, the model and make of the camera and more.  While most social networking sites delete this data, X does not. Always think twice before posting an image.
• Photo tagging is also a common feature to many social media sites. On X, this function makes it easier for other users to and your followers to locate you and participate in social exchanges. Due to tagged photos not being individually verified, you could be associated with images you are not even in or images you never want to be associated with. To avoid this risk, change the photo tagging setting to prevent anyone other than yourself from tagging you in photos.

Facebook:

There are a few important security settings to enable for a more secure, social networking experience:

• Login notifications (also known as unrecognized login alerts) are a great way to identify attempted compromises to your Facebook profile. When accessing your profile, Facebook checks for the presence of a “cookie” on your device. If the cookie is absent or incorrect, Facebook asks if the information should be saved and will send a text or email. Login notifications are a great way to keep track of your account. If you receive a login notification and you did not initiate the login, you should immediately change your password and follow the Facebook community guidelines for what to do next. Note, you can also setup two-factor authentication. This is the most secure protocol for your account. You will login using your password as well as a code sent via text message to your phone.
• Set your Facebook post audience to friends only. You might even want to create a custom list and put some of your acquaintances in a group so they are excluded from viewing your posts.
• In addition, limiting the people who can send you friend requests helps protect your profile. Users should consider changing the security setting to only allow friends of friends to send requests. This gives you more assurance that the friend request is coming from someone in your personal network. Always remain cautious when receiving a request from someone you do not know, even if they know other individuals in your network.

Instagram:

By default, your Instagram is made public to all other users. You can make your account private by going to your profile settings. If you choose to keep your account public, remember that anyone is able to see what you post, and the internet is forever.

Your Instagram images can appear in a Google search if you’ve logged into your account using a web viewer, authorizing them to access your profile and images. To stop this from happening, revoke access to third-party websites or make your account private.

In a private account:

• Posts you share to other social media apps may be visible to the public depending on your privacy settings in those apps (a private Instagram post may be visible to those who see your Twitter posts)
• Only approved followers can see your posts, including any likes and comments
• Followers must send you requests that you can approve or ignore
• Likes on your posts won’t appear in the ‘Following’ feed of the ‘Activity’ tab.
• When you like a public post, your like will be visible to everyone and your username will be clickable below the post, but (again) only approved followers can see your posts.

YouTube:

YouTube allows you to make personal videos on your page private, allowing only you to share the videos with people you want. YouTube also never asks for password or email information, so if a user or account asks for this information you should report them immediately.

• Be sure to ask for permission before using people’s faces in your videos. Posting someone’s face or information without permission can get you kicked off the website.
• If someone posts your information or face in a video without your permission, YouTube encourages you to reach out to them before reporting them. Sometimes, people don’t realize that they are violating your privacy by doing so.
• If you see a video online that offends you, or you don’t feel it’s appropriate, flag it. YouTube will review its content to see if it should be taken down.
• Remember that anything you post on YouTube (comments, videos, etc.) can be seen by the public. Offensive comments can be reported and get you removed from the website.
• Do not click on links in the comment section of videos. Malware and other harmful spyware can easily be transmitted by cyber-attackers.

LinkedIn:

Configuring LinkedIn accounts for maximum security can be challenging. Users need to decide how to balance privacy, safety and security against the value of building a professional network. As a general rule, do not include things like email, telephone numbers or addresses in any fields that are not labeled for that information.

Making connections is an important part of this social networking site. If we are judged by the company we keep, then deciding which requests to allow or deny is an important decision. To help stay secure, follow these practices when adding connections:

• Be skeptical when you are contacted by individuals you do not know personally or professionally. Not everyone on the internet is who they say they are.
• Only accept connections that add quality to your professional network and consider the consequences of accepting connections that do not.
• Do not accept requests based on the requestor’s strength of network. People can build false networks and leverage their false credibility.

When selecting an email address to use with your profile, try to separate your personal and professional life. LinkedIn uses your email as the primary outlet through which communication flows. It will also use your email if you are ever locked out of your account.

Once your account is set up, LinkedIn will ask if you want to sync your contact books. Before allowing a third party site to access your address books, ask if you would be okay with exposing your name and email address to those you did not choose. Also consider if you want to be professionally associated with everyone in your address book.

As an entrepreneur or small business owner, it can be a challenge navigating the complex world of business development and funding. Between finding trusted resources, exploring loan options, and kickstarting your business dreams, it can be difficult to gain any momentum if you are tackling every factor impacting your business alone.

Fortunately, you don’t have to fly solo the entire way. Over the years, other entrepreneurs have paved the way and written down their wisdom, government agencies have established programs to support small business owners, and community members have founded nonprofits to nurture businesses along their path to success. Thanks to these entities and the wealth of information centralized on the Internet, small business owners have never had more options and more readily available access to resources to grow their businesses.

There are numerous resources available to small business owners and entrepreneurs to help them start and grow their businesses. Whether it’s counseling and training services, financial assistance, networking opportunities, or market research, there are organizations and programs available to help businesses succeed. In fact, many of these resources are free, an added bonus for your business budget.

As a digital marketing agency, we’ve partnered with dozens of entrepreneurs and small business owners over the last decade, so we’ve learned which resources have been the most helpful (and which ones haven’t) for our clients. Below, our Big Storm team has compiled a list of organizations and forms of support that offer support to small businesses in the United States. By taking advantage of these resources, you can learn more about the different types of support out there so you can overcome challenges, achieve your goals, and thrive in today’s competitive business environment.

Before Diving In: Evaluate Your Options & Budget

It’s important to note that while these small business resources can be incredibly helpful, it’s also essential to do your due diligence and carefully evaluate each opportunity before committing to anything. It’s crucial to research and compare different options, read reviews and testimonials from other business owners, and talk to trusted advisors and mentors before making any decisions. Additionally, it’s worth noting that while some of these resources are free or low-cost, others may come with a price tag. You should carefully consider your business’s budget and financial needs before committing to any paid services or programs.

Tried-and-True Small Business Resources

1.) Small Business Administration

The SBA is a government agency that provides counseling and training to small businesses through its district offices across the country. Business development specialists offer free and low-cost services to entrepreneurs and small business owners looking to start or grow their businesses. This business resource is best for a wide range of business owners, from those who have yet to start a business to entrepreneurs seeking a $5 million loan to buy real estate.

2.) Small Business Development Centers

Small Business Development Centers (SBDCs) are hosted by leading universities and state economic development agencies. These centers help aspiring entrepreneurs realize their dreams and help existing businesses remain competitive in a complex, ever-changing global marketplace. SBDCs are best for existing companies looking to get to the next level.

3.) Procurement & Technical Assistance Centers

Procurement & Technical Assistance Centers (PTACs) provide local, in-person counseling and training services designed to assist businesses that want to sell products and services to federal, state, and/or local governments. PTAC services are available either free of charge or at a nominal cost. This resource is best for business owners who wished they knew about such services before they started on the arduous journey of selling products and services to the government.

4.) United States Export Assistance Centers

The United States Export Assistance Centers (USEACs) are staffed by professionals from SBA, the Department of Commerce, the Export-Import Bank, and other public and private organizations. Together, their mission is to help small and midsize businesses compete in today’s global marketplace by providing export assistance. This resource is best for entrepreneurs with their sights set on the global stage, as it offers valuable guidance and resources to help businesses navigate the complexities of exporting.

5.) Certified Development Companies

Certified Development Companies (CDCs) are nonprofit corporations certified and regulated by the SBA. They work with participating lenders to provide financing to small businesses. There are 270 CDCs nationwide, covering specific geographic areas. CDCs are best for existing business owners looking for debt financing to buy capital equipment, another company, or enter new markets.

6.) Community Development Finance Institutions (CDFI)

Community Development Financial Institutions (CDFIs) are private financial institutions that are 100% dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream. Visit the CDFI Locator to find a CDFI near you.

7.) Chamber of Commerce

Your local or regional chamber of commerce is a member community organization that actively facilitates, educates, and advocates on behalf of its members through various services and programs. Chamber member offerings typically include networking opportunities and events, educational seminars, leadership development, and special offers to chamber members from other chamber members. This resource is best for companies interested in local networking and business development. It is also helpful for companies interested in local networking and business development.

8.) Veterans Business Outreach Centers

The Veterans Business Outreach Program (VBOP) is designed to provide entrepreneurial development services such as business training, counseling, mentoring, and referrals for eligible veterans owning or starting a small business. The SBA has 16 different organizations participating in this cooperative agreement and serving as Veterans Business Outreach Centers (VBOC). This resource is best for veterans who want to start a business or need assistance managing and growing an existing business.

9.) Prospera

An excellent local business resource, Prospera Business Network helps support businesses in southwest Montana, especially those in Gallatin and Park Counties. A non-profit organization, Prospera’s goal is to help small businesses launch their dreams. They focus on building the local economy, which, in turn, grows a thriving community.

10.) Women’s Business Centers

The Women’s Business Centers (WBCs) represent a national network of nearly 100 educational centers throughout the United States. This organization supports women in launching and growing businesses. They are particularly helpful in encouraging women who are economically or socially disadvantaged. Additionally, they offer business training and counseling for women who are starting a business for the first time or who are hoping to expand the business they have.

11.) SCORE

SCORE is a nonprofit organization that offers counseling, advice, and mentoring services to small business owners. With more than 13,000 volunteer business counselors across the United States, SCORE provides valuable support to startups during their first two years of operation. The organization offers training and guidance to help businesses avoid the common mistakes that can sink new companies in the first 24 months.

12.) Public Library and Research Librarians

Public libraries and research librarians offer a wealth of information and business resources to entrepreneurs and small business owners. Libraries can provide expert industry market research to help businesses better understand their market and competition, while research librarians have access to databases and research reports that can help businesses make better decisions, faster. And if you cannot find what you are looking for at the public library, IBISWorld is a great place to do industry market research. They provide reports, statistics, analysis, data, trends, and insights.

Boost Your Small Business’s Digital Presence with Big Storm

Now that you’re equipped with the resources you need to thrive, it’s time to partner with a digital marketing agency who can take your online game to the next level. Big Storm is a data-driven marketing company that aims to be transparent, genuine, valuable, and profitable in the work that we do for our clients. We’re driven to create impactful results for our clients, whether it’s a sleek website layout designed to convert leads or a PPC campaign geared to boost your sales.