Protecting Your Business, Negotiate Like This (!), and Building Homes > College

What Hurricane Florence Can Teach You About Protecting Your Small Business

What will be the impact of Hurricane Florence, one of the most powerful storms to hit the East Coast of the United States in more than 60 years? As of now, nobody knows. But, the clock is ticking.

Insurers are starting to see potential claims creep up and up and up, while experts are estimating a possibility of more than $30 billion in loss and damage.

According to Insurance Journal, Hartford Financial Services Group Inc. and FM Global are among insurers that are sending in staff to help with anticipated claims and post-disaster recovery.

Hurricanes and natural disasters leave lasting effects that ripple throughout the economic climate of an area. Facilities and brick-and-mortar stores may be at risk, but so are daily operations. Hurricane Florence may create “catastrophic flash flooding,” which can leave both individuals and business vulnerable. Without electricity, businesses won’t be able to operate. Damage can derail a community for extended periods of time.

How can you prepare your small business if you’re ever in the path of a hurricane? Impending natural disasters like Hurricane Florence give you a chance to consider how prepared your business might be.

1.) Make sure you have insurance. Once you have insurance, make sure you understand what’s covered and what isn’t. Even if flood insurance isn’t mandatory in your area, you may want to consider it.

2.) Make a complete business inventory. Writing it down is one solution or making a video and snapping photos of all that you have. Document both inside and outside your business. (Use this rule of thumb for home insurance purposes, too.)

3.) Save important documents. Don’t rely on electricity. Write down important phone numbers of your employees in case your cell phone isn’t available.

4.) Join forces with your employees to help alert the public to what’s going on, if you’re okay, how your business you can help, or on your rebuilding process later on.

Successful Female Entrepreneurs Negotiate Like This...

What’s the overarching principle in negotiating like a successful female entrepreneur? You have to know what you want, but you also have to ask. (Oh, and do your fair share of homework!)

Negotiating a deal, whether you’re a woman or not, is about finding what will work best for both parties. If you give in to the other party’s offer too soon, you may have cut your end of the bargain a bit short. This is why digging around and doing your homework beforehand can help. You’ll have a framework around which you can form your argument. Plus, you’ll want to know what you can and can not bargain about. What’s on the table? What’s off the table?

Don’t be afraid to ask. The people at the other end of the table aren’t mind-readers. If you keep what you want to yourself, the other party won’t be able to offer it to you.

Young Entrepreneur Makes A Difference Building Homes

In Delaware, a 19-year-old has decided to put college on the back-burner. What’s his go-to plan now?

Brennan Stark is forgoing college instead to seek out the entrepreneurial life as the founder of Y Innovations. Y Innovations aims to build sustainable homes, which are less than 1,000 square feet, for low-income individuals.

“People think that there’s no downside going to college with no lost opportunity costs,” Stark said. “In my thinking this simply is not true. Four years is a huge time investment.”

Stark enlisted the help of his long time friend, Steve Burns, and together, these two are using each other’s strengths to develop a no-nonsense business. At first, funding from a venture capital fund helped Y Innovations grow. Now, Y Innovations is working in tandem with Delaware non-profits to connect with residents who are looking for places to live.

Stark is glad he made his own way instead of pursuing higher education. In fact, his efforts have already paid off. He founded a second for-profit company and discovered a love of Middle Eastern history.

“Time will tell whether I made the right decision,” he said. “But, for now I am confident and comfortable with the track I have chosen.”