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Now that hurricane Sandy has moved on, leaving in its wake a whole lot of damage and lost productivity, we can look at it as a pretty loud reminder that business owners need to be prepared for unexpected interruptions in their work day. One such interruption is a loss of power; it’s something that can strike even in the clear blue sky. But for businesses that rely on their electronic computing devices to be productive, a power out of even a few hours could be extremely costly.

So how can you plan to stay productive when the electricity goes out? Here are a few suggestions:

1. Get a UPS for your essential computing devices. UPS stands for uninterrupted power supply. It keeps your computer temporarily running even if there’s a blackout or other electrical disturbance such as a brownout. UPSs are available at any major office supply store, and they used in much the same way as a power strip or surge protector. Some sockets on the UPS will provide both battery backup and surge protection. These should be used for your PC, monitor, modem, and perhaps one or two other devices you want to protect from a sudden power loss. Additional slots may be available that provide only surge protection without battery backup. But keep in mind that the more devices that are connected, the less time you will have access to this form of backup power.

2. Consider using a UPS with a fuel generator. Another popular backup power option is a fuel powered generator (typically gasoline is used). Since fuel generators are notorious for producing inconsistent energy outputs, you will want to use it together with a UPS so your devices will be protected from any sudden surges.

The major downsides to using a generator is that they tend to be noisy to operate and expensive. Moreover, they are prone to accidents and should be used with caution. Here is information on how to safely use a portable generator from the Occupational Safety and Health Administration.

3. Have smaller devices ready to conduct essential work. You could ensure that you have a smaller device ready with a fully charged battery that will allow you to do some essential work- ie a laptop, a tablet computer, or a smartphone. If you store documents and other important data in the cloud, then your ability to be productive increases significantly.

4. Have backup batteries ready with a full charge. It’s a good idea to invest in a spare battery pack that you keep fully charged. These “super batteries” plug into your laptop and can provide up to four or more hours of extra power. While they won’t charge your laptop’s original battery, they do offer an reliable option for alternative power.

5. External battery chargers. There are several products on the market that promise to recharge the battery in your phone, laptop, or other device. Usually, these rechargers are relatively cheap and they can easily be placed in a backpack, briefcase, or a small purse. A couple of good examples include: GearPower from IOGEAR and the Mojo Removable Power Card.

6. Power inverter. If you need to use something a little bigger than a phone, such as a laptop or desktop computer, then you may want to consider getting a power inverter. The inverter can be used to convert DC power from your car battery into AC power for devices that are usually plugged into a wall outlet.

7. Alternative energy chargers. If you have access to sunlight then a solar powered charger may come in handy. The problem is that these devices tend to be pricey. A solar-powered battery charger will typically cost from $250 on the low end, to $800-$900, for a higher end device. Power output among devices typically ranges from 10 to 25 watts. From pocket-sized devices to briefcases, the weights of these products can range from a few grams to several kilos. In addition to solar power, many chargers can also be charged from a wall outlet or a USB port so you can use it like a regular external battery charger mentioned above. Some models even sport a wind turbine.

Have you ever looked in amazement at one of those super doers? You know who I’m talking about. Those people who seem to defy the confines of time to get a seemingly insurmountable list of things done, day after day. Have you ever looked at these people and wondered what you are doing wrong?

Even if you accept the fact that some people are by nature multi-taskers, this still doesn’t explain all the highly productive people out there who aren’t. What is it that they are doing differently?

The big secret to being exceptionally productive in your business and other areas of your life is not to try to change who you are, but to recognize how you process information, how you make decisions, and how you approach tasks in general. Once you’ve figured this out, you can then look for ways to either fill in the gaps or purposely set up some natural opposition in those areas where you tend to go astray.

With this is mind, here are several steps to consider:

Identifying the problem areas. If you really want to improve your productivity, then one of the first steps is figuring out where in your daily routine you are slowing down or getting held back. Are there certain tasks that you always seem to push off? Are there activities that you are doing that are not providing enough payback- not in the short-term, nor in the long-term? When are your least productive hours of the day? Sometimes a slow down in productivity can happen at certain times of the day or in particular venues.

Determine why things are not getting done. Once you’ve pinpointed the problem areas, try to figure out the causes behind them. Trying to fix the problems without identifying the root cause won’t get you very far. Are there tasks you just dislike doing or aren’t good at? Do you get very tired towards the afternoon? Are there too many distractions in front of you? Are you working too many hours or trying to accomplish too much in too short a time? Are there any external factors that may be affecting your productivity, such as health-related issues, money stress, or marital problems?

Getting to the right tools and techniques. There are many groups out there from time management “experts” to productivity app developers all proclaiming that they have the definitive list of tips, tools, techniques, etc to make you productive beyond your wildest dreams. But, the unavoidable truth is that some things will work, but others won’t because everyone and every situation is different. If you are in touch with who you are, where you are not being so productive and why, you can then devise methods to help alleviate the situation.

So, for example, if you tend be a bit scattered and forgetful by nature, then having a good time management app or productivity tool could be a real plus. If you find that you are more productive in the early morning or late by night, then you could try to re-arrange your schedule so you are doing some work during those peak times. If you are having a hard time being productive and motivated at work in general then you could tweak your break schedule and make sure to get some time away from work. If there are tasks that you dislike doing, you could break the tasks down into small increments, you could hire someone to do those tasks for you, or initiate some other changes to make the task a bit more fun or enjoyable… You get the point?

Get others involved. Where possible, getting others involved in your daily routine can make you a lot more productive. But here “getting involved” can mean a few different things: hiring someone to do the task for you, working alongside other people who are doing similar things, asking a co-worker or friend to help push you through the task by checking in on your progress, or even just having the emotional support and encouragement of others around you.

In short, the secret to getting things done is being in touch with yourself and the work that needs to be accomplished and being able to sift out the very unproductive tips, tools, and techniques that claim to increase your productivity, yet will only worsen it.

You don’t need to travel so far to find a good business opportunity, and you don’t need to run a strictly online business, either. There are many, profitable business ideas that you can do within your own community and for little investment.

1. Crafts and Creative Products. Many successful businesses got their start as hobbies. If you keep getting positive feedback about the items you create, and there seems to be a strong demand, then it you may be able to turn it into a viable business. You just need to be clear about who your market is and how you are going to reach them.

2. Home and Business Decor. Enjoy playing around with different textures, colors, furnishings, and lighting. Do you find yourself walking into rooms and other spaces and mentally designing a new and improved layout? Then you may want to consider going into home and business decor. Unlike its more technical cousin, interior design, there is no certification required for this kind of job. You could work with local homeowners or head over the restaurants, stores, and offices in your community and see if they could benefit from your services. You could help with window displays and holiday themes or create a more efficient set up.

3. Professional Organizer. If organizing is your thing, then you can put your talents into a business helping other companies, organizations, and individuals make the most of their time and resources. For more information on this occupation and other helpful resources, see The National Association of Professional Organizers.

4. Image Consultant/ Fashion Coach. Do you enjoy helping others shop for clothes? Are you good at spotting the strengths that others possess and knowing how to highlight them? Image consultants and fashion coaches help their customers bring out the best of themselves to both build confidence and present an eye-catching personal brand.

5. Reconditioning Furniture, Antique Refurbishment, Re-purposing. This business opportunity is for those who find themselves heading to the local yard sales, thrift shops, flea markets, and even the dump in search of items that can be brought back to life or given an entirely new use. You could sell your creations online or via craft fairs. You could even turn your garage or some other room in your house into a mini show room.

6. Selling unwanted items. You could make a business helping people get rid of unwanted belongings. As the saying goes, “one man’s meat is another man’s poison.” Save people the effort of selling those old or unused items by hosting a yard sale on your property or selling it on eBay, Craigslist, etc. Many would gladly do it especially if you gave them a cut of the sale price.

7. Childcare. If you are good with kids then you could start a babysitting or daycare business in your home. Many states will not require a license if you plan on only having a small number of kids. Just check with your local State Department of Children and Family Services. Even if you do need to get a license, it is usually pretty cheap, and the process for getting certified relatively easy.

8. Computer Repair. Computer repair is a great business, because many people have computers, but not so many know how to fix them when they break. You could visit customers in their homes or where possible make repairs remotely.

9. Catering and unique food products. If you like to cook and bake, or you make something unique as a hobby, then you could sell the food items you make. There are many possibilities: you could be a caterer, you could make baked goods or other specialty items and sell them in local shops and fairs.

10. Home Staging and Reconditioning. If your community has been hit by the waves of foreclosures sweeping through the country, you could start a business that will make these properties more sellable. There are several possible angles to take, such as clean up and garbage removal, interior re-conditioning and decorating, and sprucing up the surrounding, external property.

11. Event Planning. If you enjoy organizing events and meeting new people, then you might want to consider event planning. You could specialize in an assortment of different events, such as parties, weddings, business events, and group outings.

12. Cleaning Services and garbage removal. If you don’t mind getting your hands dirty, then you could start a cleaning business. Like event planning above, you could specialize in cleaning one kind if area or even items and materials. Some popular cleaning services include cleaning: offices, cars, yards, homes, and dorm rooms.

13. Errands. If you have a gas efficient vehicle, such as a small car, a motorcycle, or even a good bike, you could earn money doing errands such as shopping, deliveries, and pick ups for those in the community who don’t have the time or the means to travel.

Pet Care Services. If you like being around animals, then you may want to start a pet care service. In this area you have several possibilities:

14. Pet sitting. Go to pet owners’ homes or in some cases take the pets home with you and tend to the needs of their pets such as feeding and watering them. There’s actually a whole site dedicated to this profession. Check out Pet Sitters International.

15. Pet taxi service. If you have a car or truck, you could make a business driving pets around to the vet or to a grooming appointment, or some other destination. You’ll need to buy a pet crate or know how to secure the animal in the vehicle with safety straps.

16. Pet photography. If you’re a talented photographer and know how to work with pets, then this may be an option to consider. All you need is a few simple props and a good camera. You could go to people’s homes or set your self up at a local business.

17. Other pet business ideas…. Pet grooming, dog walking services, creating healthy, fresh pet food or snacks

 

How can you get quick capital to help cover any unexpected emergencies or significant cash shortfalls in your business? Even if you have few assets, you may still have options as long as you put in little forethought before something happens.

Running a Business is Full of Bumps

One of the givens of running a small business is that they are going to be some bumps along the way. Those bumps get bigger if you are relatively new to running a business, you are new to a particular industry, or you are working in an industry known for it’s unpredictables- this includes many retail concepts or any business that is tied to agriculture. How you handle these snags can often determine whether or not your business survives and thrives or closes up shop.

A widely circulated statistic from the Small Business Association (SBA) is that over half of new small businesses won’t be around a mere five years later. It’s a sobering statistic that underlies the fact that running a business is hard. It takes not only a lot of trial and error and a lot of work, but also a combination of using the right tools and the right connections at the right time. Look at any interview, article, or book ever written about successful entrepreneurs, and you’ll see this same message over and over again.

A Plan for Emergency Financing Can Help Buffer the Bumps

One way to help soften the blow of a set back is to have a contingency plan in place. When it comes to accessing money to cover your back during a down time, you may have a few options:

Access a business line of credit. In an ideal world, you would just go to the local bank and set up a revolving line of credit to help you smooth out your cash flow and to act as a buffer should a sudden cash shortfall occur. But the truth is these days that banks are still reluctant to offer credit to smaller businesses. If you are one of the lucky few with great credit and a killer business model than you should give it a go at your bank and see if you qualify. Alternatively, you could get a low interest business credit card and use it for occasional charges just to keep the account open in case you need to use it for some future cash emergency.

Take a little money out each month. Put aside a small portion of your monthly sales and put it into a rainy day account. To make sure you actually put this money aside instead of spending it on your business, you can set up a payroll deduction or have withdrawals automatically sent to a designated savings account.

Use your tax refund. Another possible option is to send either all or a significant portion of your tax return into your emergency fund. Though it may not be enough to fully fund the account, it can at least give the your emergency funds a boost.

A revenue windfall. If you happen to have an exceptionally strong period of sales, then you should try to send a portion of this money to your emergency account. Like the tax return above, you may not necessarily fund the whole account at this time, but you can get much closer to your goal.

Asset-based financing arrangements. Asset-based financing arrangements like accounts receivables factoring, business cash advances, and revenue based financing all have the benefit of being quick and easy sources of capital. Even more, they don’t rely on your business’ credit profile or industry. Asset-based financing could be used as an emergency fund backup, such as when not enough money was put aside.

In short, when it comes to your business financing needs, don’t forget to create a contingency fund for those unexpected expenses that can crop up, and where you are unable to put enough aside, know what other options are available to you. You’ll be glad that you did.

After the credit crunch and subsequent housing meltdown in 2008, the banking industry made a much publicized move to reign in small business lending. What had once been a moderate flow of small business finance to the nation’s smallest companies, then almost completely dried up. In it’s wake, various alternative lenders and other loan arrangements have all been clamoring for a slice of the business financing pie.

Though today, bank loans to small businesses seem to be making a come back, the truth is traditional financial institutions are still refusing to service countless small business owners- especially newer companies, companies with poor or little credit history, or those that operate in industries considered to be high-risk, such as food services or retail.

Thus, it’s no surprise that alternative lending among small businesses continues to surge. But even as alternative lending gets airtime the definition of just who qualifies as an “alternative lender” can get murky. The reasons: any non-bank lender technically qualifies for that description, and the alternative financing industry keeps expanding. Small business owners now can choose from a whole crop of new (yet similar-sounding) financing products that have only emerged in recent years.

So how can you as a small business owner looking for non-bank financing make sense of it all? The following are 10 explanations of the most popular forms of alternative financing available to small business owners:

Non-Bank Financial Institutions:

1. Credit Unions
Though they may look like banks from the outside, credit unions are non-profit cooperatives owned by their members. In order to maintain their non-profit status, credit unions have to restrict membership to a particular group of people, such as those attending or working at an educational institution, or residents of a particular community. The tax advantage associated with being a non-profit typically allows credit unions to offer lower interest rates on loans, and higher rates on savings accounts and other savings products.

Lately credit unions have been more aggressive in soliciting new accounts. The National Association of Federal Credit Unions (NAFCU) provides a list of its members online.

2. Community Development Financial Institutions (CDFI)

CDFIs are financial institutions that offer credit and financial services to economically disadvantaged and under-served communities within the US. These institutions may take on many forms including: a community development bank, a community development credit union, a community development loan fund, a community development venture capital fund, a micro-enterprise development loan fund, or a community development corporation. CDFIs are certified by the Community Development Financial Institutions Fund (CDFI Fund) at the U.S. Department of the Treasury, which provides funds to CDFIs through a variety of programs, yet they themselves are not government entities. The CDFIs were established by the Reigle Community Development and Regulatory Improvement Act of 1994.

To locate a CDFI near you, you can use this CDFI locator.

3. Micro Lenders

Microloans are short-term loans of small amounts, typically no more than $25,000 spread out over 5 years. There is a network of commercial microlenders and non-profits that offer these loans to small business owners. If you are a minority, have a low-income, or are seeking to start a business in an economically challenged area then your chances for being accepted for funding increase dramatically.

There are several umbrella organizations that deal with micro lenders and micro loans. The most popular are the SBA Microloan Program in the US, Accion USA, and Kiva.

Asset-Based Financing:

4. Accounts Receivable (AR) Lenders

Accounts Receivable (AR) financiers (also known as “factors”) purchase a company’s accounts receivable at a discount and in return provide the company with fast working capital. The financing comes in the form of a cash advance, often at 70-85% of the purchase price of the accounts. Interest rates generally are higher with factoring since the lender is assuming a higher level of risk. Many times, small business owners who have little or no credit history or who need a lot of money quickly will turn to AR financiers.

5. Business Cash Advance Companies

A business cash advance is a form of receivables financing typically based on future credit card sales. In this setup, the cash advance provider purchases some of the transactions from the business at a discount, which generally ranges between 20%-30% of the amount funded. In exchange, the business receives a predetermined amount of instant cash usually used as working capital. The cash advance company then collects a set daily percentage of future credit card sales until the full loan is paid off.

Cash advance companies usually require that a company be in operation between 3 and 6 months, and some financing companies may also require a minimum sales volume.

6. Revenue Based Financing

Similar to business cash advances above, revenue-based financing allows borrowers to pay off their loans based on a monthly allocation of the revenue their business generates. Though, unlike the cash advance, a business’ whole revenue stream is considered. While interest rates are again on the higher side, this financing setup allows business owners to maintain ownership of their companies while not being forced to borrow against their homes and possessions.

7. Purchase Order Financing

Also called inventory financing or PO funding, purchase order financing is a short-term commercial finance option that provides capital to pay suppliers upfront for products or inventory so the borrowing company doesn’t have to deplete its available working capital. The products or inventory then serve as collateral for the loan if the business does not sell its products or otherwise cannot repay the obligation. Inventory financing is especially useful for businesses that must pay their suppliers within a short payment cycle or a longer period of time than it takes them to sell off their inventory. It also provides a solution to seasonal fluctuations in cash flow and can help a business support a higher sales volume by, for example, allowing a business to purchase bulk orders of inventory to sell later on.

8. Lease-Back Programs

Also known as a “sale and leaseback,” lease-back programs allow the owner of a property or other valuable asset, such as equipment or vehicles, to “sell” it to a lender and then lease it back during a set period of time. Under this arrangement, the original property owner can quickly free up working capital while retaining possession and use of the property.

Some leaseback arrangements allow the lessee the option to buy back the property at a future date. During the life of the leaseback, however, the buyer derives tax benefits from the arrangement, such as being credited for depreciation of the property.

Peer-Based Alternative Financing Arrangements:

9. Peer-to-Peer Lenders

Peer-to-peer, or P2P lending is a form of financing that occurs directly between individuals or “peers” without the involvement of a traditional financial institution. Loan amounts are typically small, up to $25,000 and have loan terms typically lasting anywhere from 1 to 5 years.

Much of the success of P2P lending is a result of the social networking power and infrastructure of the Internet. P2P lending sites, such as Lending Club and Prosper, offer an online marketplace where borrowers and lenders can come together. Often, there will be several private lenders per borrower who each share in partially funding a a given loan amount.

These sites typically provide identification and verification services as well as an assessment of the borrowers’ creditworthiness and the risk involved in lending to them. Clear, precise documentation covers the loan’s terms and conditions as well as the repayment schedule and tax payments as determined by both parties.

10. Crowd Funding

With crowd funding, business owners and entrepreneurs can raise the funds they need by requesting a small amount of money from a large number of people online. By tapping into the power of the internet, entrepreneurs can pitch their ideas to a large group of people, who, if interested will respond by donating a small portion of the money they need to help them reach their target.

Unlike more traditional forms of business capital, the money raised through crowd funding is not directly repaid. Recipients may instead offer their investors some specified item or service in return for their financial support, such as a free sample of their product. In some, crowd funding models, such as the one supported by Sellaband, investors also get a cut of the recipients’ future sales revenues.

So there you have. Any one of these ten alternative financing models can help you access the money you need to start, run, or grow your business. But not every model is suitable for everyone. So be sure to do a little research and exercise your due diligence before signing any dotted lines.

Is it just me or is the entrepreneurial pool getting younger and younger? If you look at the examples below, it certainly seems that way. The following teens and preteens aren’t just mere babes going through the typical rites of passage, they’re successful entrepreneurs who have managed to amass more money than most of us will ever earn our whole lives.

Here is my pick of the most successful teen entrepreneurs of the last decade:

Adam Horwitz
After three years and about 30 failed attempts to launch a successful business, Adam Horwitz introduced Mobile Monopoly, an online course that teaches people how to earn money generating mobile marketing leads. He was 18 years old at the time, and it earned him $1.5 million in its first three days. Horwitz has since added several other online courses, including the recently released Mobile Monopoly 2.0, each earning him six figures. His company Local Mobile Monopoly is a multimedia training platform directed at those that want to help local business owners with their mobile marketing strategies.

Farrhad Acidwalla
At the ripe age of 12, Farrhad Acidwalla started an online aviation community with $10 that he got from his parents. Several months later, he then sold the community to a fan for $1,200.

Four years after that, in 2009, he put $400 from the sale of his online community into Rockstah Media, an international, award-winning agency that focuses on branding, marketing and web development in Maharashtra, India.

 

 

Catherine and David Cook

When they were only fifteen and seventeen years respectively and still in high school, Catherine and David Cook came up with the idea for the social networking site, MeetMe (formerly MyYearbook.com). That was 2005. Today, the site has over 40 million users and a yearly revenue of over 20 million dollars, and has survived Facebook domination as well as a re-branding launch.

 

 

Sean Belnick

Today, Sean Belnick, the founder of Bizchair.com has a reported net worth of 42 million dollars and in 2010, saw yearly sales rise to $58 million. But Belnick’s success had a rather humble beginning. BizChair.com was created in 2001 when Belnick was 14 years old with a $500 investment and the advice of his stepfather Gary Glazer, a veteran of the office furniture business. Belnick began running BizChair.com out of his bedroom, initially selling only office chairs. Much of his success is attributed to the fact that he knew how to tap an emerging market for direct, online business furniture sales, before any of the big players, like Staples, got in.

Since its inception, Belnick has expanded into new markets, such as school and restaurant furniture, and has expanded his warehouse facilities bringing his total operating space to a total of 702,000 square feet.

Fraser Doherty

When he was 14 years old, Fraser Doherty learned from his grandmother how to make natural jams and then went about producing it and selling it in his local neighborhood. Thus was the beginning of Super Jam. Two years later, Doherty left school to build up the Super Jam empire. In 2007, he began supplying super jam to 184 Waitrose stores. Today, Fraser Doherty supplies to all major UK stores and has yearly sales of over 1.2 million dollars.

Juliette Brindak

At age 10, Juliette Brindak created what is now Miss O and Friends. The site targets girls in their tweens and young teens. The site has become one of the most popular girl-only online destinations, and is known for its games, feature articles, and social network. Brindak has since launched a line of Miss O and friends books and other related products, all offering an assortment of self-esteem and confidence building content. Brindak is currently the CEO and editor of her site and book line and has a net worth of 15 Millions Dollars.

Farrah Gray

Farrah Gray’s path to entrepreneurship is extraordinary story of rags to riches, hope in the face of seemingly insurmountable odds. He rose up from the the crime-ridden, impoverished south side of Chicago to became history’s youngest self-made millionaire, outside of the entertainment industry by age of fourteen. He is also the youngest person to have an office on Wall Street and to receive an honorary doctorate. Today, he is an international bestselling author, philanthropist, and a high profile motivational speaker.

As the story goes, at the age of 6 young Farrah Gray started his entrepreneurial career selling body lotions to neighbors before moving on to painted rocks that he sold as bookends. At seven, he was carrying business cards reading “21st Century CEO.” At eight, Farrah Gray became co-founder of Urban Neighborhood Enterprise Economic Club (U.N.E.E.C.) in Chicago’s Southside.

Between the ages of twelve and sixteen, Farrah Gray founded and operated numerous business ventures. But his big break came at 13 years old when he founded Farr-Out Food which in a period of one year generated sales of over 1.5 million dollars, making him a millionaire at 14.

Jon Koon

Chinese-American Jon Koon started raking in the millions at the age of 16 when he opened an auto-parts business in New York City known as Extreme Performance Motorsports. He used his own savings to purchase wholesale car parts from Asian auto-parts suppliers and teamed up with a local mechanic to bling out cars with high-end finishes, fancy engines, and premium speakers. His work spread like wildfire earning him his first million dollars at age 16.

Soon after that, Koon started an auto-parts manufacturing business that distributed parts to a variety of niche markets. In 2008, he switched gears, teaming up with American rapper Young Jeezy to become an exclusive partner in the rapper’s line of clothing, 8732. That’s when Koon found his calling in the fashion industry. His company, Tykoon Brand Holdings, owns and operates several brands across the world, including the Asian-inspired streetware label, Private Stock Denim.

Ashley Qualls

At age 14, Ashley Qualls launched Whateverlife.com, featuring a collection of pictures and graphics she created. Shortly thereafter, she offered free MySpace layouts and tutorials for teens who wanted to learn how to do their own graphic designs and html coding. Whateverlife.com currently attracts 7 million individual visitors a month (beating out many famous branded sites in the same niche) and is supported entirely on advertising revenue.

Ray Land

Ray Land was drawn to travel planning at an early age. When he was in eighth grade, he planned a trip for his classmates and him to Universal Studios in Orlando, Fla. That sparked his passion for planning, traveling and meeting new people. He quickly became known as the resident travel planner in his school, and other classmates would ask him to plan their trips to cities like New York and Washington, D.C.

At age 17, Land bought his first tour bus and founded the company, Fabulous Coach. Land quickly expanded his operations through out North America, operating 65 vehicles, coordinating about 150 trips per week, and generating a revenue of $6.5 million.

Recently, I saw this article over at Entrepreneur.com where the author highlighted several people who turned their hobbies into successful mega businesses, and it got me thinking. Aside from these superstars, plenty of people try and fail to make a buck off their favorite pastimes. What’s the secret sauce?

Though not every hobby will net you many millions of dollars it is certainly possible to make a profit off those activities and interests you enjoy and even to build a sustainable business model around them. What separates those who make it from those who don’t? Here are five factors to consider:

1. Determining if you truly want to start a full fledged business or just earn money on the side. Are you prepared to start up a company? Can you make the necessary commitment of time and money? Do you have any experience running a business, and if not, do you know where to go to get it? Starting a business doesn’t just happen on its own. It typically takes a tremendous amount of time, money, skill, and expertise to get it off the ground and keep it running over the long haul.

2. Developing a viable business plan. Though it may be better to start a business based on a hobby than something else due to the fact that you’re already connected with it, you understand the vernacular, the concepts, the community, and the demographics of the market, not everyone is business owner material, and not every hobby can be translated into a sustainable business. You need a plan- one that’s based on more than just hopes and hunches.

3. Figuring out how to monetize your hobby. Even if there a captive market looking for the information or services you can provide, can you turn that demand into an income? Knowing how to properly monetize your hobby-based business can be one of the biggest challenges you’ll face. If you are really intent on finding something then make sure you are connected to your target market and be prepared to think outside of the box. For example, an avid stamp collector could make a business of creating an online community where particular stamp buyers and sellers can come together, or he or she could develop some kind of stamp collecting guide, or for-pay webinar series.

4. Understanding the growth potential. As more and more people are exposed to your products or services, you may find that your operations need to expand to accommodate an increase in demand. This expansion may take the form of increased space or productive capacity, an increase in the number of hired employees, or an expanded product or service line. Either way, while you may not be able to predict how popular your business idea may become at the beginning, you will need to recognize the growth potential as it comes and be able to make the strategic decisions that will take your business to the next level.

5. Don’t leave your enjoyment at the door. As your hobby-turned-business grows and develops, pay special attention to your levels of enjoyment and passion. You don’t want your the new-found work and responsibility to ruin the pleasure your hobby once gave you. The fun doesn’t have to get lost, and if it does, then stop to re-evaluate the situation.

In short, your hobby could be a potential goldmine of income, but to bring these earnings out, you need to act smartly. And that means you need to start treating your hobby not just as a pastime, but also as a business.

Underlying all the political rhetoric regarding the state of U.S. Healthcare, underlying all the finger-pointing and posturing about how it should be fixed, who should fix it, and when, the fact is many people are struggling to afford adequate healthcare for themselves and their families. Among the nation’s small business owners and the self-employed in particular, recent statistics shed light on some alarming trends.

In a recent post at Small Business Trends, Scott Shane made the following observation based on statistics from the Kaiser Family Foundation’s annual survey on employer health benefits, “…since 1999 [till 2008] the average cost of employee health insurance premiums (for family coverage) has risen 84 percent in inflation adjusted terms (148 percent in nominal terms).” He then goes on to point out, “But between 1999 and 2008, the revenues at the average American company fell 5 percent in inflation-adjusted terms. Over the same period, employee health care premiums went up 64 percent when measured similarly. The rapidly rising cost of employee health insurance means that the cost of health insurance has increased from 5.4 percent of total worker compensation in 1999 (PDF) to 7.7 percent in 2012 (PDF), according to Bureau of Labor Statistics data.”

These statistics certainly don’t paint a pretty picture. Furthermore, underlying these trends is that fact that if small businesses simply give up on health insurance, they can experience ramifications that extend way beyond lost healthcare benefits. For small business owners and the self-employed, lack of adequate healthcare can also mean the loss of key employees and work productivity. Employer-sponsored health insurance is one of the benefits workers value the most. Offering employees a health insurance plan can help small businesses hire and retain the best workers.

That said, there are ways to obtain healthcare even for cash-strapped small business owners and self-employed professionals. The following are the most popular (and successful) methods of keeping healthcare related costs manageable.

Research your options. If you want to ensure that you get the best healthcare coverage to suit your situation then you have to do some research. Specifically you want to pay attention to the size and nature of a plan’s deductibles, out-of-pocket expenses, and any caps on coverage, as well as policies on health maintenance and wellness visits. Keep in mind that a lot of this changes if you have a pre-existing condition. You should also be aware of the various tax incentives for small business owners to encourage employer-sponsored healthcare coverage.

There are numerous sites online that can help you connect with your affordable healthcare opportunities. For starters, be sure to check out the following sites:

• eHealthInsurance.com
• Hospital Compare
• The Healthcare Bluebook
• Change Healthcare
• New Choice Health
• Health In Reach

Join a membership organization. Even if you’re in business for yourself, there are a number of both industry-specific and general business membership organizations you can join to help reduce your healthcare costs via association-sponsored healthcare plans. These plans allow small business owners to purchase coverage through their membership in the organization. Often, these plans offer significant discounts in health coverage; you may have a nice selection of options to choose from as well. But before signing up, make sure to check with your State Insurance Department to make sure the plan is insured with an organization licensed with the state. Because many association-sponsored plans are multi- state, you can also consult the National Association of Insurance Commissioners (NAIC) Web site.

Alternatively, you could check out the AARP if you are over 50. If you are running a small business then you can inquire about healthcare plans at your local Chamber of Commerce and the Small Business Service Bureau. If you are self-employed you can check out the plans offered by the National Association for the Self-Employed.

Rely on the high-deductible/HSA combo. One strategy to reduce healthcare costs while still maintaining coverage is by signing up for a high-deductible insurance plan coupled with a tax-advantaged Health Savings Account (HSA). The funds contributed to an HSA are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA), if the funds are not spent, they can be rolled over from year to year. HSAs are owned by the individual and may be used to pay for qualifying medical expenses at any time without federal tax liability or penalty.

Join a discount health benefits program. For a small fee these programs offer savings on prescription drugs, dental visits and other health services by connecting members with affiliated doctors, dentists, and health centers. In this way, a health benefits program can fill in any gaps in coverage from your existing health insurance policy.

Look into specialty supplemental policies. As insurance premiums continue to rise, putting extra financial burden and risk on the shoulders of small business owners and the self-employed, the insurance companies themselves realize that they’re just created a market for a new set of insurance products. These “supplemental policies” are being introduced all the time. One example is a policy that ensure that out-of-pocket costs from an accident or critical illness do not endanger company finances. Such a product could be useful to a self-employed, independent business owner like who has a risk of injury in a day-to-day routine.

Get group coverage even where there are no employees. Small group health insurance plans cover between two and 50 employees, and the larger your group, the lower your premiums will be. Small businesses with only a few employees and self-employed individuals have the option of creating a group purchasing alliance with other small businesses and individuals to offer employer sponsored health coverage. You can locate a purchasing coalition on your state Department of Insurance (DOI) website. Be aware that there are special tax incentives available to businesses providing group coverage to employees, and no one in a group can be turned down due to a pre-existing medical condition.

Initiate a wellness program. Seek free or low-cost advice on maintaining a healthy diet and following an exercise plan and get your employees involved. Encourage your employees to attend wellness seminars and to avoid or reduce unhealthy habits, such as smoking and eating junk food. Take advantage of free health screenings at local clinics, hospitals or health fairs. In the end you and your employees will feel better, and that could mean fewer trips to the doctor.

Among the good ol’ boys club of high-profile CEO’s, excess and frivolousness just seem to come with the territory. But these ten CEOs have become particularly infamous for their gregarious, flamboyant lifestyles, and egotistical flights of fancy. They’re livin’ XXXL – often at the astronomical expense of the companies in their charge.

1.Dennis Kozlowski
Tyco CEO, Dennis Kozlowski was well known for his extravagant lifestyle. He reportedly had the company pay for his $30 million New York City apartment which included $6,000 shower curtains and $15,000 dog umbrella stands. In a more brazen move, Kozlowski billed Tyco $1 million for the 40th birthday party of his wife, by trying to disguise the party as a shareholder meeting. The extravagant bash, held on the Italian island of Sardinia, featured an ice sculpture of Michelangelo’s David urinating Stolichnaya vodka and a private concert by Jimmy Buffett.

In the end, Kozlowski left Tyco in 2002, while controversy stirred surrounding his compensation package. Kozlowski was later convicted in 2005 of crimes related to his receipt of $81 million in purportedly unauthorized bonuses, the purchase of art for $14.725 million and the payment by Tyco of a $20 million investment banking fee to Frank Walsh, a former Tyco director. Steve Schwarzman

2. Steve Schwarzman

Steve Schwarzman, the notoriously larger than life billionaire, is the co-founder and CEO of the private equity firm Blackstone Group. Much of Schwarzman’s wealth came from the use of cheap debt to leverage the buyouts and hostile takeovers of countless struggling companies. In 2007, Blackstone announced plans for an IPO, and many failed to appreciate that the deal was a bit too good to be true. In their rush to capitalize on Blackstone’s average 23 percent annual return, many investors overlooked the fact that the company being offered was a spinoff of the Blackstone Group, called Blackstone Holdings. Though the company was valued at $40 billion, Blackstone Holdings only had revenues of $2.3 billion a year.

Infamously narcissistic, for his 60th birthday party, the “King of Wall Street” threw himself multi-million dollar party featuring Martin Short, Rod Stewart and Patti LaBelle leading a church choir singing “He’s Got the Whole World in His Hands.”

3. Jimmy Cayne

As the financial markets began to go sour, and global investment firm Bear Stearns was on the verge of a total collapse, CEO Jimmy Cayne was leaving the office by helicopter for extended golf weekends. An avid bridge player, he was regularly out of town for tournaments and it is alleged that he smoked marijuana. Cayne was out playing bridge when two Bear Stearns hedge funds collapsed in July 2007, and was again the following March when the value of nearly $40 billion in high-risk mortgage bonds simply evaporated. This quickly prompted an emergency buy-out of Bear Stearns to J.P. Morgan at a fire sale price- reportedly less than the value of its office building.

4. Dick Fuld

Dick Fuld, the former CEO of Lehman Brothers, has the distinction of driving one of the most iconic investment banks and a Wall Street darling into the largest bankruptcy in U.S. history with some $613 billion in debts outstanding. Many credit Lehman’s demise to Fuld’s rampant risk-taking and his incredulous denial that the firm was serious in trouble- which some say prevented him from taking the steps necessary to save it. Moreover, from 2000 to 2007, Fuld allegedly cashed in on over $500 million in compensation.

5. Peter Kraus

After leaving Goldman Sachs in March 2008, Peter Kraus leveraged a stipulation he put into his employment contract at Merrill Lynch to collect a cool $25 million for only a three months of work before taking his current job as chairman and CEO of AllianceBernstein. The sweet deal, which came about when the Bank of America purchased the troubled Wall Street bank, was only discovered when he later bought a swank, five-bedroom apartment at 720 Park Avenue for almost $37 million. Rumor has it that his split from BofA was in part related to his egotistical and flashy behavior.

6. John Thain

John Thain, the CEO of Merrill Lynch, lead the company to $15 billion loss in the fourth quarter of 2009. But you never would guess it from the way he appropriated corporate funds. As his company was preparing to eliminate jobs and reduce business interests, Thain spent $1.22 million in early 2008 to “renovate two conference rooms, a reception area, and his office, spending $131,000 for area rugs, $68,000 for an antique credenza, $87,000 for guest chairs, $35,115 for a gold-plated commode on legs, and $1,100 for a wastebasket.”* He also pushed through nearly $4 billion in bonus payments to employees at Merrill in December 2008, rather than waiting until January, just as the company was being taken over by Bank of America.

Less than a week later, Kenneth Lewis, the CEO of Bank of America, pushed Thain out the door.

7. Lloyd Blankfein

In November 2009, London Times reporter John Arlidge conducted an exclusive interview with Lloyd Blankfein, CEO of the investment firm everyone loves to hate, Goldman Sachs. Goldman had agreed to the interview in an attempt to restore the investment bank’s tarnished image after a country dogged by high unemployment, home foreclosures, and tighten credit, watched the bailed-out bank ride out the recession unscathed while handing out mind boggling bonuses. Among the list of self-platitudes, the gregarious CEO affirmed that Goldman has a “social purpose” that “everybody should be, frankly, happy [about the bank’s success],” and that he’s “doing God’s work.” He later said he meant it as a joke.

Whether or not that’s true, his salary is certainly no joke. Blankfein is one of the highest paid executives on Wall Street and in 2010, received a bonus of $27.3 million, along with his salary, as well as, stock and options for a grand total of $53,965,418 in compensation for the year. In 2011, as the firm’s stock and profit fell. Goldman Sachs awarded Blankfein $12.4 million in total compensation.

8. Henry T. Nicholas III

Henry T. Nicholas III has definitely had a colorful laundry list of allegations thrown at him. Several years ago, the co-founder of semiconductor maker Broadcom Corp. was charged in court with not paying former employees, conducting securities and wire fraud, filing false statements to the Securities and Exchange Commission, and conspiracy to distribute illegal drugs. He also was accused of building an illegal underground network of tunnels and rooms at his Laguna Hills estate to indulge in drugs and prostitutes.

9. Bob Nardelli

Bob Nardelli was fired from his position of CEO at Home Depot six years after taking the helm. Throughout his tenure, as the home improvement company began to lose market share, Nardelli was busy alienating executives, downplaying customer service, and refusing to cut his bloated pay package. Since he was hired, Nardelli received a total of more than $240 million in salary, bonuses and stock grants. Nardelli’s Home Depot exit package of $210 million was regarded as one of the largest of all time. He was later hired by the private equity group Cerberus to turn around its struggling Chrysler unit. There, he took billions in government funds, only to be again shoved out the door two years later as the company came out of bankruptcy.

10. Angello Mozilo

From his simple beginnings as the son of a butcher, Angello Mozilo rose up to co-found Countrywide Financial in 1969 and turned it into the largest mortgage lender in America. But much of the company’s later success came with its adoption of exotic mortgage packages aimed at risky subprime borrowers- many of whom possessed questionable ability to repay these loans. As the credit markets went bust and the housing sector quickly followed, Countrywide Financial toppled and was eventually bought out by the Bank of America. But all of this didn’t stop Mozilo from filling his own coffers. The Wall Street Journal lists him as one the decade’s top 25 earners (he comes in at number 6) with a total compensation of almost $530 million dollars.