Small Business and Self-Employed Business Owners Help Center

A 10 Step Guide to Successful Small Business Management

Print out the Step-by-step Checklist

Make your business run better and more profitably

Table of Contents

Ten Building Blocks
to Success:
 1. Starting a Business
 2. Financing a business
 3. Company Name
 4. Office Equipment
 5. Hiring
 6. Business Insurance
 7. Advertising
 8. Efficiency
 9. Pension Plans
 10. Succession Plans

Checklist for Success

 More Useful Advice:

▪ Life Insurance

▪Disability Insurance

▪Medical Insurance

▪Long Term Care

▪Travel Insurance

▪Dental Insurance

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Medical Insurance Plan
 Choose from the following types:

        Comprehensive
            Plan provides coverage with an annual deductible and then co-pays for office visits and prescriptions.
            These plans are usually the highest in cost.
        HMO or PPO
            Plan provides coverage through a network of providers. Office co-pays with no deductible.
            Doctors, pharmacies and hospitals must be "in-network" for coverage. "Out-of-network" costs are
            much higher. Premiums are less than comprehensive plans.

        High Deductible Plans
            Plan has a high annual deductible such as $5,000 or $10,000 then full coverage with no deductible.   
        Health Savings Accounts
            A relatively new type of insurance that works very well for self-employed and small businesses.
            Plans have high deductible such as $5,000 and providers are in-network.
            The key to the plan: Insured puts money into a "savings account" which can be used to pay deductible
            or other qualified health care expenses. The unused money in this account grows tax deferred at a
            rate of interest like 4%. At retirement, this pool of money is treated like a Traditional IRA for tax
            purposes (taxation and withdrawal rate). Premium is much lower than other plans. This plan is an
            supplement to a pension plan.
        Individual Plans are available:
            Look online for an affordable individual health insurance quote. Several companies such as The
            Golden Rule, Anthem Blue Cross, Fortis, Celtic and United Health Care offer plans for singles or
            families. All of the above types of plans are available. Ask for insurance quotes on all plans and
            then compare!
        Group Plans:
            A company like Anthem Blue Cross offers these types of plans for groups as small as three

        Short Term Medical
            If you need health insurance for a short period of time, such a one to twelve months, many of the
            companies listed above have such a plan. The coverage is limited but it's very affordable.   

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