How to Start a Small Business on a Shoestring Budget

Have you ever had an idea for a small business? Maybe it’s a unique product you believe would be a hit, or a brick-and-mortar storefront that would provide a needed service to a neighborhood.

For those would-be entrepreneurs who actually take steps to realize their business idea, however, many eventually hit a brick wall. Financing a business startup can often prove too big of an obstacle or present too much of a commitment in time and resources. As much as you may want to run your own small business, quitting your full-time job and mortgaging your home in order to get a business off the ground can be too much risk to take on.

But many businesses can be started on a shoestring budget without a full-time obligation. In fact, some of the best small business ideas can be found in favorite hobbies you’re already doing in your spare time. There are countless stories of entrepreneurs who turned their weekend passions into full-time, successful businesses. The key to a successful shoestring startup is to combine an activity you enjoy with an identified business niche.  It’s also wise to protect your new startup and its assets with the right business insurance, such as Nationwide’s businessowners policy (BOP), designed with the small business owner in mind.

Building a hobby into a business

Following a passion can be a key ingredient in a successful shoestring business, which is loosely defined as requiring less than $1,000 in startup costs. Such startups should not require special skills, or skills that can’t be acquired in a short time with the right resolve.

An example of a shoestring business might involve a person’s love of photography—the shutterbug who is always taking photos of family events or nature scenes. That passion could be parlayed into work in wedding photography, gaining experience by assisting an established photographer or building a portfolio by photographing friends’ or family members’ weddings for free. It’s also a business with working hours on the weekends, making it easier to manage with a full-time job.

Likewise, an avid hiker and outdoor enthusiast could turn his passion into a business by leading tours as a field guide. Or, a dedicated knitter could build a following by selling her unique patterns and designs online.

Promoting your new business

Small business owners such as these are able to keep marketing expenses on a shoestring level by promoting themselves through word-of-mouth, or by designing a website on the cheap to help drive business. Social media sites such as  Instagram and Facebook are excellent tools to attract customers and are free—other than the time needed for posting content.

Harnessing the power of social media is a great no-cost way to promote a shoestring startup, such as one inspired by a love of food and cooking. Whether you enjoy baking desserts or re-creating beloved family recipes, posting a menu and photos of your day’s offerings and taking delivery orders can be done online or through popular mobile apps with no overhead costs required. A food-centric business such as this can also gain customers at farmers markets or as a street vendor tweeting out times and locations to followers.

Protecting your new business

While money can be tight for a startup, you shouldn’t cut costs when protecting your company and yourself from the risks involved with running a business. Luckily, Nationwide offers customized insurance solutions tailored to your budget and needs. Learn more about how small business insurance can help build and protect your company, and request an online quote today.

How to Answer Interview Questions & Land the Job You Want

For many people, a job interview can be an unsettling experience. But if you prepare well by following the guidelines listed below, the experience can be enjoyable. If you emerge from an interview having enjoyed yourself and sensing that the interviewer did too, chances are good you’ll land the job.

The key to a good interview is to be authentically you, not the person you think the interviewer is looking for. Be professional and pleasant, answering all questions thoughtfully and honestly.

“The most important component of the interview is your likability,” says Michael Beygelman, CEO of talent search and acquisition platform provider Joberate. Your likability depends a lot on coming across as an authentic, enthusiastic and confident person. Strive to be relaxed.

Learn about your potential employer

Some preparation is important before the interview to demonstrate your understanding of the company. Make sure you know exactly what the company does and ask yourself how the position you are interviewing for fits into the big picture.

You should have more than a general idea of the company’s business, though. Dig into recent news about the company. Knowing what recent headlines the company has made will give you talking points.

Other ways to research the company: An increasing number of employment-related websites offer company profiles, in addition to listing job opportunities. These sites—among them, Glassdoor, Indeed and Jobster—also provide unvarnished assessments from current and past employees. LinkedIn is another good resource. You can learn about your interviewer’s background and interests through his or her LinkedIn profile.

Online CEO ratings are also helpful. They can provide a litmus test of what it might be like to work for the business. Profiles of top executives offer a window into a company’s management style and its workforce culture.

Make the interview a two-way discussion

Along with doing research so that you will feel informed and have a better idea of whether the company is a good fit, you should have a strategy for the interview discussion itself. Rather than merely talking about your accomplishments, highlight how you overcame challenges you confronted on previous work assignments. The idea is to break down the interviewer-interviewee wall, making the interview a two-way discussion.

You might also consider bringing along samples of your work, in case the interviewer asks about a particular project on your resume.

Be yourself

Interviewers are not just looking for someone who will excel at the job, but someone they will enjoy working with and who comes across as real. You should be courteous and professional at all times. Remember to be aware of your body language and tone of voice.

Ultimately, interviewers are looking for someone who is enthusiastic about the job, has the skills to do it well, and—most importantly—is someone they sense will be a pleasure to work with, day in and day out.

Deck vs. Patio: What’s the Difference and Which One is Right for You?

Two worthy outdoor opponents. One difficult question: deck or patio?

If you’re going to invest in an outdoor space, you want to carefully consider all of the factors. Learn the difference between a deck and patio, then use the deck vs. patio pros and cons charts below to help you decide.

The difference between a deck and patio

A deck is an open outdoor porch or platform without a roof that extends from a house. On the other hand, a patio is a paved area situated directly on the ground, which can either be attached or detached from a house.

Now that you know the difference between a patio and deck, use the charts below to help you decide which one is right for you.

Pros and cons of a deck

Pros of a deck	Cons of a deck
Higher resale value There’s an 87% return on investment for a wooden deck on average, higher than all indoor home renovations.	More maintenance Depending on the material, decks need to be power washed, stained and sealed every couple of years.
Works well on uneven terrain Decks can be installed on any type of land, even if your yard is not level.	Shorter lifespan Wood is more susceptible to weather and can rot over time, as well as fade and become discolored if not properly treated.
Good for a view Since a deck can be built off the ground, it serves up a better view, which can increase your home’s value.	Possible permit Many towns and cities have different terms and may require a permit before building a deck, which may mean a fee and waiting period.
Easily customizable A wooden deck can be painted or stained to the color or shade you desire. It can even be stained to match the exterior design of your house.	Expensive While the price depends on the material, decks are usually more expensive, with an average cost of $30 per square foot for high-end decking material.
Comfortable in heat If you live in a warmer climate and your home gets a lot of sunlight, wooden decks naturally absorb and retain less heat.	Weight restrictions Consider weight when it comes to the design of your deck, specifically when you want to add a hot tub or outdoor kitchen.

Pros and cons of a patio

A patio is a paved area situated directly on the ground, which can either be attached or detached from a house.

Pros of a patio	Cons of a patio
Less expensive Installing a patio flush to the ground can cost much less than a deck. At about $5 a square foot, concrete is usually the least expensive option.	Not for uneven terrain Patios are best suited for even ground and the cost of creating a level foundation is very high.
Easy maintenance Patios don’t require regular maintenance. While you may choose to seal your patio, it’s not necessary, since pavers and stone patios are extremely durable.	Prone to cracks There’s more risk of a patio cracking if the soil under the concrete was not properly prepared. Cracking is also more likely in areas of extreme temperatures.
More privacy Patios are lower to the ground and have more flexibility in design and landscaping to provide privacy.	Slipping risk In colder areas, ice can easily form on a patio’s surface and raise the risk of falling.
Long lifespan A quality patio can last more than 25 years and maintain its value without much upkeep.	Susceptible to stains Once a patio’s surface is stained with food, drink or natural stains such as leaves, it’s difficult to clean.
No permits Installing a patio doesn’t typically require a building permit or inspections.	More construction Patios may require more intensive construction and can take longer to install, particularly in areas with a lot of ground movement and where reinforcement is necessary.

If you add a deck or patio to your home, it’s a good idea to make sure you have the necessary property coverage. Learn how a home insurance check-up can ensure your policy is up-to-date and help you stay protected.

If you’re still in renovation mode after deciding on an outdoor space, check out 10 more improvements that can add value to your home