Archives June 2023

The death of a loved one can be the most difficult experience in life. The financial burden from the loss of a spouse is significant, and to make matters worse, as survivors with dependents, it’s not just our own finances that we have to worry about. Sadly, if something were to happen to me or my spouse now, we would lose out on almost $1M in Survivorship Life Insurance benefits that end up going back to our former employers instead of being passed on to those who need it most.

What is Survivorship Life Insurance?

When a loved one dies, the last thing you want to think about is money. But if you’re the primary breadwinner in your family, you need to make sure your loved ones are taken care of financially if something happens to you. Survivorship life insurance can help give you peace of mind knowing that your family will be taken care of financially if you die.

Survivorship life insurance is a type of life insurance that pays out a death benefit to the surviving spouse or partner after the policyholder dies. The death benefit can be used to help cover expenses like funeral costs, outstanding debts, or everyday living expenses. survivorship life insurance can be an important part of financial planning for families where both spouses work and rely on each other’s income.

When should you get this type of life insurance?

If you’re thinking about getting life insurance, there’s no time like the present. While it’s true that life insurance is one of those things that you hope you never have to use, it’s also true that it’s better to have it and not need it than to need it and not have it.

There are a few things to consider when deciding whether or not to get life insurance. The first one is your age. If you’re young and healthy, you’re probably not going to need life insurance anytime soon. However, if you’re older or have health problems, life insurance can be a good idea.

The second thing to consider is your financial situation. If you have dependents (such as children), you’ll want to make sure they’re taken care of financially if something happens to you. Life insurance can give them the security of knowing they won’t have to worry about money if you’re no longer around.

The third thing to consider is your job situation. If you work for a company that offers life insurance, it’s probably a good idea to get it. However, if you’re self-employed or work for a small company that doesn’t offer life insurance, you may want to think about getting a policy on your own.

No matter what your circumstances are, there’s no wrong time to get life insurance. It’s always better to be safe than sorry when it comes to something as important as protecting your loved ones financially.

How much does it cost?

Death is inevitable, and it’s one of the few things in life that we can’t escape from. But how much does it cost?

There are a lot of factors to consider when thinking about the cost of death. The first is the funeral itself. The average funeral costs between $7,000 and $10,000, but this can vary greatly depending on the type of service you want and where you live.

Then there are other expenses to think about, like probate fees and estate taxes. Probate fees can range from a few hundred dollars to a few thousand, depending on the size and complexity of your estate. Estate taxes can also be significant, depending on the value of your assets.

What do you get with the policy?

When you purchase a life insurance policy, you are essentially betting against your own death. If you die while the policy is active, your beneficiaries will receive a death benefit payout. The size of the payout depends on the amount of coverage you purchased and the terms of your policy. 

Most life insurance policies also come with a living benefits rider, which provides payouts if you become disabled or terminally ill. These payouts can help cover the costs of long-term care or other expenses associated with a serious health condition. 

In a survivorship life insurance policy, you and your spouse are both covered under the same policy. In the event that one of you passes away, the death benefit will be paid out to the surviving spouse. The surviving spouse can then use the death benefit to cover any expenses they may have, such as funeral costs or outstanding debts.

Starting your own business can be an exciting and rewarding venture. To ensure success in any competitive industry, it is crucial to have a well-thought-out business plan.

In this guide, we will walk you through the process of creating a business plan. Let’s get started!

Why Business Planning Guides?

A business plan is a roadmap that helps you navigate the challenges and opportunities of starting and growing your business. Here’s why:

1. Aligning Your Goals: A business plan helps you define and align your goals with sustainable practices. It allows you to articulate your mission, values, and the environmental impact you aim to achieve through your products and packaging.

2. Attracting Investors and Funding: A well-crafted business plan showcases your commitment towards your brainchild, which can attract investors and secure funding for your venture. Investors are increasingly interested in supporting businesses that portray focus and resilience.

3. Competitive Advantage: Your business plan should entail steps detailing how you would face the competition. Suppose you are planning to start a storage facility, you can gain a competitive advantage here by investing in Sunward Steel self storage steel buildings (or from a similar firm) instead of spending thousands of bucks on concrete structures. And only when you will jot down the plan in detail considering each expense, you can hope to gain this competitive advantage.

Steps to Create Your Sustainable Business Plan:

To help you understand better, we will take the example of a cosmetic business.

Executive Summary: Begin your business plan with a concise overview of your sustainable cosmetic business, including your mission, target market, and unique selling proposition (USP). Highlight your commitment to using sustainable ingredients and packaging materials.

Market Analysis: Conduct thorough market research to understand your target market, competition, and consumer trends. Identify gaps in the market where your sustainable cosmetics can thrive.

Product Line and Packaging: Describe your product line and emphasize the use of sustainable ingredients for your packaging materials. Explain how your packaging aligns with eco-friendly practices, such as using recyclable, biodegradable, or compostable materials. Look for wholesale packaging suppliers who can fulfill this need of yours.

Operations and Supply Chain: Detail your manufacturing processes, distribution channels, and supply chain management. Highlight how you prioritize sustainability throughout your operations, such as using renewable energy sources or implementing waste reduction strategies.

Marketing and Sales Strategy: Outline your marketing and sales approach, considering both online and offline channels. Emphasize your commitment to sustainability in your messaging, as it will resonate with environmentally conscious consumers. If you are going to rely on sales professionals to attract customers, improve your retail sales training program as and when necessary to ensure that your staff is well-versed in sustainability practices. Make sure to measure and track the impact of your initiatives to ensure that you are making progress.

Financial Projections: Provide a comprehensive financial overview, including startup costs, projected sales, and expenses. Discuss how sustainable practices may impact your costs and pricing, and outline strategies for profitability and growth.

Sustainability Goals and Metrics: Set measurable sustainability goals for your cosmetic business, such as reducing carbon emissions, waste generation, or water consumption. Include these goals in your business plan to showcase your long-term commitment to sustainability.

Data security: One of the major aspects of the business plan that is often overlooked is data security. As a business owner, you may need to create a reliable data protection plan and work with a cyber security firm such as Pradeo to protect your business from a potential breach.

Here are some different types of business plans:

1. Business Plan for Startups

A startup business plan is essential for new businesses, especially those that are trying to raise money from investors or launch a new product or service. A startup business plan should include detailed information about your company’s goals, strategy, financial projections, and more.

2. Business Plan for Growing Companies

If you run a small company that’s looking to grow quickly, you’ll need a different kind of business plan than if you’re a large corporation with years of history behind you. A growing company needs to focus on planning for future growth instead of simply accounting for current expenses; this means creating budgets and forecasts, setting sales targets and priorities, and more.

3. Business Plan for Late-Stage Ventures

When companies invest in late-stage ventures (companies that have already raised money from investors), they expect to see significant returns on their investment within six months or so. A typical business plan for such ventures will include detailed financials (income and expense numbers), marketing strategies, product rosters/plans, competitive analysis, etc.

How long should a business plan be?

There is no one-size-fits-all answer to this question, as the length of a business plan will vary depending on the type of business and the specific needs of that business. However, a good rule of thumb is to aim for a minimum length of one hundred pages.

While there are no hard limitations on the amount of detail included in a business plan, it is important to keep in mind that brevity is also key. A concise plan can be easier to read and follow, making it more likely that decision-makers will take your proposal seriously.

Additionally, leaving too much information out can lead to confusion or misinterpretation when reviewing your plan later on.

Furthermore, it is important to remember that not every part of a business plan needs to be detailed. The overview section, for example, should provide an overall snapshot of the company and its goals without going into too much depth. Similarly, the financial section should provide accurate figures but shouldn’t be overly complex or difficult to understand.

Whether you are starting a new business or updating an existing one, business planning is essential. In this article, we have provided a complete guide on how to create a business plan, from concept to completion.

We hope that our tips have helped you get started on the path to success and that our guide has given you all the information you need to create your perfect business plan.