You are probably watching the news this past few weeks and may be nervous about your personal or business bank account.  Washington Mutual is the latest bank to fail and you might be nervous about deposits held in your work at home bank accounts.  Put the worry aside as you are covered up to $100,000 from FDIC and may be covered on additional assets.  You can also be covered if you have a joint account or have assets under your child’s name.  A great website to review your financial institution insurance holdings with the FDIC is found here.  Put your mind to rest and review your banks insurance.

More important for your work at home business are your access to credit and cash.  With the current financial situation you might want to call your local bank and discuss credit options for future business activity.

Here are some questions you might want to consider asking:

1.  Do you have sufficient access to credit for the next 6-12 months?  Do you have a backup plan for utilizing personal loans or credit cards if necessary to purchase inventory?  Could you ask family or friends for a short term loan if you needed it?

2.  Do you have access to a HELOC or home equity line of credit account?  Does your bank plan to keep your existing equity available or are they lowering client amounts?  This has happened at major institutions and you will want to know if this could impact your home business.

3.  Try and negotiate any fees paid for your business accounts.  Ask whether your bank can wave check fees or minimum balance requirements for established business clients.

4.  Schedule a meeting with your bank representative and/or accountant and review your home business balance sheet.  What are your needs for the next few months.  Maybe you don’t have credit issues and can survive on your personal accounts.  Again, just make sure you have a plan of action and that your cash needs are met for the next 6-12 months.

5.  If you handle your taxes, payroll, and expenses yourself be sure to utilize a good software program and review your credit needs.

So everyone is doing it and if they’re not they’re talking about someone else they know who does, right?  I mean everyone knows someone who blogs nowadays.  Ok, while I might be exaggerating a bit on how big a deal it really is, I am not underestimating it’s importance.   Many professionals, work-at-home or not, have realized the importance of a blog.  Here are several ways you’ll benefit by having a blog.

• Exposure.  It not only gets the name of your business out there, it expands your customer base immeasurably.  I have made some invaluable contacts through my blog and have landed several new clients that way as well.  It’s also an excellent way to announce new products or services, it’s much more efficient than waiting to have a flyer printed up and mailed.  Flyers are still an excellent means of advertisement but a blog post will reach your customers instantly.

• Customer Service.  It’s also a great way to build customer relations.  Most customers love getting to know you on a personal level and they appreciate having “instant access” to you.  In the age of super-centers and automated lines it’s a wonderful thing to be able to speak with someone personally, even if it’s not as personal as a phone call, it’s the next best thing. 

• Practice.  If you’re in the writing business, as I am, it’s great practice!  I take on such a different voice when I’m writing a piece that I’m not worried about what an editor or client will think of.  My blog is my personal voice; my personal space where I can choose what and how to write whatever it is I want to write about. 

• Encouragement.  When you start a blog, you find your niche.  It may be your writing career or type of business, motherhood, hobby, etc and you get readers with the same interest(s).  Through your blog you connect with them based on common interests and after awhile you become like a support group for each other.  You receive critical advice as well as encouragement from them and you’d be surprised how important this type of support can be. 

If you’re interested in starting your own blog, check out different blog hosts such as wordpress, blogger or typepad.  See what features each has and the type of format you think you’ll be most comfortable using.  It’s a free service and is very easy to set up.  So what are you waiting for?

Your head is in a whirl trying to decide what takes priority in your work at home businesses. Should you reach out for more customers? Should you continue to better your business?  Can you take on more work while improving your business at the same time? How do you schedule all you need to do in one day? How do you brand yourself?

There’s so much to learn as you try to navigate your role as a business owner and earn enough money to keep the business afloat. If you are feeling overwhelmed or if you want to get a professional’s opinion it may be the right time to look into business coaching.

Kelly McCausey offers Mom’s Talk Biz One on One Business Coaching which any woman who is a WAHM can relate to. Kelly is just that and a single Mom too.

Kelly offers free conferences so that you can get to know her first. Follow her on Twitter to get the word on these and other freebies she offers. She also writes at Sparkplugging and writes the Work At Home Moms Talk Radio blog. She knows her stuff.

Depending on the type of home-based business you have or plan to start, you may not need a formal business plan.  If you aren’t approaching a lender for funding, you probably won’t be required to have a written plan.  But that doesn’t mean you shouldn’t have one.

A business plan is like any other plan - it allows you to take into consideration future needs and to map things out accordingly.  Your business plan can contain a number of components, depending on your particular enterprise.  Here are a few to consider.

1. Statement of Purpose - Describes your business and summarizes your goals
2. Executive Summary - Includes product or service, competition, location, management structure
3. Marketing Plan - General market overview, target market, customer demographics, competition
4. Financial Data - Funds needed for start-up costs, funding sources, financial analysis
5. Miscellaneous Documents - Resumes, business paperwork and contracts, etc.

Do you think you need a business plan?  While it may not be a requirement for running a successful business, having a business plan in place can help you to better forecast the future of your endeavor and clarify your intentions.  It can also give you peace of mind that you’re on the right path or let you know that you may need to tweak certain elements.  In any case, writing down your plan can help motivate you to achieve it, increasing your chance of business success.

If you are a work at home parent, chances are you don’t have a corporate briefcase but a backpack.  I gave up my briefcase two years ago and have been using a backpack, as it has multiple functions.  It reminds me of the commercial for Capital One, where they ask “what’s in your wallet?”  If you’re wondering what a stay at home dad carries in his backpack, here’s the details:

1.  Diapers.  At least two and some wipes.

2.  Changing pad?  Nope, I use the back of the seat or the back of an suv for my toddler.

3.  Snack.  Great for bribing the little ones when you’ve got to take an important phone call.  Also important around 11am and 3pm.

4.  Computer laptop.  I prefer a Macbook Pro because my little ones have dropped it so many times and it still works.  I’ll continue to buy Apple products for this reason and becuase my toddler can spell Apple and not Toshiba.

5.  Camera.  You never know when something fun or interesting will happen to your kids.  Also great if you have a website or blog and you found a great picture for your next post.

6.  Sunscreen.  I have had so many moms and nanny’s ask if they can borrow my sunscreen.  I could probably start charging for it.

7.  Toys.  Especially sand toys.  I can play with the kids at the park and also get 30 minutes of spreadsheet work or email read.

8.  Business cards.  You never know when you might meet someone interested in your business or product and would like to network.  I have yet to meet another work at home dad, but when that day comes I’m sure he won’t be interested in my business.  Maybe if I sold Dewalt power tools or motorcycle parts.  Just kidding.

9.  Blanket.  My little toddler must have his blanket during naptime and for any stressful occassion.  My business at home will shut down if we cannot find the blanket.

10.  Books.  I love to read and so do my kids.  Going to the park and reading or just having one ready for a long car ride, is my favorite item for my briefcase.  We love Dr. Seuss and The Little Engine That Could.  Thomas the Train is a close second.

If you’re a work at home mom or dad, what’s in your backpack?