When the economy is slow or in recession, many people lose their jobs. Corporate downsizing and business mergers result in an abundance of executives and other corporate employees who become unemployed displaced workers. The state of the economy and the instability of having a job encourage many people to start a home based business.
The idea of lifetime employment is a distant dream in the corporate world. With mergers and acquisitions, there is no longer security in having a job. Some companies outsource their customer service departments to other countries. The low wages make setting up shop in other countries advantageous to the company but leave long-term employees without a means to support their families.
This seeming negative occurrence spurs them to start their own business working from home. These employees take stock of their situation and know that they must either buy a business or start their own home-based business to support themselves and their families.
Working from home has some distinct advantages for the business owner.
A home-based business has fewer risks than working for someone else. You are in charge of your future. Working from homes provides a level of control that cannot be received from any company that cares less whether or not you are able to feed your family. Being your own boss is the ultimate job security.
Home based business entrepreneurs are continuing a tradition that began before the turn of the century. The economic center was based in the home. Agriculture was the major industry and could only be worked a few months per year. When the weather prevented these entrepreneurs from planting and sowing, they created cottage industries to supplement the family income.
Today this same spirit of creating a family centered economic base is the reason that home-based businesses are so powerful.
Empowerment of the individual is the theme of home-based business ownership. The flexibility of working from home is certainly one of the advantages.
Responding to the sound of the alarm clock at 5 am to fight traffic for an hour is a task that home based business owners remembers only as a distant nightmare. Spending more time with children is another of the top five reasons home based business owner's state as reasons.
Being self-sufficient is the cornerstone of a thriving society. Working for someone else is a less than optimum condition because the owner of a business or a supervisor holds your livelihood in his or her hands. When independent minded people work in organizations that require conformity, they run into serious problems.
Independence combined with a strong desire to succeed is admirable qualities that may not bode well in a corporate setting. But, these qualities will lead an employee to find a better way to create income in their own home based business.
When working for someone else proves to be less than an ideal situation, entrepreneurs find a way to work from home to provide for themselves and their families is to start a home based business.
Reasons To Leave A Job
The Consolidated Omnibus Budget Reconciliation Act (COBRA), a law created in 1986, gives workers (and members of their family) who lose their health insurance benefits the right continue their group health insurance for a limited period of time under circumstances such as voluntary or involuntary job loss, reduction in hours, transition between jobs, divorce, adoption and death.
Generally, the employee pays up to 102% of the premium cost for the same policy; this is still usually less expensive than buying an individual insurance policy.
There are three basic aspects for qualifying for COBRA: the qualifying event, the insurance plan coverage and the qualified person.
Each aspect is taken into consideration when applying for COBRA and you must elect to either apply for COBRA or waive your rights to COBRA within 14 days after a qualifying event.
You must also have been in the group insurance plan during your employment to be eligible. Although there are exceptions, generally you may continue to pay your own premiums to keep COBRA coverage intact for up to 18 months.
Companies who have fewer than 20 employees, State or Federal employers or employee organizations may not offer COBRA coverage.
Check with your health insurance administrator to see if you may qualify. You may also have this information readily available in your group health insurance policy or in your company handbook.
Although it may be expensive, the cost of being able to keep your group insurance coverage rate may be well worth it.
Both Sam Crowley & Jasmine Stone are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.