When people consider starting a home business, they may not realize that the first step in achieving their dream is to have explicitly stated goals (a plan) and then slowly working toward them. One goal in your list of home business goals, should be the date you want to begin working from home full time. If you think that you’ll just quit your job and start your new work at home life, you’re probably mistaken. Very few home-based workers have the means to cut the safety line of their day job income and jump into the deep end. You’d be well advised to touch your toes in the water first then wade in the shallow end for awhile before making a splash in the deep end. Read more
If you are considering starting a home-based business, the following tips will help your venture survive and thrive.
1) Start small
The mistake some home-based business owners make when they start out is trying to grow too fast. Growth costs money. At first, you may have to make-do with less. You may have to live with your less than perfect office setup, an older but perfectly good desktop and laptop and the like. Starting your business on a shoestring budget and having the willingness to make do with what you have takes discipline. If you start your business, buy the latest desktop and laptop, purchase all new office furnishings and pay for advertising, you’ll chew through profit. While many of these items will be deductible come tax time, if your income is variable (and it often is when starting a home business), you’ll have cash flow problems that can quickly escalate and make it impossible to make ends meet. Read more
The following home-based business security tips can help secure you, your home-office and your data while giving you some peace of mind. Read more
As a freelancer, you may think that the shoe box method of accounting works well for you, but if you consider all that could be hidden in the shoebox, or worse…missing from the shoebox, you’d agree that using a system to efficiently and easily organize financial transactions is the better way to go.
Having accurate financial records, including income, expenses, asset purchases, taxes charged, income owed by customers and bills you owe to vendors, is vital all year round, but especially at tax time. Read more
In part 1 of this article, we shared skills 1-5 of the top 10 skills that home-based business owners need to succeed. Now, we’ll complete the list.
6) Work-Life Balance
Balancing your personal life with your home-based business working life is vital to your mental and physical health. When you are starting out, you may find yourself working long hours (or odd hours) and not giving enough attention to friends, family, your mental state and physical well being. You may eat poorly, sleep poorly, and thus, think poorly. Read more
You’ve probably read the statistics on home-based business growth in the U.S.A. According to the U.S. Census Bureau 2012 data, about 50% of all small businesses in the U.S. are home-based businesses. Of those, 60.1% of firms without paid employees are home based, and, 23.3% of small employer firms are home based. According to the SBA, “The industries in which businesses are most likely to be home-based are information (70.0%), construction (68.2%), and professional, scientific, and technical services (65.3%).” Read more
Whether you are just starting out as a freelancer, home-based business owner or micro-business, you will benefit from tips that save you money and time. A freelancing career is rewarding and has its freedoms, although it can be a little scary, too. Your income may fluctuate from month to month depending on how much work you can bring in. Knowing this about your life, you can plan for lean months by learning to be frugal.
All successful small business owners understand that by operating lean and reducing expenses, there is more left in the bank to pay yourself or reinvest into your business. Once you begin finding ways to save money, operating your business frugally becomes a fun and rewarding challenge.
Here are ten money saving tips that can help you cut costs and keep more of your money. Read more
If you run or work in a home-based business in the U.S, you certainly are not alone. In 2011, the U.S. Census Bureau published some startling results from their 2007 Survey of Business Owners. The Census Bureau felt that the following facts were important enough to warrant a press release. While the 2012 SBO “Characteristics of Business Owners” data will be released in March 2016, here’s what the 2007 survey told us about home-based businesses. Read more
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