One of the great hazards of running a home based small business are the benefits you get from full time work for a conventional employer. Why are they a hazard? Because they’ll convince you that your business needs to replace the money and benefits you’d make now with what it can pull in. This is a hazard, because it keeps more potential small business owners from starting their business at all.
The key is to balance the two and make a staged transition. You can work full time at your existing job, and take on some part time work for a home based small business of your own as well. This has several advantages.
First, you’re not giving up the steady paycheck of the day job, nor are you giving up the automatic tax payments that come with it. Several professional writers and novelists keep a part time job working in retail exactly for these benefits – the retail job will cover their bare bones minimal financial needs and will, by minimizing the number of deductions taken out, generally cover the money they make from writing novels for reporting to the IRS.
Similarly, working part time on your own business lets you learn the ropes in small steps; you can find out who your preferred clients are, what kind of work you enjoy doing in this field, and work out if the business will ever cover your expenses entirely. Most small businesses are quite functional as part time endeavors, and the extra income is often used for things like paying off credit card debts, or paying off a mortgage a bit more quickly.
If you do decide that you can take your part time business full time, use the last year or so of part time work building up a ‘nest egg’ before going full time. Use it to pay off personal debts, or business related debts. Focus on paying down debts that will look ‘bad’ if you’re going to apply for a Small Business Administration starter loan.
When trying to run a part time business, you may also find some support in unusual places; many companies will encourage employees to start up small, non-competing businesses. This tends to make for better employees as well, since they understand the full ramifications of running a business and all that entails.
You may also be able to get some flexibility in your work schedule, such as working four ten hour workdays to have a weekday free to talk to your own clients. (Even better, many jobs will let you work Sunday through Wednesday on that sort of schedule, giving you two weekdays free to concentrate on your business.)
Regardless of how you start the path of owning your own home based small business, understand that by working part time, you can take it in stages, and let your business grow at the pace that best suits it and your family.
There is a great way to make a little extra money or replace your full time income without having to continue working for your boss. Working out of your home and making money is possible as long as you set your mind to it. Millions of people are doing it every day and so can you.
With the right motivation, dedication, and game plan you really can make the amount of money you need to pay all of your bills, have a little fun, and even put some money into the savings account.
If you are able to move quickly and always be ready to jump when work is available then you really can make a substantial amount of money. But if personal obligations will hold you back a little you can still make a decent part time salary.
It is all about doing what you can for you and your family without having to be under a boss or a time clock. While time clocks are not a completely bad thing they can get in the way for those with a family life to attend to. Allow yourself the freedom to take care of those you love while you make a living.
A common type of work that can be done from home is that of transcription. This entails listening to an audio file of a meeting, interview, or conference speech and typing a transcript of everything that was said. Pay rates vary but are usually based on the length of the audio rather than the amount of time it takes you to transcribe it.
Quick typing skills and a high level of accuracy are needed to acquire these jobs. Since payment is based on audio length, the faster you can finish a job, the more money you will earn per hour.
Another way people make money from home is completing paid online surveys. These surveys will pay differently depending on which company you end up working with but most on average pay around ten dollars for a completed survey. If you are able to crank out four completed surveys an hour then you can make forty dollars an hour. The faster you think and move the more money you can make.
There is certainly a lot of money to be made while working from home but make sure that you are calculating in all of the added expenses that come about from working from home. This is simply to get you prepared so that you have the best start possible. You will have phone line and Internet expenses that you may or may not be used to which could run about one hundred a month for the two.
There is also the fax machine for a couple hundred that you may need. You might also see an increase in your heat or electricity bills. While these may be extra expenses, in the long run you will save more money working at home than commuting to an office job. The beauty is that the choice is yours to make.
posted by Chris Simpson
1 Comment »
Friday, February 20th 2009
If you have ever wistfully thought about how nice it would be to work from home? You are certainly not alone! The truth of the matter is that there are thousands of people who work from home and are very successful at it.
There is no reason that you cannot join their ranks but you may be feeling a little hesitant because you don’t know what is out there. There are lots of ways to make money by working from home. Here are just a few of the great options that are available to you.
If you are a reasonably fast typist with a good ear, consider transcription work. Your pay will go up depending on how much experience you have and this is work that can be done at any hour. Be careful of choosing this line of work if you have trouble typing for long periods of time, as some transcription jobs can last well over two hours. If you have any experience with medical or legal transcription, definitely mention that as it can command a higher pay rate.
If you are looking for something that is less regular, but will still bring in some cash, consider what you can do with paid online surveys. There are lots of businesses out there that need a lot of market research done. They need to figure out what their customers want and how people feel about their advertisements and their products.
When you participate with paid online surveys, you may find yourself viewing movie trailers, answering questions about websites and trying interesting products. Although these surveys pay a reward for each survey you do, keep track of the amount of time you spend and make sure that you are getting a good hourly rate for your efforts.
Data entry is yet another great way to make money by working from home. Essentially, you will be sent raw data that needs to be put on a software database. When you are thinking about trying data entry, you should have a fairly high typing speed and a very high accuracy rate. To apply for this position, you will most likely need to take a typing test and show them what your work is like.
If you have good writing skills, consider ghostwriting. From blog entries to articles to ebooks, you will find that ghostwriting is a great way to make some cash. Consider what your skills are, figure out how much you need to make from a job to earn a profit, and make sure that you get paid accordingly. If you have enough skills when it comes to research, you can write on virtually anything. There are plenty of sites out there that will let you bid on jobs on various subjects.
There are lots of great online business ideas when you want to want to work from home, so consider what will suit you best. The four options listed above are by no means the only ones available to you, so don’t miss out on what might be great opportunities for you!
posted by Chris Simpson
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