Making the leap from a corporate environment to a home based business can be exhilarating and terrifying all at once. The shift isn’t a small one so any planning on your end before you make the big “move” is highly recommended. If you can prepare financially, physically, mentally, and yes, even emotionally, you’ll be ahead of the game.
1. Finances – Being financially ready is fundamentally essential when starting a home based business. Yes, it’s a no brainer, that’s true. But, preparing for advance costs from new company legal work (DBA, LLC, trademark, etc.) to furniture to electronics, will keep you from getting financially frustrated down the road.
2. Health Care – Leaving a full time, corporate gig means you’ll also be leaving your company provided health care insurance. Make arrangements beforehand to alleviate any unforeseen insurance issues once you start your residual income home business.
3. Atmosphere – A major environmental change takes place when you start working from home. Your work friends are no longer around, the local bagel guy isn’t delivering to your home office and your current lunch meetings come to a complete stall. In other words, the people you’ve come to rely on for everyday office company are no longer there. To keep from feeling lonely or out of touch, make lunch plans with a friend or colleague, or grab your computer and work from your local coffee shop or bookstore. There are various ways to keep from getting the home office blues.
4. Planning – Being your own boss is definitely a step in the right direction to residual income, but no one said it was easy. Distractions are everywhere and no one is looking over your shoulder to make sure the work gets done. It’s important that you become a planning fanatic when working from home. Establish regular business hours, create deadlines, schedule meetings and monitor your to-do lists. Knowing how to effectively be your own boss will result in increased work flow.
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Showing posts with label Residual Income Home Business. Show all posts
Showing posts with label Residual Income Home Business. Show all posts
Wednesday, July 6, 2011
Wednesday, June 15, 2011
Overcome the Distractions of Working from Home
Tell someone you have a home based business and their mind immediately conjures up images of you lounging around the house, sipping your favorite drink and chit-chatting with your pals while barely breaking a work sweat. It’s no wonder that having a residual income home business brings with it its own unique distractions.
One of the most common beliefs is that since you’re working from home, you’re not really working. Fact is nothing could be further from the truth. Like every job, you don’t get paid unless you work and your home business is just that – a business. Let it be known that you’re running a business, not watching the last season of Lost on DVD.
Along those same lines, being that you’re home, your family and friends may get the impression that you’re constantly available to them. Your kids, spouse, girl/boyfriend see that you are physically present; therefore you should give them the attention they’re asking for. Your friends may drop by unannounced to simply hang out. This is where you have to draw some serious boundaries. If you explain that it’s important to have your time to work so that you can have time to play, and stick to that, they will eventually get it.
On the opposite end of the spectrum, working from home can feel somewhat lonely. You’re used to working in an office full of co-workers and now it’s just you. If you begin to feel cut off from the world, remind yourself why you started your home business in the first place and the perks of doing so. You can also schedule coffee or lunch sessions with friends or colleagues to get you out of the home office for an hour or so.
Lack of motivation can be a major obstacle to overcome for those who earn residual income. When you don’t have anyone nipping at your heels or encouraging you, it’s easy to get sidetracked, put things off and feel unmotivated. When these moments present themselves, give yourself a deadline to feel what you feel and then move on. Find ways to motivate yourself and forge ahead.
No one said working from home was easy. But, if you face your distractions head on, you and your business will be the better for it.
Read more...
One of the most common beliefs is that since you’re working from home, you’re not really working. Fact is nothing could be further from the truth. Like every job, you don’t get paid unless you work and your home business is just that – a business. Let it be known that you’re running a business, not watching the last season of Lost on DVD.
Along those same lines, being that you’re home, your family and friends may get the impression that you’re constantly available to them. Your kids, spouse, girl/boyfriend see that you are physically present; therefore you should give them the attention they’re asking for. Your friends may drop by unannounced to simply hang out. This is where you have to draw some serious boundaries. If you explain that it’s important to have your time to work so that you can have time to play, and stick to that, they will eventually get it.
On the opposite end of the spectrum, working from home can feel somewhat lonely. You’re used to working in an office full of co-workers and now it’s just you. If you begin to feel cut off from the world, remind yourself why you started your home business in the first place and the perks of doing so. You can also schedule coffee or lunch sessions with friends or colleagues to get you out of the home office for an hour or so.
Lack of motivation can be a major obstacle to overcome for those who earn residual income. When you don’t have anyone nipping at your heels or encouraging you, it’s easy to get sidetracked, put things off and feel unmotivated. When these moments present themselves, give yourself a deadline to feel what you feel and then move on. Find ways to motivate yourself and forge ahead.
No one said working from home was easy. But, if you face your distractions head on, you and your business will be the better for it.
Read more...
Wednesday, June 1, 2011
The Pros and Cons of Starting a Business with a Friend
About a year ago a friend of mine announced he was starting a home based business with his closest friend. He was extremely excited, and why wouldn’t he be? The two have known each other for years (college roommates, even) and trust one another implicitly. What could go wrong?
Starting a residual income home business is extremely exciting. Starting said business with a friend is a whole other kind of excitement. And, sometimes, not the good kind. It’s risky, complicated, rewarding, challenging and entertaining, and that’s just the first week. A business partnership with your best friend is not a decision to be taken lightly. As fun as it may sound, it’s important to weigh all the pros and cons before making such a commitment.
PRO
There’s an existing level of trust already established. It’s nice to know there’s someone you can count on when it comes to running a business. You rely on their decision making and know they have you and the company’s best interest at heart. A great confidante is priceless.
CON
You and your business partner friend don’t share the same work ethics. You may share similar passions for things on a friendship level but that doesn’t mean you approach work with the same gusto. When one of you starts to bear most of the workload, dedicates more time to making the business successful than the other, negative feelings are sure to surface.
PRO
Getting a residual income opportunity off the ground takes effort and money. Going into business with a friend and sharing financial responsibility helps to take the burden off one’s shoulders and sets the tone for true partnership.
CON
When you have a friend as a business partner, you tend to curb your feelings toward certain business aspects. In other words, if the two of you disagree on how to handle a decision or client, instead of standing by your decision, you may bend a bit as to not upset your friend. How you would normally do business goes by the wayside and that’s never a good thing. .
At the end of the day, business is business and friendship is friendship. Sometimes the two can make beautiful music together. Sometimes the tune can be way off key. Before entering into any type of partnership with a friend, know the pros and cons of doing so. Great friends are hard to find, and even harder to replace.
Read more...
Starting a residual income home business is extremely exciting. Starting said business with a friend is a whole other kind of excitement. And, sometimes, not the good kind. It’s risky, complicated, rewarding, challenging and entertaining, and that’s just the first week. A business partnership with your best friend is not a decision to be taken lightly. As fun as it may sound, it’s important to weigh all the pros and cons before making such a commitment.
PRO
There’s an existing level of trust already established. It’s nice to know there’s someone you can count on when it comes to running a business. You rely on their decision making and know they have you and the company’s best interest at heart. A great confidante is priceless.
CON
You and your business partner friend don’t share the same work ethics. You may share similar passions for things on a friendship level but that doesn’t mean you approach work with the same gusto. When one of you starts to bear most of the workload, dedicates more time to making the business successful than the other, negative feelings are sure to surface.
PRO
Getting a residual income opportunity off the ground takes effort and money. Going into business with a friend and sharing financial responsibility helps to take the burden off one’s shoulders and sets the tone for true partnership.
CON
When you have a friend as a business partner, you tend to curb your feelings toward certain business aspects. In other words, if the two of you disagree on how to handle a decision or client, instead of standing by your decision, you may bend a bit as to not upset your friend. How you would normally do business goes by the wayside and that’s never a good thing. .
At the end of the day, business is business and friendship is friendship. Sometimes the two can make beautiful music together. Sometimes the tune can be way off key. Before entering into any type of partnership with a friend, know the pros and cons of doing so. Great friends are hard to find, and even harder to replace.
Read more...
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