I was challenged to take someone from Regis Philbin’s studio audience and teach them my wealth building strategies. Just 90 days after following my system Pat Waston was $20,000 wealthier.
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Most people who begin a business working from home are operating on less than a shoestring budget. The problem is, as most of us realize, that it takes money to make money. You must have money to invest in your business in order for it to grow. Despite all the claims to the otherwise you need to make some sort of investment, quite often a painful investment in your business in order for it to really take off as it should.
There are many online gurus who claim you can start with nothing and build an empire. That isn't entirely true. You must have something to offer first of all, and second, you absolutely must have someone to whom you can offer your product or service. Services may require items you already have. In that you are actually quite fortunate. But, you need to make sure you do not need a business license in order to operate in your area, insurance (this is an important one that often gets overlooked but any business needs to make sure they are properly covered against professional liability as well as physical damage to equipment, office space, loss of income, etc.), advertising, and any other incidental expenses that may present themselves along the way.
While insurance, equipment, and licenses are important in getting your business going, advertising is what will keep your business growing. If your business isn't growing then something needs to change and you need to make serious adjustments to your advertising budget. I know what it means to operate on a shoestring, believe me; even those get stretched and frayed at times. However, if you aren't investing at least part of your income back into your business through advertising you are doing yourself and your business a huge disservice.
I also know that most of us sacrifice so much during the process of getting our business up and running and off the ground that we are very tempted to reward ourselves with our profits and it is very hard to set limits for that. Here are a few things I recommend to help you reward yourself in small ways while investing in your business for larger payoffs later.
1) Small rewards.Small rewards work wonders for the mind and body while reaffirming your efforts for a greater payoff later. Start with something small like a favorite scented candle for your work area. You will enjoy the pleasant aroma as you are working towards bigger and better rewards for your space at a later date.
2) Reward yourself with family time. Most of us sacrifice so much family time with our work that it is important not only to reward ourselves for our sacrifice and hard work but also our families who have sacrificed that time together as well. Something as simple as renting and watching a movie together while cooking frozen pizza and microwave popcorn can be a relatively inexpensive yet priceless reward for the entire family.
3) Reward yourself with time off. This may cost future income; it also may not. The important thing is that it will not take money from the business budget and will still allow you to have fun and put food on your table. Play a board game with the family or take a walk around the neighborhood. Get out and connect with those around you so that you remember why you wanted to work from home in the first place. My personal favorite is working out and riding my bike. It recharges your battery, keeps you healthy, and doesn't cost a penny.
The thing about rewards is that they do not have to cost money and some of the best rewards don't cost a penny that you would not have otherwise spent. By saving the money you would have spent by going out to eat or catching a movie at the local theatre you've actually saved a pretty nice amount of money that you can reinvest into your advertising budget while giving yourself a nice reward for all of your hard work.
People have misguided dreams of how life is going to be once they begin working at home. While it isn't quite the same as the law of diminishing returns, there is a very similar effect that is involved between what you envision working at home to be and what working from home actually is.
Personally, I had dreams of working 9 to 4, having a perfectly spotless house, dinner on the table each and every night, a beautifully manicured and maintained lawn, no back log of laundry, and perfectly behaved children. As the old commercial goes, 'get real!' The truth is that when you work from home, especially in the beginning, you will have to schedule your time very carefully in order to avoid a house that is so hopelessly wrecked and a laundry pile that is beyond all sense of control. Your children will resent the time you are spending involved in other projects and create disasters that must be tended to and your 'to do' list will become an epic poem that would make even Homer blink.
These are the growing pains of working from home and you will find that in time and with careful planning, you can get a grip and find some sense of balance. The problem is that too many people give up their dreams of working from home at the first signs of trouble. Here are a few things you can do that might help you regain the control over your life that you feel you've lost as well as getting your family on board and working with you rather than against you:
1) Delegate. This is important and often the most difficult. You don't necessarily have to involve your family in the inner workings of your business, but you can recruit them to help in areas where they might be of assistance. Even young children can help empty the office trash can or help put away inventory. Also remember that your family can play a major role in helping with household responsibilities. Get your children or spouse to help with dinner and laundry one night a week (younger children can help fold wash clothes and put away their own clothes).
2) Schedule. Schedule time for everything during your week, especially time for family. If your family is happy with your working from home and doesn't feel neglected they will be much less likely to contribute to your woes when they arise and more likely to support you when you are feeling down about your decision. Also schedule time for things like throwing dinner into the crock-pot, running the vacuum cleaner, and washing dishes. It may seem silly, but if you have time planned for these events you won't feel so rushed while you are doing them. Also schedule down time for yourself and take it. You need to take breaks throughout the day, get away from your computer and breathe deeply. Even if it's taking a walk around your house do something to take your mind off business for fifteen minutes.
3) Plan For Family. Plan one night a week or afternoon for family time. Make that night a recurring night that work will not interfere. That night should be sacred and you should plan something special that night each week even if it's just a board game and frozen pizza or microwave popcorn and a DVD. This gets you away from work one night a week, gives you time to reconnect with your family, and lets your family know that they are a priority for you.
The amazing thing is that most people begin working at home in order to have more time with their families and end up working longer hours and spending less time with their families. Be mindful of your priorities and never lose sight of the reasons you wanted to work from home in the first place. Also, don't give up too easily it may seem like tough going at first, but it is well worth it in the end.
Many people struggle with the decision of whether or not to take the plunge and work from home. They rationalize and agree to give up this, that, or something else when that may or may not be necessary in order to make ends meet. The truth of the matter is that you can afford to make a lot less money working from home than you would need to make in order to maintain a certain lifestyle working outside the home.
There are many expenses that could be drastically reduced if not completely eliminated in order for one parent to work from home but there are other expenses that are involved in working outside the home that are often not even considered when mapping out strategies and listing pros and cons.
The following is a list of expenses that you will either find greatly reduced or non-existent when working from home rather than working outside the home.
1) Child care. For many families, especially families with more than one pre-school child, these expenses can be prohibitive to say the least. Even with only one child in daycare the average fee for one year is somewhere between $7,000 and $9,000 if you multiply this for multiple children you can see that this is a significant monthly expense.
2) Taxes. Here's the kicker and where working from home really pays off. Not only will you (more than likely) find yourself in a lower tax bracket by working at home, but you will also find some nice new deductions for your accountant to play with come tax time. Lowering your tax bracket means that not only will you personally pay less in taxes, but your family as a whole will pay less taxes for the year.
3) Professional Wardrobe. Those professional clothes can pack a pretty big punch on the household budget. While working from home may not completely negate the need for professional clothes it can seriously limit the need.
4) Lunches out. This happens to be a big expense for most workers over the course of a year. While it is always great to bring your own, we will all admit that there are times when we find the effort too much to comprehend first thing in the morning and opt for dining out. The other problem is that we often find ourselves working late and grabbing take-out on the way home. While there will still be times when we need to get out and about or simply do not feel like cooking, there will be less of these moments when you work from home than when you work outside the home.
5) Coffee breaks. These add up over time, particularly if your coffee break involves strolling over to Starbucks. Even if it's just the office snack room where you're spending your quarters you will find that it is much cheaper to keep your own supply of coffee (even flavored coffee) and snacks on hand for your home office.
6) Commuting expenses. This one is a little more difficult to define as it isn't simply related to gas. Insurance costs less if you put less miles on your car, you will need routine maintenance less often if you are putting fewer miles on your car, and you will go through things such as tires and oil changes less often. These little things can have a huge impact on your yearly budget.
7) Dry cleaning. Many of those items required for a professional wardrobe also require dry cleaning. Eliminating this expense can be a real eye opener.
8) Parking. If you work in many cities, you either have to pay parking or your company includes that as a 'perk'. Regardless of whether it's coming out of your check before you see it or after, you can bet you are paying (somewhere along the line) for parking. Over the course of a year this can really add up.
While this list is by no means comprehensive and the actual fees will be different for everyone involved, when you compare your current income and subtract these expenses, you might be surprised to find out exactly where you stand. There are some expenses that will increase as you work from home but overall you will see some dramatic financial improvements on an even smaller salary working from home than you may realize. Carefully plan and consider whether or not this is right for you. Put pen and paper to it, crunch the numbers and let them lead your decision of whether or not working from home is something you can envision in your future.
Working from home, in addition to be a wonderful and freeing experience, also happens to be a rather isolating experience for many. Now those that have businesses that involve party plans are not quite as isolated as many of the rest of us. But many work at home parents have a tendency to become completely and totally isolated from the world around them. We don't have a water cooler and co-workers to talk with and many of us turn to virtual friends and online water coolers (bulletin boards) for that important adult interaction, but when business picks up we tend to withdraw even from those resources.
The problem is that when your home is your office and you don't have to deal with the 'real world' by that I mean commutes, ripped stockings, soup on ties, and hair cuts and hair styles on a day to day basis, it is easy to hole yourself up in your office and only come out for necessary activities such as eating and sleeping. This is not a healthy environment for you, your family, or your business. Operating your own business is hard and it is often even more difficult to strike a balance between working too much and not working enough, however, you must get out occasionally and in touch with other humans (those you aren't related to) and remember why you want to work from home in the first place.
Here are a few things you can do to help keep you on track as far as work goes while providing some much needed time outside the office as well.
1) Join professional organizations in and around town. By joining organizations such as your local chamber of commerce or other professional organizations that relate more specifically to your chosen career and attending meetings you are accomplishing two things: first, you are getting outside the confines of your home office and second you are networking, which is a vital skill for the growth of your business. 2) Join local civic groups or community organizations. By becoming involved in causes you believe in you are getting out and about and most importantly staying in touch with the world outside your office doors. 3) Purchase tickets to plays, concerts, movies, and events ahead of time. Doing this puts you in a position where you have no excuses not to attend. We get to the point after a while where it is easier to stay in our offices everyday than it is to go out and face the world. We get out of practice with the curling iron and cosmetics and find that it much more of a hassle to go through the motions required for a night out than we feel it is worth sometimes. However, going out and getting away from home, hearth, and computer for a night is just what the doctor ordered sometimes.
Working from home shouldn't be your shield from the world. We all have our reasons for wanting to work from home, but I'm sure that most of us will admit that isolation can at times be lonely. It is good to get out and get away and the things I mentioned above will provide a means for you to do just that.
I have often mentioned the need for balance between your family life and your business. This is a little bit trickier of a proposition for work at home parents, particularly those who have little ones pattering about. But there is some benefit to working around and along with the little ones. The first of these major benefits is the fact that they force you to take breaks whether you think you want one or not.
For most of us, it is difficult to get into our work first thing in the morning and if we don't have an outstanding amount of self-discipline we often find ourselves hurrying later to catch up on things that we got behind on during the early morning hours. In these situations, taking a break to put Polly Pocket's dress on for the thousandth time or fixing yet another glass of juice might seem like a profound interruption to your work flow. However, if you take a moment to think about why you wanted to work from home, wasn't there something about this in that thought? More importantly however, taking short breaks throughout the day provides a renewal of energy and purpose and gives your child special memories that other children aren't quite so fortunate to have.
Second, the little ones (believe it or not) will help drive your schedule. If you are planning around lunchtime, snack time, nap time, etc. and have set times for these each day, you are mentally preparing for those times and working according to what needs to be done before that time. It's like a mental turbo boost for your productivity. I don't know about your children, but my children are very quick to let me know it's lunch time, snack time, and goodness knows it's obvious if I'm late for nap time.
Third, having little ones at home with you while you work can be the most motivation possible to succeed. Knowing that while you are busy for a large chunk of the day you are still the one that is there to change the diapers, kiss the boo boos, and soothe the heartaches of your little one and not some day care provider is one of the most priceless things you can imagine. I didn't know how much it was going to effect me or how much I was going to love it until I was actually able to do it for myself. And to be completely honest I wouldn't change it for the world.
The fourth and final reason that it is good to have little ones afoot during your workday is this: exercise. If you are getting up and down on occasion and chasing the crayon wielding, lipstick wearing, cookie bandit around the house, you are getting out of your seat and getting a quickie cardio kick-start. These little moments of activity really are good for you. We work at home parents tend to not get nearly enough of those moments since we aren't walking to our cars and offices or climbing stairs to get into and out of the parking garage. We are missing out on exercise that others don't even realize they are getting. So it's a fair trade and worth every single calorie burned while we are chasing the little ones around the office silently praying that they don't have the document we hope they don't in their grubby little paws.
Yes your little ones can be distracting and down right destructive if you aren't carefully supervising, well even if you are for that matter, they can also be terribly sweet and loving and perfectly delightful to watch and enjoy as they grow and learn so much each and every day. I feel as though if I were to blink long and hard I'd open my eyes and they would suddenly be grown and gone. Imagine how much I would miss if I were to leave them with others and go to an office each and every day?
For more information on Work From Home Jobs and Work From Home Business Opportunities Visit: Legitimate Work From Home Opportunities (Guest article provided by Andrea Bullock)
If you are a work at home parent, there will come a time when you wonder if you have chosen the right path. Whether the question is born of work seeming to take over your family time, a lack of disposable income (yes, not all work at home parents are fabulously wealthy no matter what the television commercials tell you), lack of time, lack of tolerance, or just a feeling that you really still don't have the time you thought you would have to spend with your family at the end of the day.
Many of us decided to work from home so that we would be able to spend more time with our children and family. Isn't it amazing how building that business can take so much time and effort that at the end of the day we barely have the energy left to call Domino's much less actually read a book or toss a ball with our kids. We will reach the point at some point, where we will seriously question our decision and doubt our commitments.
For those times, I encourage you to sit down and make a list of why you chose to work from home in the first place. Make a Letterman worthy top 10 list of the reasons that you wanted to work from home. It's important that the reasons are yours alone and do not belong to anyone else, because when the day comes that you are doubting yourself and your decision to stay at home, your top 10 list will get you through that day so that you can try to do better tomorrow.
When you have a day when dinner is not done, your house has been destroyed, it is raining outside, the sink is full of dishes, and even Calgon cannot take you far enough away from home, hearth, and home office, pull out your list and remember the reasons you wanted to work from home in the first place. Do you experience the good things on this list more often than you experience the days like this (it can go on for about a week in many cases)? If you are not enjoying the good more than the bad, then you need to decide how to make it better.
Revisit your business plan, re-establish office hours, make appointments for family time, organize, 'hire' your children to help out in the office one day a week so that they don't resent your work time as much, and schedule time each and every day for 'you' time. If you aren't making some time for yourself, even if it means you have to get up five minutes earlier each morning in order to do this, then you aren't going to have any time or mental energy to plan where you're going. To enjoy the greatest benefits that working from home has to offer plan your days. Plan time for work, family, self, and other obligations and stick to the plan. If you don't get everything you hoped to get done accomplished, get up earlier tomorrow and try again.
Another important thing that I had to remind myself is that you need to schedule a day off from work every once in a while. If you never take time off you can't renew your commitment to your job, craft, business, etc.
The biggest mistake I see new home business owners make is jumping in with boundless enthusiasm and absolutely no life jacket. It is great to be excited about a new business or business opportunity, even to share it with everyone you meet. But it is absolutely crazy to quit your day job because you've found the network marketing dream that is going to net you millions.
The truth is that in network marketing, many people never even make back their initial investment. Why? Because it is hard to sell your dream to someone else and most of us can't really relate to the dreams of others. While we all share similar goals, more money, happy, healthy family, living a good life, and feeling a sense of accomplishment at the end of the day, we each have dreams that are ours and ours alone. I cannot give you my dream and you probably would not take it if I could. I do not necessarily want your dream either, network marketing companies, however, are built on people's dreams and promises.
I am not saying that network marketing is bad or that you cannot make a lot of money doing it. I am saying that the average Joe rarely makes a dime doing it because he gets a few doors slammed in his face and gives up because no one wants what he has to sell. The truth is that if he does not know how to sell it, he probably could not have given it away. Don't be a victim of boundless enthusiasm. Learn the product, talk to people who are successful in that company and others, find out what it took and seriously consider whether or not you are willing to do what it takes.
Network marketing requires a special mentality. If you have that state of mind you will be the only thing that stops you from making money. I can guarantee however, that the vast majority of those that start a network marketing business aren't financially prepared to quit their day jobs for at least two years after beginning their business. So, don't quit your day job until you have your feet on solid ground. Be enthusiastic, but be realistic and most importantly be prepared to work hard and invest serious time and money in the growth of your business. I do not care what anyone says about building your business for free, it can't be done. While you might be able to start a business for free, there will come a point where you will have to invest money in your business in order to make money from it. My final piece of advice is for you to be patient with your business. Whether it will happen or not is entirely up to you, but I can pretty much guarantee it will not happen over night. It takes time to build a successful business. Most brick and mortar businesses suffer a loss at the very minimum for the first year of operation. And many suffer losses for 2-3 years before turning the corner. Keep that in mind as you build your business. Your investment now is in your businesses future, whether it is time, money, blood, sweat, or tears.
It has been my goal to research and then list all of the best and least costly legitimate work-at-home jobs and
internet home based business ideas I could find. I truly hope you found the information useful--and in the end
Profitable--for you.
