Starting a Home Business: Is it Worth a Pay Cut?
Right now, the economy isn’t the strongest. On one hand, you have people losing their homes. And on the other hand, some families have trouble meeting everyday expenses due to inflation. If you’re feeling the economic crunch, the thought of taking a pay cut to start a new business venture is risky, and in some instances - downright crazy. Yet, there are real benefits to work at home life. And if you can survive on less, the benefits are worth consideration.
It takes time to grow a new business. However, if you’re confident and determined to make it happen, you can succeed. Unfortunately, there’s no way to predict how long it’ll take a new business to generate sufficient revenue. It might take a few weeks, months, or years. Therefore, anyone who gives up a regular paycheck to be their own boss takes a huge risk. This risk will either payoff handsomely, or be the start of financial ruin.
So, is being your own boss worth a pay cut? Ultimately, it depends on your situation. The best advice I can offer is to research the home business idea. On average, how long will it take to generate steady business? Is there a huge start-up cost? Also, evaluate your personal situation and finances. Do you have enough money in the bank to stay afloat during slow periods?
Some people have the perfect situation for starting a home business, whereas a pay cut will not negatively affect their lifestyle. In this case, I say go for it - make it happen! Then again, if you can’t survive a week without pay…quitting your job on a whim might not be the brightest decision.
Technorati Tags: work at home, home based business, telecommute, self-employment, freelancer
How Well Do You Handle Criticism?
Whether it’s constructive or harsh, criticism isn’t always easy to swallow. As a freelance writer, I’ve dealt with my share of criticism - some good, some bad. It’s a part of the business, and anyone who wants to be a freelancer should learn how to deal with criticism - fast! An editor or client might request re-working an assignment, or a blog reader might consider it necessary to pinpoint every minor typo.
I’ll be the first to admit, it isn’t easy in the beginning. You’ll come across clients who are happy with your work, which can boost your self-confidence and you feel ready to take on any new challenge. Then it happens. You complete an assignment, turn it in, and the client isn’t pleased.
What do you do?
The one thing you shouldn’t do is become defensive. I know it’s hard, and you’ll probably think “how dare he/she criticize my work. I did exactly what they asked.” Maybe you did. However, regardless of whether a client is too picky or didn’t clearly state their need, the goal is to complete the assignment to their satisfaction. In turn, they’re happy and you get paid. Besides, the way you handle constructive criticism says a lot about yourself. If the client likes what they see, this might open the door to a long-term, lucrative contract.
Technorati Tags: constructive criticism, clients, telecommute, freelancer, work at home
4 Common Work at Home Mistakes
The average work at home professional didn’t take a class on how to run and operate a successful home business. As a result, many freelancers make rookie mistakes. However, you live and you learn - and hopefully - you don’t repeat past mistakes.
Here is my top four list of common work at home mistakes.
1. Divulging Too Much Personal Information: Before beginning an assignment, you’ll likely have to sign a contract and provide your taxpayer information. While some freelancers supply their Social Security number, I can’t stress the importance of applying for a Federal Tax ID number. Identity theft is a big problem, and freelancers should take every realistic measure to protect their personal identity.
2. Not Putting in Enough Time: If you want your home based business to succeed, you’ve got to build and promote the business. New businesses rarely take off in a few days or weeks. Some people start a new business, devote a few hours a week to the business, and then wonder why the venture failed. The same way you give an employer 40 hours of your time, you should be willing to devote an equal amount of time to your business. Read more
Work at Home Employee: Fired?!?
Individuals who are able to revel in work at home life are either self-employed persons or work at home employees. Telecommute employees are becoming more and more common as many corporations assess the advantages (increased productivity, low turnover, etc.) However, even after convincing their employer to experiment with telecommuting, some work at home professionals find a way to mess up the arrangement.
Some employers are on the fence when it comes to the issue of telecommuting. Although the agreement benefits their bottom line, employers may have to confront employees who spend the greater portion of the day goofing off. Our homes are a hotbed for distractions. Even if you have a designated workspace, it’s easy to sleep late, take longer lunch breaks, or take a day off!
If you’re able to multi-task, stick to a schedule, and overlook daily distractions - your employer will have little or no complaints. On the other hand, if you’re frequently unreachable during the workday, can’t complete assignments within a reasonable time period, or if customers habitually hear your children in the background - be prepared to pack up your home office and return to the workplace.
Technorati Tags: telecommute, employees, work at home, home office
Establish Ground Rules with Family and Friends
Although freelancers work from home and have all the time in the world to complete assignments, some find it difficult to stay on task. Too often, a telecommuter’s life is weighed down with interruptions and distractions. Between children vying for attention and the telephone ringing off the hook, you likely have little time to breathe, let alone work on an assignment.
In hindsight, working from home is the dream life. You can set your own hours, work at your own pace, and you have plenty of time to spend with friends and family. Ironically, the latter benefit can create problems.
Regardless of how much income you’re bringing into the home, some people don’t acknowledge telecommuters. Even if you spend 30 or more hours working each week, these people see you as another “housewife” or “stay at home mom.” As a result, they don’t respect your time.
An unannounced guest might show up at your doorstep, or a friend might call in the middle of the day and expect you to drop everything to run an errand. What’s more, your own immediate family members might fail to realize the seriousness of your business, wherein you receive a few dirty looks because dinner isn’t ready exactly at 6:00.
In order to run a successful home based business, you’ve got to lay down a few ground rules with family and friends. Check out these Ten Tips for Setting Family Ground Rules for Your Home Based Business. Stick to these simple rules and your family and business will receive the attention they deserve!
Technorati Tags: work at home, telecommuter, freelance, family rules, home based business