With the news featuring business closures and redundancies on alarmingly frequent basis these days, setting up your own firm is a realistic (often the only) option for many people. Whether it’s a florist, bakers, interior designer or building firm, many individuals are taking their first steps to waving goodbye to the nine to five routine. What not all realise is that they may be waving hello to the six till ten routine; and we’re not talking about a four hour day. If you’re starting up or planning to, here are some basic considerations that will help you on the road to success.
Assessing and Planning your Business
· Have you really got the time to run your own firm? If you’re employed at the moment taking on the responsibility of running your own firm will mean long hours and late nights. It’s not impossible but it can leave you drained and fit for neither job! For those who are bringing up young families, managing a home and a business can be either an excellent way to create a perfect work life balance or a complete nightmare! If time is a limitation try starting up part-time and don’t rush to become a multi-national corporation. Overnight success is great but it’s not the only way.
· How will you fund your business and your lavish lifestyle? Depending on your current circumstances you’ll have to plan carefully what it will cost to set up. Some businesses may need minimal funding, while others will need substantial loans or grants. These can come from family, friends, banks or crowd funding sites. Consider all options and apply to all. If you’re looking for external funding you’ll need a business plan to demonstrate that you have an idea that can work and that you know how to implement it.
· Think about your company structure. In Canada there are three structures that you can choose. Sole proprietorship is the simplest; in this structure you and the business are one and the same. This means that you’re fully responsible for the company’s debts and profits. A partnership is the next option and similar to sole proprietorship; however this structure is designed for two or more business owners. The basic rules are the same but it’s important to have a clear legal framework that defines profit sharing and how business decisions are made. A corporation is the third form of trading; in this case the company becomes a separate legal entity in its own right. In this structure you are not personally liable for the company’s debts and any number of owners can hold shares in the company. Taxes for corporations must be paid separately to your own personal taxes and this structure is normally best suited to larger firms.
· As part of your business planning it is important to consider how you will market your firm or services. The traditional word of mouth approach still works as well as ever and can be done via virtual platforms and social networking sites. A marketing strategy should include some element of internet marketing, along with cards posted in stores and adverts in local publications if appropriate.
· What IT needs will you have? You may think ‘none’ but then discover that accountancy software, email software and Customer Relationship Management Software (CRM) should all have been on the list. Don’t overlook any of these, especially accounting software. Running your own business successfully means monitoring cash flow and paying bills and taxes on time. It also means getting cash in on time, which can be surprisingly hard. Online accounting software is readily available and is easy to use; combined with an appropriate service from an accountant, this type of software can cut down the ‘overtime’ hours considerably.
Working for yourself can be hard work, time consuming and takes a certain amount of grit and determination. It is far more rewarding that using your best skills for someone else’s benefit and profit, but can be hard in the early days. Simple steps and sensible planning can help to ease the way to full time self-employment and with time you’ll be glad you made the leap.
Carlo Pandian is a freelance writer based in Toronto and blogs about home working, accountancy and technology covering everything from payroll software to HR tools. Leaving the office routine behind and running your own business is a dream lifestyle for many; using cloud based tools such as online accounting software and mobile payment solutions helps to keep the time spent on administrative tasks to a minimum.
Affiliate marketing is one of the most effective ways to promote product or service on the internet today. It is also one of the easiest and fastest ways for an individual or affiliate marketer with a website to make money online.
Affiliate Marketing is an agreement between a merchandiser and a affiliate marketer or affiliate. The affiliate promote the merchandiser’s products or services using his website or other means. The affiliate marketer get pays a commission each time a visitor clicks on the product link and makes a purchase.
Affiliate marketing programs are described as a win-win situation for both the merchant and the affiliate marketer because of the pay-for-performance scheme. There are many benefits on the merchant’s side. It gives the merchant a wider market in which to advertise product or service. By using affiliate marketing will give the product or service the maximum exposure that may not get with other traditional advertising techniques. The more affiliate sites a merchant has, the higher the traffic, which can convert to sales. Affiliate marketing is the equivalent of having an army of sales people who will do the advertising and will only get a commission if a customer purchases.
The affiliate marketer also has many benefits. Among these is the simple way to make money work from home on the internet. The affiliate can earn by promoting an ad or link to the merchant’s website, that potential customers will hopefully click and continue to make a purchase. The more referrals there are the more earnings for the affiliate.
Affiliate marketing is an excellent way to earn money while working at home. As there are almost no product costs. The product is already developed and established by the merchant, and all you have to do it to find, as many prospects as you can that will buy the merchant’s product.
Affiliate programs are usually free to join, so affiliate marketers don’t have to concern about start-up costs. There are thousands of products and services you can choose from. You are able to discover affiliate programs for all product under the sun. For sure, there is a product or service out there that you want to promote and make money with.
What is more, you need no previous sales experience. Nearly all affiliate programs offer excellent support when it comes to providing promotional material. The simpleness of affiliate marketing allows you to be an affiliate marketer at the least cost and the most easy way to start an online business. You can even build a successful affiliate marketing business right in the convenience of your own home. In affiliate marketing, your responsibility is simply to find prospects for the merchant; you do not have to worry about inventory, order processing and so on. Product support is also the obligations of the merchant.
With the global reach of the internet, you can easily find thousands of prospects. You can intensify your advertising campaign by exploiting more aggressive and productive strategies such as viral marketing.
Marketing with articles and blog and forum postings can increase more prospects and maximize your potential to earn.
Another benefit of an affiliate marketer is the minimum risk involved. Whenever the product you are promoting is not making money then you can ditch it and choose some other. There are no long-term binding contracts tying you to products that are not earning decent money.
Among the benefits of being an affiliate marketer is that you can work part or full time in your business. With your own affiliate business, you can earn as little or as much as you want, although you do have to maintain effort and use your resource to maximize your earning potential. Therefore, affiliate marketing is one of the simplest and most effective job opportunities on the internet today.
If you are a stay home mom and debating whether to work from home as a work-at-home-mom (WAHM) , there are a few decisions that must be made:
1) you must determine whether or not working at home is right for you.
2) you need to look at what sort of work at home job you will be doing.
There are numerous job opportunities for stay home moms out there, both offline and off. Having a successful work-at-home-mom career begins with assessing your personal skills and requirements in a occupation and then discovering the right match.
Some of the times the best place to start with your work-at-home-mom career is where your out of the home job ended. A lot of women find that they can become independent contractors in the area that they previously worked in. You will be able to use your previous work experience as a launchpad for your home career.
Some ways to use your experience to your vantage are: finding a company that employs individuals in your field to work from home, using your previous experience to become an “expert” writer in your field or starting a work at home business related to your previous field of operation.
Still, some women look at their wahm careers as a way to break out of their old employment. If you would like to try something altogether different, there are plenty of business opportunities for entry-level work as an independent contractor. Many of these jobs deal with telephone or online customer service. When you work as a customer service agent from your home, you just need a reliable Internet connection and a working phone. Companies also hire medical transcriptionists, data entry individuals and virtual personal assistants to telecommuting.
If you want to start your own home business, the opportunities are very vast. You can start with a direct sales company and sell products from an established brand to friends and neighbors. You’ll make commissions through your sales and also off of recruiting other people to sell the products. There are hundreds of direct sales companies that offer everything from aromatherapy products to candles to cooking supplies.
A different option for starting your own business is offering a service in your community, such as ay care center operators, florists, professional organizers and hairdressers all have the alternative of working at home. Naturally, starting a business in your community normally requires that you have had some experience in that field. However, there are some small business ideas that can be started without much experience at all.
A lot of stay home moms turn to the Internet for a source of at home income. The internet offers many job opportunities. You can offer your services online as a freelance web designer, writer or virtual assistant. You can also start your online store that sells products that you make yourself or have the rights to resell. Many work-at-home-moms launch their businesses online by using one of the popular auction sites, like eBay. Others find a career in internet marketing, by directing web traffic to a website and then recommending certain products and services.
Determine first off what type of job you’d like to do and then work from there. If you are the type of stay home mom who lives online and is comfortable with the Internet, then starting your own business on the internet is right for you. If you like the comfort of having a weekly paycheck, look into telecommuting positions.
Once you have decided on what category of job you would like, do some research on what it takes to be successful at that type of business. If you feel like you are drawn to one particular business or company, then sit on your decision for a week and see how it feels. Think what your lifestyle will be like as you take on the responsibilities of that job. Above all, be realistic with yourself about how much time you can devote to your home business. Finding the right work-at-home job is not hard when you thoroughly consider your choices.
Working from home is one of the fastest growing career trends today. Even so, many people jump on the work-at-home (WAH) bandwagon without considering all of the limits of working at home. There are many benefits to work from home, but the limitations need to be considered before you make the move.
First, your immediate career may not easily be transfer to a work at home situation. for instance, If you work in the medical field or are a police officer, being a WAH person might not be an easy transition unless you are willing to change careers altogether. Sales and administrative positions carry-over easily, so are creative jobs like designing and writing.
Monetary value is another all-important factor in deciding if working at home is right for you. While most mothers start working at home jobs to save on childcare, there are added costs to being a WAH mom. For example, your cost of health insurance, it will have to come out of your pocket instead of being paid by your employers.
Working at home with kids is not always as easy as it appears. Whenever you have young children that are not of school age yet, could be difficult to work when they are awake. This can mean lots of busy nap-times and late nights to get your works done. Other family members and friends can help take care of your kids at times, but the responsibility of your children and your job will still be firmly in your shoulders. With older children, it is sometimes easier to work from home. But you will still have to start and maintain a fairly balanced schedule in order to get everything done.
Individuals working from home have to be right-down self-motivated and disciplined in order to get their work done on time. If you are the kind of individual that is motivated by outside factors such as a boss, then working at home may not be right for you. When you work at home, there is no one there to look over your shoulder and make sure that you are working. Any distractions can be deterrents to your work at home career success.
Isolation is another problem for those work from home. Working at home by oneself can get boring and lonesome. Be sure you are comfy spending time alone, and that you take steps to combat reclusiveness. If you are prone to being depressed, the isolation that attaches to working at home may make you feel withdrawn and stress out. Take measures to fight loneliness is an all-important part to your success.
Just make certain that you understand the realities of the work at home job life style before you commit to it.
There is this old Chinese proverb: “Find a job you enjoy doing and you will not have to work a day in your life”. The meaning is that you will be so busy in enjoying your job that you will not consider it work at all. For sure this is a realistic argument and we could also add that a person who enjoys his job is likely to be happier as well and abettor person than one who sees work as a necessary discomfort.
It has been reasoned by philosophers that the purpose of life is to look for pleasure and to avoid anguish. Therefore, it is obvious that humans look for what gives them enjoyment. In that case it must be true that we look for work that we enjoy, yet they may not pay well, instead of choosing a less enjoyable job with higher wages. Is this always possible? Can we real find jobs that are indeed enjoyable?
Money is also important. There can be little happiness for a person who does not have enough money. For a person to enjoy life he certainly needs money, and if the means of obtaining money is somewhat unpleasant – like working in a pig farm, should he abandon his job and seek a job that he would enjoy? If all of us seek only jobs that are enjoyable, then no one wants to be a undertaker or a coal miner?
We should learn how to enjoy what we are doing, instead of seeking what we’d love to do. To learn to love a job that pays a lot of money, one could think of all the joys one could have and remember that it’s the job that make all these possible and from there see the job is actually enjoyable after all.
Psychologists tell us that what gives us pleasure is a matter of programming. We have been programmed to listen to a certain type of music; like certain foods and even people. If this is true that would be possible to program ourselves to enjoy our jobs – indeed if there is a well-paying job that we cannot see as enjoyable, but which gives a great deal of money, we can see it as enjoyable.
Therefore, we could say that while it is true that enjoying work is more important that making money, it would be wonderful if we all could enjoyed the job and earn a lot of money as well. Enjoying ourselves is a matter of mental attitude: we can find enjoyment anywhere if we look hard enough. But if we were given a clear choice that we can accept only one or the other, I would agree that enjoying a job is more important than money.
The truth is, you don’t need technical know how, a degree in web design, or lots of money to launch a profitable online business. Millions of ordinary men and women worldwide are finding their niche online and it doesn’t matter if you’re a stay at home mom (or dad) looking to supplement the family’s income, a college student with no cash flow, or a retiree on a fixed income.
It’s a common myth that if you have the right tool, you can make millions overnight. This mindset is setting many people up for failure and disappointment. The only ones who worked long and hard had that kind of success. You should set your sights on learning enough to gain financial stability and earn a comfortable living. You can develop as many money-making opportunities as you desire till you achieve a level where you feel comfortable.
You Have the Freedom to Choose How You Succeed. Not everyone has the same skills or enjoys the same working environment. Some may feel right at home developing content for articles and e-books and reap the rewards of being a writer. Other individual might have the insight about the online market and what the demand is within a certain niche and earning a living full time on the Internet.
You can set up multiple income streams, one of the benefit from working at home is that you are not restricted to one career path and sticking to it. On the Internet, it’s perfectly common for entrepreneurs to have many businesses running all at once.
One money stream may be from selling Information e-books, and another as an Affiliate Marketer selling other people’s product and service.The best part is that all you need is a computer with an Internet connection and you can launcher your online business forward.
To your success!