Online Home Business for Independence and Income Stream
By: Adrienne Davis | Posted: 14th April 2006
It's a big step from being employed to working for yourself, so plan as far ahead as possible and think about the effects on all areas of your life to prepare yourself, before you leave your job. Can you start a part-time business first, to prepare for your career change? With corporate cutbacks, redundancy can be the trigger for starting a home based business, and in this case you may have no scope for planning ahead. If you are made redundant try to negotiate as many extra benefits as you can from your employer: for example pay in lieu of notice, use of company equipment such as mobile phone or computer. Also see if there is any training your employer could pay for to help you change career, such as website design skills.
If you have no other income, you will need some savings to replace your former income stream in the startup period: work out basic living expenses for six months and try to put at least that sum aside. Don't forget you will need to provide for benefits you may have received from employment, such as health insurance or pension contributions. If you have a spouse or partner who is employed and is willing to help during your startup phase, you are buying yourself extra time to build your new business.
You can work from home by starting a new business from scratch or joining a legitimate work at home business opportunity, affiliate program or franchise. Working at home means you could do something you enjoy, escape your difficult clients, put your boss behind you, and avoid a lot of the daily stress faced by employees. The home based business industry is expanding rapidly and homebiz revenue looks set to increase by up to 17% a year for the next five years. A home based enterprise can mean a consultancy, franchise, affiliate program, network marketing (MLM), party plan and many more.
When you are working from home to help your business succeed, sometimes long and unusual hours, it is easy to ignore both your physical and mental health. The usual advice applies - proper diet and exercise, and even if you don't have a family at home, don't work all the time. Those who work at home often report that the one aspect they miss is the contact with colleagues, so be sure to maintain a social life, possibly through a business network or support group. Try to surround yourself with positive, supportive people, and explain your business idea fully to your family. They will be a critical part of your support system.
Working from home is a different way of life from 9-5 employment and offers benefits - money or lifestyle - that can far outweigh those found as an employee. Financial benefits are not always the prime motivator. Many people are willing to take a reduction in income to enjoy the lifestyle benefits of working from home, especially the independence and control over your own timetable. You can make appointments, do your shopping, and run other errands without trying to fit everything into a lunch hour or on the way home from work when everyone else is doing the same thing. You may need to start earlier or finish later to compensate - but the point is that you have this freedom when working for yourself.
Women and the Over 40's find the independence and control gained from home working is one of the biggest attractions, and there has been a huge growth in business startups among these groups. Parents can then fit work around the family, which is difficult if you work for someone else.
Many escapees from the corporate world don't have a clear, transferable set of skills that they can use in their own business. For example, an engineer can see a number of uses for the skills used in their former job. For the rest of us a little more imagination may be needed. To find the best home business, look around for the latest ideas, keep an open mind and do not dismiss an internet opportunity because it is different from things you have done before. Look around at available online and offline businesses, surf the internet, visit sites that offer free advice, to find out which ideas work. Also remember that you may need more than one enterprise to make money.
There is a wide range of opportunities to consider - Affiliate Marketing, Franchises, eBook Writing, Online Retailing, Network Marketing (MLM) or Party Planning - the last is generally an enterprise that suits women. Many are reputable companies with successful track records and it is important to find out as much as possible about the company and to contact those already involved in the top home based businesses to understand any risks you may be taking, how long before you can reasonably expect to make money, and what is required to make that money. There are many source of unbiased advice for your business startup, as well as free website design and internet advertising. Think twice before you pay for a service - a free alternative could be available. My home page is a plug-in profits page, designed free for me. I also use a lot of free advertising to promote my online business.
Be practical in your expectations of a home business: enormous income in a very short time is unrealistic, and a legitimate home business will not promise this. However, many offer a steady income stream that can grow. It takes time to startup any successful business, but it is probably the best chance anyone has of achieving financial independence.
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Tags: starting a new business, working at home, work at home business, starting a home based business, working from home, living expenses, time business, next five years, income stream, home business opportunity, career change, work at home business opportunity, network marketing mlm, legitimate work at home, pension contributions