Work From Home

Basic Legalities

If you are putting up a home business, registration is essential. There are various forms of businesses; and since you will be working from home, your business is most likely a sole proprietorship or a partnership if you have someone with you in your business.

After you have registered, you need different documents like the business permit, the license, and the clearance. It is also important to manage the business in accordance to the laws in your area. These laws may vary from one city to the next. Such specific laws that must be taken in account include zoning laws.

If you will hire regular workers, pay them the wage that is due them; not doing so may result to your business being shut down or worse, getting severely punished by the government. A home business operator is required to pay the appropriate tax.

Online Presence for Your Home Business

If you have a market business, how are you going to market it? Most people think that online advertising is the only answer to this question. But there are other ways.

Techniques to generate business traffic, increase sales and enhance profits are through blogging, podcasting, article marketing, forum participation, email marketing, banner ads, search engines, link exchanges, and other online marketing efforts.

The basis behind any online promotion campaign for your website is to get more visitors. If it is good enough, more visits will equate to more sales. This can only be done by getting the address of your site “out there” thus making it more visible to possible customers.

If you trust banner ads, using a large one such as 468 X 60 or larger can help. The larger, the better. This must be placed at the top of every page with your website address clearly visible.

Many people prefer to print out larger webpages with tutorials, articles, stories, and the like so that the customers can read the information later. Then if they choose to, they can actually bookmark your site for future reference. Without your URL on the banner, people may simply re-read the content but never visit the site again.

You can also put your website’s URL on all day-to-day business items. By using many document type items such as the invoices, faxes, checks, products packaging and business cards, your URL will also be visible to potential clients. People may be curious to check out your site.

Podcasting is also helpful in getting the word out about your home business. As long as your company name and telephone numbers are included on podcasts, more people will know about your business. This is a great idea as it gives potential customers the chance to learn more about your company. It also allows them to know how to contact you, just in case the need for your services and the demand for your products arise in the future.

As for article marketing, write relevant articles that either chronicle your business through a series of how-to’s or other instructive write-ups. Get these articles submitted on article directories for other web publishers to get hold of them and post them on their sites. Don’t forget to include in the resource box your business website’s URL and a brief but meaty description of your products and/or services.

Publicity is always good. Press releases or news releases about your business can be sent to various sections of the media. These sections of the media must at least be connected to your type of industry in order for you to reach your target market better and increase the possibility of success. Newsworthy stories are those that appeal to readers of the media publications you submit your press releases to.

By participating in forum boards, you could also promote your business. Here you can also obtain ideas from the consumers. It hits “two birds with one stone”; you’re spreading the word about your business, and you’re also learning more about the industry – what your competition offers to their clients, and how you can top it.

Work/Life Balance

There are so many things you can do after work. On average, an employee is expected to work for a minimum of eight hours a day. Working overtime is sometimes necessary and oftentimes unavoidable if you are trying to make a home business take off, especially if there are additional bills to pay. Nevertheless, if you make this a habit, it can greatly affect your physical, social, and mental aspects.

To prevent stress and a gap between you and your family, reserve weekends for family outings or bonding time with your loved ones. If it’s summer, go out for picnics or drive to nearby beaches. Occasionally, engage yourselves in outdoor sports or any activity that could relieve your mind from thinking about office concerns.

You must discipline yourself to leave office work in your home office. Do not extend your working hours when in fact you should already be unwinding, relaxing and enjoying yourself. Sometimes, though, you have to bring work home. But if there’s no reason to, just seize the free time and rest. Recharge your batteries.

Save Money while Running a Home Business

People opt for home-based businesses because of the low overhead – but that does not necessarily mean that they don’t have trouble with financial concerns as much as other industry owners. In a business, be it a corporation or home-based, money saved is also an increase in profit.

Here are ways how you can pinch your pennies if you are managing a home-based business.

1. Recycle furniture. Used furniture can be bought for a portion of its original price. Browse through newspaper ads and inquire from furniture dealers. You can even do repressions or trade-ins. There are stores where they sell discounted furniture.
2. Maximize your purchases. Locate other small-business owners, even if they are not home-based, and strike up a partnership so you can buy your supplies in bulks. In that way, you will be able to save money, as well as the shipping.
3. Purchase wholesale products and ask if you can have commercial discounts. Become a member of warehouse buying clubs and do not pay retail price to a supplier without asking for the wholesale rate.
4. Negotiate discounts if you are buying long-term. If you feel that you will regularly go to a place for a particular item that you cannot buy in bulk because of the lack of storage space, you can ask your supplier for the bulk rate, giving him your word that you will be buying from him consistently over a long period of time.
5. Buy from trade shows. There are exhibitors who offer discounts, or their booth samples can be sold at discounted rates. Take advantage if such an opportunity arises.
6. Trade and barter. Be on a lookout for businesses that offer services or products that complement your own, then you can suggest trading. Make sure that you are clear with the details and come to an agreement on the amount of whatever you are trading in. Remember that the value of the goods and services is taxable. Have your accountant’s second opinion. You can also join barter exchange, an organization that regulates bartering among its members.
7. Shop for insurance once a year. Do not renew your insurance (automobile, business, health) automatically. Have an agent review the coverage of your insurance and if you can, conduct a risk assessment. Suggest how you can save money. Insurance companies introduce new products targeted to home-based business markets. It's ironic that the best deal for you the year before may be topped by something else the following year.
8. Ask for an efficient price. When you’re shopping for any product or service, ask for a reasonable price. You have the right as a consumer to do so. Worst-case scenario is the supplier saying “no.” At least, you asked right. Consider how much you can save when he says “yes.”
9. Do not pay bills until you have to. Sure, you have to take care of your credit rating by paying in full and on time but do not pay early if there is no reason to do so.
10. Form marketing alliances. By getting together with other small businesses that target the same niche, you can combine all your marketing efforts and save more.
11. Promote yourself. Use public relations and promotion techniques so that you can gain exposure for your company in your community, reaching out to your target. This is very effective and less expensive than advertising.
12. You must always capitalize on the cheapest yet most effective marketing method if you are running your own home-based business. This is word-of –mouth.

Part-Time versus Full-Time

If you’re considering starting your own business, you must carefully plot out the steps, strategies, and methods in doing so. Your itinerary must span activities for not only days, but also for weeks, months, and even years.

Time management is the act of budgeting your time according to your pre-set activities. You do this to make sure that each task is done right. You have to consider the amount of time needed on a task. This is applicable for office ventures, as well as the work-at-home opportunities.

With working at home, you have to distinguish the advantages and disadvantages of each – regarding time management. Hopefully, you would have figured out which of the two options is most suitable for you.

Rewards of a Full-time Work

1. With full time work, you can devote many hours in order to further your business. There are businesspersons who allot most of their time in the business with the hope of increasing the rate of their revenues and performances. It is crucial to do so considering that there is steep competition between companies with similar products and services.
2. There is a sense of good job recognition. Chance of a promotion is more likely to take place, especially if your work is a priority. However, you are also rated in accordance to your performance. You may receive bonus packages and monetary compensations for your excellent services.
3. There is also great opportunity for your speedy growth with regard to positions and benefits that you are entitled to. Since you are spending most of your time working anyway, you will be more familiar with company policies and procedures. If your immediate supervisor sees topnotch performance, you will be on the rank for a promotion.

Drawbacks of a Full-time Work

1. If you are the type of person who does not have the courage to take on bigger responsibilities, there is limited growth for you in this environment. Success is not “easy does it.” It must be attained through hard work.
2. You will not have the opportunity to land a second job if you have full-time work. Having a full-time work requires a sense of dedication.

Rewards of a Part-time Work

1. You have supplementary income if you have part-time work. Most people who have a lot of financial responsibilities often have a secondary job in order to supplement their major income.
2. There are fewer hours compared to full-time work.
3. You can keep pace with the growth of your career because you are the master of your time. You are your own boss and you can monitor how much you can make in a day depending on how much work you did.

Drawbacks of a Part-time Work

1. There is slower growth. Of course, success depends on the hours of the work. Part-time means you still do stuffs in between. That being the case, the growth is not as gradual as opposed to working full time.
2. Part-time status is also difficult to maintain, as more companies are on a look-out for full-time workers.
3. Professionalism is compromised because there are some businesses that will not take your offer seriously since it’s just for part-time.