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Hate Your Boss And Job ? Set Up Your Own Home Based Business
You may well hate and despise your boss. Someone may have told you “Set up a Home Based Business” You may well wonder as to what a home based business entails.
To begin with a home based business is any business that runs out a person’s home. In a way it is just a more up to date version of the hair stylist or barber that you may have visited as a kid who worked in the evenings out of their home – say the basement or a spare bedroom.
It used to set up a business costs were great. Logistics and supplies aside a business needed a downtown location in an office building , an IBM “Selectric Typewriter ( 3,000 – $ 4,000) , letterhead and a business telephone line , with a secretary to answer the phone, for a business to be setup and credible.. Overhead such as rent they say runs 24 hours a day. It usually takes on average 18 to 24 months for a business to establish itself before it can pay for its overhead never mind pay you a salary.
Yet some major companies in business today started off as home businesses. Companies such Apple Computer Inc., Walt Disney, Xerox and even the largely famous and successful Microsoft Corporation
The beauty of today is that this can all be done with a home computer and all in one printer, on sale from a big box such as Staples or Best Buy. You can start your home based business out of a spare bedroom or basement. Costs are minimal. You can even set up a phone line for the business inexpensively or free with an answering service (to imitate large companies current practice – press 1 , press 2 ) with an inexpensive voice over ip ( Voip) service such as Skype, Vonage or the free service iCall. If you already have a high speed broadband Internet connection (DSL or cable high speed internet) there are even no additional internet communication costs for yourself.
In addition to their location, home businesses are usually defined by:
1) Having a very small number of employees, usually all immediate family of the business owner, in which case it is also a family business.
2) Lacking a shop frontage, customer parking and street advertising signs.
Home businesses use the advantage of running on fewer expenses (e.g. house rent, commuting mileage) and grow over time and/or by demand. In addition once your business starts to generate revenue and business you can write off a portion of the costs on your taxes. Found money for you as they say in managing house and home expenses.
Steps for Starting a Home Business
1. A Business Idea: The first step is to decide what business to start. A good approach is to copy success. Look for small businesses that are making money. Can you copy their success? Maybe a modification of their approach would work.
2. A Business Plan: A business plan is a very essential part of starting a business. It is an upfront plan on how to handle the problems that will occur in any business. Lack of attention to this step is the biggest cause of failure for a business.
3. Financing: A good business plan should have addressed the questions of how much money is needed to start the business and where it is coming from. A well constructed business plan can be a tool to help obtain financing. Loans based on the merits of a business that has not yet started are difficult from commercial lenders. Other avenues might include relatives, angel investors, and assets including real estate.
4. Structure: A business may have a structure of a corporation, a partnership, or a sole proprietorship is the company yourself or your family. Some of the times even, mean employers may have written into your contract that you are not allowed to have another job while employed to them. Talk about mean and controlling slave drivers. Simply set the company up as your wife, or adult son or daughter as owner of record.
5. Operating a Business: Businesses are about making money, but there are complications on the path to that goal. The complications include bookkeeping, taxes, employees, office space, office tools, customer satisfaction and sales. The very best business idea will not succeed if these and other factors are not managed correctly. Remember every person and employee has their own strengths and talents. You may dislike accounting and bookkeeping with a passion. However a wife or neighbor may revel in it and think that paperwork is the best thing since sliced bread.
While it may be said that a home based business may well be your ticket for financial freedom and the vehicle to exit the “rat race” of abusive employers and overly demanding bosses several points need to be considered. First of all the beauty of the self contained job at the office was that once the office door was closed that was it. However with a home based business it never leaves. Make it a point of segregating work and non works time by time blocks and as well have the home based business in a separate area your home. Lastly as your grandmother would have told you “Don’t quit your job until you have another”. In other words not until the company and home based business becomes established and actually can support you do you quit your day job. You can tell your abusive boss with a smile- “Take this job and shove it. I am not working here no more”.
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