Refocus. Retrain. Rebuild.
Home Based Business.
We want you
to have the most successful business possible. Owning a home based
business is an extraordinary feat. It takes ingenuity, know-how and
intense focus. Working from home is not for everyone. You must
consider the intrusion of clients, customers and sometimes
strangers. One must have great discipline as not to get distracted
with the challenges of home life during the work day. There is a
unique balance with respect of work areas and family life. Here we
will attempt to give you an idea of the basic challenges you will
face when working from home. After all, its not all pjs and
slippers.What I Learned the Hard Way
- Choose your workspace wisely and be sure that it is designated workplace with regard to your professional image. Family support is paramount develop ways to get help and inspiration from your spouse and your children.
- Evaluate Your Personality.
Can you work at home? You must keep in mind that it takes great discipline to reach an eight hour workday. - Remember to get out and network.
Being at home all the time is great, yet one must remain cognizant of not become withdrawn or recluse. - Have a professional answering service answer your phone.
And,depending on your business consider a part-time office or executive suite. The ability to meet clients at a day office or conference room is very professional and cost effective. - Work!
Oh how the work day can get away from you. It can be challenging to find balance when you become manager of your own time. There are the daily fires that have to be put out and who better else to do them than the person who is privileged self employed. Don't let them do it to you, respect your work time. It pays the bills, plus you can hire a personal assistant to run the errands when business gets great. On the flip side, be cautious as not to become a workaholic. The ability to work 24/7 is tempting and at times necessary. Yet, we can not forget about date night, soccer games and family night at the movies. Relationships are most important. Find balance. - Remember business ethics.
Use the same ethics, or better ethics than you did in the work place. Keep professional relationships professional. You will get more work done. - Keep the flow of giving and receiving.
Charge a fair price and pay a fair wage. The laws of the universe are constant. - Interview your employees carefully.
Write a specific job description, train your new employee as quickly as possible and choose your employees wisely. The wrong employee can make or break your business. And, if you pay peanuts you will get monkeys.
What's The Law?
You may have After all, ideas and plans for your business, but what you can actually do will be controlled by laws. Because your business will occur in your home, local regulations may limit activities that could affect the residential character and quality of your neighborhood. For example, you may not be able to manufacture certain products, may have to install specialized equipment or modify facilities, may be limited in use of employees, or may be restricted on other issues, such as parking, signs, or noise.
Examples of laws or regulations that could limit your HBB include zoning, restrictive covenants in your deed, homeowner's association covenants and local ordinances. In addition, your homeowner's insurance will likely be affected, and you need to consider issues such as liability.
Because laws vary by city or county, knowing what is legal for your locale will help prevent problems, and allow you to adapt your business accordingly. It is important that you contact your local government or zoning office or consult with such persons as lawyers, insurance agents, and accountants who will also be able to advise you.
A Must-Read
Work-at-Home Schemes: Be part of one of America's Fastest Growing Industries! Earn thousand of dollars a month - from your home - Processing Medical Billing Claims.
Checklist for Good Records<</i>br>
Open a business checking account
Don't use your personal checking account for your business. The cost of another account is minimal compared to the confusion of business matters in your personal account.
Pay all bills by check
On each check, note what was purchased with that check. This is your record of having paid bills and enables analysis of expenditures.
Use petty cash sparingly
Only when absolutely necessary should you make payments from petty cash and then be sure you have a receipt including the purpose of each expenditure. Then write a check to petty cash to keep the checkbook complete.
Record all sales
Use sales tickets, duplicate receipts, copies of invoices, cash register tape or some other system that itemizes each sale. This enables analysis of sales and provides a record of who has paid or not paid.
Endorse all checks immediately
Endorse checks "for deposit only" to your account in your bank.
Deposit receipts often
Don't keep cash or checks around your place of business. They invite theft, they can get lost and the money should be put to work for you immediately.
Label bank deposit slips completely
They provide a good record of sources of income and back up sales records.
Balance bank account monthly
Do it when the statements come from the bank.
Inventory all items regularly
Count all items in inventory and include the purchase cost of each item. At the very least, take inventory once a year. A good business practice is to take inventory twice a year and a better practice is quarterly inventory.
Practice good record hygiene
Keep clean, neat and regular records.
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