All about the challenges of Midlife Finance

How to Ditch Your Day Job without Feeling the Pain

There’s a certain comfort in working for an employer, but working from home is still the dream for many people. The biggest concern most people have to overcome is the fear of going broke while starting their business. There are some very simple techniques available to you so you can minimize your investment in the business, yet still have an excellent chance of realizing a good return on investment in a short period of time. Follow these suggestions and you will soon be on your way from being an employee to being an employer.

Know the Regulations

There can be restrictions placed by local governments on where businesses can be established, according to the Small Business Administration. The regulations are generally based on what type of business you have. Businesses centering on non-consumable products are generally fine to start from home, but you may be restricted from starting a bakery in your home. Another thing to consider when looking for how to make money from home are regulations that may restrict you from starting a business in your home if there are neighborhood covenants you have to abide by. Contact your local government as well as your neighborhood homeowners association to see what restrictions may apply to the business you’re looking to start.

Have a Plan for Invoicing

Getting paid is something you’ll have to plan for. Think about when you’d like to invoice your clients as well as how you want to make this happen. Use a CPA service to keep track of your books and to help you come up with a viable invoicing solution. These professionals can be hired either locally or online. It’s suggested that you meet with the CPA in person before having this professional handle your books. Since the CPA is going to be handling the books that control your money, you want to know as much about this person as possible.

Another suggestion when it comes to invoicing is to utilize bookkeeping software. As long as you make sure everything is logged into the software, the invoices can be automatically generated and digitally sent to your clients. If you’re using a digital invoicing system, make sure you have a method in place to keep track of what invoices have been paid and which are still outstanding. The simple fact that all purchases have to be logged dutifully is the reason why so many people opt to hire a CPA.

Have a Good Concept

The concept of your business is one of the cornerstones of how to make money from home. Putting a little brain power into your business planning will help you to rise above all the concepts that have been used a million times over, and will help you to compete with businesses locally and globally. There are plenty of businesses you can start right from home with little to no investment required to get it off the ground and running. Try to think about what people need, or think about things that frustrate people and work backwards to see if you can find a solution to the problem. Often, the idea is very simple and requires nothing from a financial standpoint to get the business in place. Take for instance a business selling wedding dresses second hand. The idea was borne out of the fact that buying a wedding dress is an enormous expense for something you’ll only wear once in your life (hopefully). The company makes it possible for new brides to purchase a new dress and for married women to recoup some of the expense of their wedding. Similar concepts can be identified by going to online forums and studying what is bothering people in a certain arena. Before you know it, you’ll have your business concept in place and you can start making money.

Find Industries Always in Need

There are certain industries always in need of more professionals to assist those who need their services. Something like a graffiti-removal company is a prime example. All you need to start a business like this is a power washer and you can start removing graffiti today. If you don’t have the money to buy a power washer, you can rent one by the day. Find your clients, rent the power washer, get paid and recoup your initial investment. That is one of the faster return-on-investment strategies available.

Make sure you’re searching for businesses with a high demand but that require a fairly low startup investment. Remember that most of these businesses will require quite a bit of personal time investment to get them up and running. For the graffiti-removal company, for example, you’ll likely start out by driving the streets looking for graffiti, finding the owner of the property and offering to remove the graffiti for a fee. There are dozens of examples of businesses with an ongoing need you can get started with right away.

One Response to How to Ditch Your Day Job without Feeling the Pain

  1. I have recently accepted a new job that is temporary, with the idea that after the position ends, I’ll look into working from home on my various side businesses that I’ve already established. If the job market is good when the position ends, I could always go to work but I wouldn’t be willing to sacrifice pay or benefits.

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