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Capital Needed For Home Business – Chapter 11

Capital Needed For Home Business

Whether it is a small business or a large one, the amount of capital required for any home business will vary. How much money is needed to start a home business does not have a simple answer? The average amount may be as low as a $1000 to as high as millions depending on the investments, the market you're trying to reach and the type of business you want to start.

The more competition you face and the more the demand for your services is what sets the tone for the capital required to run your home business.

How to know how much Capital is required for your Home Business:

If you're beginning, being able to calculate the amount of capital needed will not be an easy task. If you're new at this, taking some time, in the beginning, to do some research will set you off on the right foot. Only a few businesses can excel without research or prior experience; thus, consulting someone with experience beforehand is advisable before you set off trying to start your home business.

Research:

  • Contact people in the same line of work as you intend to be to know what the starting costs and running costs would be of a similar business.
  • Use a cost calculator designed specifically for startups to know what initial amount of money you will be requiring.
  • Get in touch with retired business people who have worked in the same industry as you and can give you knowledge about it.
  • Contact the suppliers you want to pursue to give you insight on retail prices.
  • Hire a business or accounting expert to help you before you start your business.

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Investment Options When You Work From Home – Chapter 10

Investment Options When You Work From Home

Though many people willingly choose to work from home or are self-employed, a lot of them don’t plan for the future and end up saving close to nothing for their retirements. Financial issues may at the time seem too overpowering, but having some retirement plan is essential for everyone. There any many investment options that are designed specifically for those working from or running small businesses from home to minimize tax burden and growing a fund for retirement.

  • SIMPLE IRA

The SIMPLE in SIMPLE IRA stands for Savings Incentive Match Plan for Employees’, while IRA means ‘Individual Retirement Arrangement.' If you have up to 100 employees, you can invest in a plan through this IRA. As an employee, you can contribute up to$13,500 per year, while as an employer, you can match up to 3%of your net earnings from self-employment.A 25% penalty fee is applied if you withdraw from SIMPLE IRA within two years of opening it, so putting money in it ensures that it will be there for the long run.

  • Traditional or Roth IRA

Traditional or Roth IRA is considered to be a good start for those looking to invest. Anyone having some form of earnings or income can contribute to this IRA. However, you can only contribute $6,000 per year or $1,000 more if you’re 50 or older. Roth IRAs have a limit, though, so if you earn too much money per year, you cannot contribute to Roth IRAs. As for taxes, with Roth IRA, you cannot avoid taxes before, but you can avoid them after you take it out in retirement. For traditional IRA, you avoid paying taxes on the money you put into it before as well....

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Steps To Setting Up An Effective Work From Home Policy – Chapter 9

Steps To Setting Up An Effective Work From Home Policy

Working from home is not uncommon any more, and more and more people are widely accepting remote working over on-site working. While though it has become quite the norm for many companies and businesses, formal policies to manage and monitor the process are not as commonly made by employers as one would hope.

Most companies hiring remote workers don't have policies regarding it, which can ultimately lead to confusion. Here are a few steps to setting up an effective work from the home policy:

  • Outline Roles Eligible for Working from Home:

Though remote working may seem like a good option and prove to be more effective in the long run, not every employee is cut out to be a remote worker. Some employees require supervision and cannot work independently. Remote workers need to be disciplined, self-reliant and self-motivated.

Thus the remote workers you choose to work from home should be suitable and fit the category. They would not require being physically present at the office and must be well equipped and well-versed with technology to be able to carry out the job efficiently from home.

  • Define the Purpose:

The policy you are setting up should have a definite purpose, which must be clearly stated to your employees. It should be defined in terms of a document and what the opportunity of working from home will benefit in the future. The policy should improve the experience for your employees at the company and should be in touch with what you believe in. Convey to them properly what role the policy will be playing in the company and how it will be put to use....

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Working Online From Home – Chapter 8

Working Online From Home

No doubt, a 9-5 on-site job provides more stability and structure in life, but many people still prefer the flexibility and independence that comes with home-based jobs or jobs in which you work online. Due to the increase in technological advances, working from home has become fairly simple now, and there’s no reason why not to opt for it. Here are some ways to work online from home:

  • Amazon FBA

Amazon FBA stands for Fulfillment by Amazon and is a service that Amazon provides, which assists sellers by providing them with services of storage, package and shipment. This way, sellers have to face less of a burden and can work more flexibly. Sellers ship their merchandise to Amazon, where they store items in warehouses, and when someone orders them, employees at Amazon package and ship it.

This is a good opportunity for people with new businesses because since you will be working for Amazon's shoppers, you will have a higher chance of your business growing. Amazon will ensure that your shoppers trust you right off the bat, and Amazon will do the best of all the hard work of packaging and shipment!

  • Drop Shipping:

Drop Shipping is a model in which the seller doesn't store the goods that are to be sold in stores with themselves but instead contacts the seller or manufacturer directly when an order is placed, who then ships the product directly to the customer. You can choose the products you want to sell, and your supplier can deliver them directly to your customer's doorstep. This saves you from paying for storage space, and even packaging and delivery charges.

You can sell a wide variety of items through drop shipping. Sign up to websites that provide you access to suppliers online to get started on building your online store.

  • Network marketing                                                                                              Network marketing is a business model that works from home and depends on person-to-person sales by self-governing agents. For this, you will have to build a network of business partners or salespeople to help you look for leads and close sales. It is also known as Multi-Level Marketing and usually appeals to home workers because of the independence that comes with this job. In network marketing, choosing the right company to work for is essential. Since you'll be responsible for pitching and selling products for them, make sure the products or services they're selling are safe and legal. Sincerity and enthusiasm will play a huge part in making this successful for yourself....
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10 Proven Home-Based Businesses You Can Start Today – Chapter 7

10 Proven Home-Based Businesses You Can Start Today

Working from home is not a new ideology, and in the modern age due to the rise of usage and flexibility of technology, there are various forms of businesses that can be started from home and become successful if applied correctly. There are several proven home-based businesses you can start today, out of which ten are:

  • Buy Products and Sell from Home:

If you’re looking to set up an online business from home, this may be a good option for you. This is a very simple model to follow and only requires you to purchase in bulk from suppliers and sell individually with a profit for yourself. If these products are easy to store and ship this is a good low-maintenance option to consider

  • Sell Products you make yourself:

If you have a specific hobby or things you make yourself, such as homemade hygiene products or food items, you can consider turning that hobby into a business. Since you'll be the creator and seller of these items, you can manage every aspect of it. You can choose to sell these via Etsy or your private website and will prove to be a good way for you to involve passion with work.

  • Own a Blog:

Starting a blog may seem like it won’t be worth much at the beginning; your blog can be a well-paying home business. Your blog can be on any topic that interests you, and there are multiple ways to earn from it, such as advertising, charging fees for membership, selling your homemade or drop shippingproducts, gettingsponsors or have others write sponsored posts for you.

  • Start a Printing Business:

Starting a printing business can have a similar model to a dropshipping business model. You don't have to ship it yourself; have to have a supplier for yourself. If you consider yourself good at designs or can create creative designs, all you need are white label products and can sell a wide range of products such as books, t-shirts, mugs, and cushions, to name a few.

  • Become a YouTuber:

Many people consider being a YouTuberas not a real job, but it is, in fact, no lie that they probably end up earning more than the average worker with a regular job. Just like a blog, your YouTube channel can be independent or can be used to promote your other business of the products you're selling. By becoming a YouTuber, you can earn money by becoming a YouTube partner by advertisements, sponsors, or selling merchandise....

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How To Get The Cost Out Of Homeworking – Chapter 6

How To Get The Cost Out Of Homeworking

From a textbook point of view, benefits for working from home may seem to outweigh the disadvantages of working from home. You can work from a comfortable environment; you can have a more flexible schedule and may also generally feel more relaxed and stress-free. But, not to forget, like everything, this too comes at a price. Working from home may seem like it is worth it, but there are some costs you will have to face, no matter how much you try to minimize them.

Main Expenses:

Here are some of the expenses you will have to bear when you’re working from home, but there is some good news if you have a business account you can include part of these costs into your accounts to save yourself from tax.

Rent:

When you're self-employed, you cannot charge your business rent because technically, you are the business. It is, however, true that if you're renting your home from a homeowner, you can be entitled to a share of the rent for your business. This will work if you dedicate a certain area of your house to your office from where you will exclusively be working. If you end up selling your home, if you own it, you will need to pay tax for the number of rooms you were using for business, so keeping your business to a limited number of rooms will be beneficial for you.

Council Tax:

 You will need to contact your local council to get information on how to claim council tax back. Normally, if you use your house for business, you will be able to claim a part of your council tax back. The rates of the council tax will vary according to what they are

set by your local council and the value of your property. However, you may have to pay business rates rather than council tax depending on how much you use your house for business.

Utility Costs:

While you're working in an office environment, you don't have to worry about the costs of electricity for running the systems and lights, or the gas being used in the office kitchen. But while you work from home, you can notice the spike up on your electricity bill at the very least as you start working with more appliances and equipment than you are typically accustomed to.

These costs may increase over time, the more you establish yourself. But lucky for you, you can claim the business proportion of your electricity and gas costs that you're using for lighting and heating your home office....

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Crucial Things To Note About Homeworking Jobs – Chapter 5

Whether you have already started working from home or are considering working from home, some perquisites need to be fulfilled for your home-based job to be successful. Working from home has a lot of benefits, such as no commuting, flexible schedule and home comfort, but some challenges need to be met. Homeworking jobs are no walk in the park, and there are some crucial things to know about it before you consider transitioning from an office-based job to a home-based job.

It should be Legal:

Your city or the area where you live may have imposed some restrictions on people trying to start a business from their homes. A lot of jobs require meetings with a lot of clients, and if you think a lot of clients will be coming to your house for meetings, it may pose a problem if your city or homeowners do not allow it. So make sure it is legal in your municipality for you to pursue it.

You will have to put in more of your Time:

It is a common misconception that working from home would mean that you will have to work less because no one is watching over you. This is not true; however, as employees working from home put in more hours than employees working from offices. A recent study showed that 73% of remote workers were putting in more work than required compared to 68.5% of employees who were working in offices. Also, without a traditional office environment and having the advantage of no clocking out time, remote workers generally tend to overwork if they lose track of time.

Technical Difficulties may slow you down at Times:

It is a fact that you will have to face technical difficulties while you're working in an office-based job, but if you are remote working, you will have to get accustomed to having to face more technical challenges than the former. While you're working at home, technical aid may not be as readily available as you'd wish. Some programs also set up restrictions for those trying to access them out of an office environment. Thus all data may not be available to you on-hand. So make sure you know about all restricted programs before you decide to work from home. Internet and power failure may also pose to be a problem if you don’t have any backups for them.

Taxes may not apply to you the Same Way:

Working from home means that you will probably be taxed differently than before. You can either be an employee working under someone from home, or a freelancer, and you will need to fulfill certain criteria to be able to subtract home office or business expenses from your taxes. The office space that you have set up to work from must be used regularly and only for business and must be used for your administrative duties and where you keep your books and records for appointments and supplies you require. Before you set up your home office, consulting a tax professional is advisable, so you know the exact ins and outs on how to pay your taxes....

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The Pros Of Working From Home – Chapter 4

Keeping in mind the current global circumstances, whether willingly or unwillingly, a lot of workers and employees have been forced to work from home. Working from home may not be everyone’s cup of tea; but it may be a good decision for many. We have here listed some pros of working from home, and if you go through them, maybe you will rethink your contempt towards it.

Independence:

Working from home is not just sitting in a comfortable environment and working according to your own rules. It also helps massively in strengthening your focus, concentration, self-reliance, motivation and confidence. With no one else breathing down your neck constantly, you are the only one keeping yourself in check, and how you manage your time and get work done when you need to is an important life skill to have.

Your Own Schedule:

You can make your schedule according to your work ethic. If you can’t work continuously for hours, you can give yourself refreshment breaks in the middle to keep your energy levels up. You will need to make still sure that all your work is being done, but you can have more flexibility.

Keeping a certain amount of 'office hours' is still essential, but you can divide them; however, you like and set it according to your most productive hours, be it morning or night. You can work with a schedule you're comfortable with.

Comfortable Environment:

 Probably, for many of you, your office's cramped cubicle, glaring white lights and broken coffee machine is not the ideal environment to work in. One of the pros of working from 

home is to be able to create a comfortable working environment for you. You can choose a spot you like, maybe by a large window or somewhere on the patio. You can choose your comfortable chair, and can even set up the noise levels and the temperature to however you like it to be! No more nosy co-workers and boss intruding in your space.

Dress however you like:

While staying productive, it is recommended to at least change out of pyjamas even if you're working just from home, but it is not needed to wear a crisp ironed dress shirt or khakis anymore! You can wear regular day clothes that you find the most comfortable as there's going to be no threat of anyone seeing you in it while you work. Just make sure if you're attending a meeting on video conference, you're dressed appropriately, at least from the waist up even if you're wearing no pants under!

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How To Transition From A Traditional 9-5 On-site Job To Home Based Job – Chapter 3

There are lots of reasons why people transition from a regular 9-5 job that requires you to sit in an office to a home-based office where you don't have the constant threat of looking busy in case your boss walks in. Statistics say that people working from home are happier than their counterparts. Of course, happiness is easier to achieve when you work on your own rules.

However, if you usually had been accustomed to a 9-5 on-site job, you will find transitioning to a home-based job quite difficult. But fret not; we have a few tips for you to make the transition easier for you.

Organize your Data:

Transitioning from an office-based job to a home-based job will not be easy, and the first step you should be covering is to organize all your data and files. Because of being physically apart, your employees or colleagues will need simpler access to files and data that may be under your attention or being handled by you. To provide all necessary information to them promptly will be essential.

Using cloud-based storage where you can keep everything updated and within reach of everyone else working with you will prove to be important. Programs such as Google Drive and Dropbox must become your go-to applications for keeping everyone up to date.

Re-think your Methods of Communication:

Since you will have less face-to-face interaction with your employer, employees or colleagues, you will need to have access to an easy form of communication that can be done remotely.

While trying to save money, a lot of internet-based applications will let you make phone calls and video calls locally and globally, such as WhatsApp, Facetime, Google Hangouts, and Skype, to name a few. If calls are not required, communication can also be continuously made through emails and instant messaging. 

Of course, communication in an office-based environment is different from home-based jobs, but it can still stay fairly efficient through other mediums....

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The Basics Of Working From Home – Chapter 2

Working from home was never a reality for many of us. While working from home has become quite common in the new age of technology, some people still either prefer working from offices or their jobs do not allow them to be able to work from home. However, currently, a lot of us have found ourselves forced to work from home.

Since most of us have no prior experience in working from home, there are some basics which should be followed to make working from home easy and functional.

Make a Schedule:

While most of us may have the flexibility of setting our timetable for working from home, it is better to stick to a schedule we're used to, or our employers recommend. To not increase already existing stress, your schedule does not have to be binding. Rearrange it according to what suits you best, as long as you keep getting a considerable amount of work done.

Set a Working Space:

Considering the circumstances, it is not likely that the majority of us already have an existing home office to work from. But, a make-shift space can be made. You need to have a quiet and peaceful space to work from. All you need is a table, a chair, a laptop with a working internet connection, office supplies and you're good to go!

Have Reliable Electronics and Internet Connection:

Since you will be the connection between you and your company, and will likely need to communicate with them often, having a reliable phone, computer and internet connection is essential for you. Your working space should have an outlet and a backup electricity supply in case you run out of battery or charging. Make sure you also have a backup internet supply in case your internet is down, such as data on your mobile phone...

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