5 Easy Steps to Determine Your Financial Status So You Can Break Free of Your Job Sooner

Before you walk away from your job to work full-time from home, one of the most critical pieces of information you need to know is how financially stable you are and how long you will be able to survive without a weekly pay check.

Here are 5 easy steps to help you plan wisely.

It doesn't have to be unpleasant or messy, but it does have to be done. You may be well on your way to building a full-time home-based business or may just be tossing the idea around right now, but having a clear understanding of your current and future financial commitments will play a MAJOR role in your strategic plan for business success.

Home-based business owners don't normally wake up one day and say, "Yep. I'm quitting my job today and starting a home-based business." There is usually a period of time for contemplation, exploration, making the decision, creating a plan, and then starting to execute steps within the plan to achieve the final goal.

The process can take anywhere from several months to several years before an employee is in a position to walk away from her job to begin life as a full-time entrepreneur.

Being financially responsible is critical to not only home-based business success, but to create the financial cushion required to transition from being an employee to a full-time entrepreneur.

Understanding your current financial position is mandatory and doesn't have to take more than an hour of your time if you follow the five basic steps below.

1. Calculate how much money you currently have sitting in bank accounts, investments, registered retirement savings plans, GIC's, real estate, etc. If you were to leave your job today, would there be any form of payout (ie. sick plan credit, pension plan contributions, unused holidays, anniversary pay, etc.)?

2. Determine how much you earn on a monthly basis either through employment, child support payments, rental properties, dividends, your existing home-based business, etc.

3. Record your monthly household expenses. Some examples to get you started are:

- mortgage/rent
- property tax/house and mortgage insurance
- utilities (heat/water/hydro)
- phone/cable/satellite/Internet
- yard maintenance/snow removal
- groceries and household supplies
- vehicle fuel, insurance and maintenance costs
- medical
- child care
- personal care (hair/nails/clothing)
- entertainment (movies/sports/books/plays)
- club memberships, publications, etc.

4. List your monthly business expenses, for example:

- Internet
- phone (separate business line)
- autoresponder
- shopping cart
- long distance
- bank fees
- office supplies
- tools
- web hosting
- marketing
- advertising
- part-time help
- coaching services
- shipping/postage, etc.

5. Identify your outstanding liabilities such as:

- credit card balances
- personal loans
- lines of credit, etc.
When you calculate your earnings and revenue on an annual basis and deduct your personal and business expenses. How much do you have remaining at the end of the year? Can a portion of this be put aside to build your financial cushion?

If your current business revenue isn't enough to cover your business and personal expenses and if you were to quit work today, how long would you be able to survive on your other revenue sources or savings and assets, taking into account your monthly expenses?

Have you considered all unexpected expenditures that could arise in the next year or two?

Is your car running on its last two cylinders?
Has your furnace almost reached its life expectancy?
Is your vacuum cleaner starting to growl at you?
Is your partner's job secure or do you foresee unstable times ahead?

This exercise is by no means intended to scare or discourage. Financial stability is an area that needs to be addressed so you can keep your feet firmly planted and plans realistic as you build your home-based business.

Understanding where you are and what potentially lies ahead will help you make sound financial decisions as you plan your future.

After completing these five steps, you may realize your dream to break free of your job might take a year longer than expected, or you may learn that in order to move forward at a quicker pace, you may have to bring in a partner or investor, or learn to leverage your time, money and effort more efficiently to expedite progress.

Perhaps seeking professional guidance on reducing debt and managing finances is in order?

No matter what results you generate, don't let them shake your spirit. Knowing exactly where you are financially will help you make informed, practical decisions so you can create your ideal future.

To increase your level of success at home-based business, make sure you have a financial advisor and accountant as part of your success team.



Tweet   Bronzi Home Based Business Tips

Read More

10 Tips How To Have Success In Your Home Based Business

With the cost of living quickly surpassing the wages (we make) necessary to maintain an “average” lifestyle, more and more employees are beginning to seriously consider the option of working from home.

Being your own boss, setting and keeping your own hours, keeping all (or most of the proceeds for yourself), saving on travel time and gas, allowing for as much vacation time as “necessary”, it all has its perks. It certainly seems that way, especially for many woman who may not want to stop working or can’t afford to, but also want to stay home with the kids or be home when they get back from school.

But, this growing trend, even with all its apparent benefits has many experts cautioning stay-at-home workers and warning them about the potential perils of home-based businesses due to common human error.

Some of the most common (and most damaging) include:
· Going In Blind: Sure you need confidence, guts and faith to start your own business, but you also need to know what your getting into, and that means diving FIRST into doing the necessary research about the type of business you are interested in starting. Experts suggest finding out as much as you can about your potential venture and about its potential for success in your area. Find out about your competition, note how much they are charging and pinpoint your target market. Rely on books, trade shows, conferences and the net to gather your materials and information.

· Becoming A Lone Venturer: Keep in mind that starting ANY business is difficult, especially in its initial stages. This is the most crucial time for you and your venture and you’ll need all the love and support you can get. One of the biggest mistakes, say experts that new entrepreneurs make is not getting the necessary support from spouse of family. Besides maybe helping with the housework or kids, he or she may also want to lend a hand in your business or at least lend support and encouragement as to work to get things going.

· Leaping Without A (Financial) Safety Net: Most of us are use to bringing home a specific amount of income (give or take) each week, an idea of having a “comfort” zone that most new business owners need to give up say experts. According to professionals, most new business owners won’t see a profit for several months. In fact, they suggest having at least six months (monetary) reserves on hand.

· Spreading Yourself Too Thin: While you certainly want to please the consumer and build your client base, it’s important to remember, that you won’t be able to please all of the people all of the time. They suggest not spreading yourself too thin by creating a mission statement for your business defining your purpose and your goals. Include what your business involves, what makes it stand out, and where you see yourself a few months to a year down the line. And, they add that you should make it a point to check your statement periodically and make all the necessary adjustments.

· Getting Too Comfortable: It’s easy to take advantage of being at home, especially when you don’t have to punch or Watch the clock. But, according to experts, sticking to a regular work schedule is imperative. Keep your schedule flexible (that’s what working from home is all about) but set limits and boundaries that will allow you to focus without any interruptions and be productive.

· Not Having A Space Of Your Own: For some a private office may not be feasible, especially if you’re a stay-at-home parent. But, according to experts, it’s imperative that you designate a specific space to conduct business. It is also important that you have all the necessary office essential to properly conduct your business. Sharing space and sometimes supplies is necessary, but you really should have your own for maximum efficiency.

· Selling Yourself Short: Want to beat your competition (price-wise) is a smart move, but seriously underbidding yourself and your worth may not be. Know what the competition is charging and make reasonable adjustments remaining firm and confident in what your product and ability…and always leave a little room for “play”.

· Putting Off The Paperwork: While most of us don’t enjoy the paper trail that often goes along with owning a business, it’s an essential part of operations, especially when it comes to keeping track of inventory and finances. Make sure to do all you shipping and receiving and related filing promptly, as well as sending out timely invoices. Keep in mind that most consumers take up to 90 days to pay, so you’ll need to bill them as soon as possible. And also, don’t forget to keep track of your own expenses to know what is coming in and what is going out.

· All Work And No Play: Just because you work from home doesn’t mean you never leave the house again. In fact, a very important part of any business is networking. So, think about maintaining your professional appearance and joining some professional organizations that can put you in touch with all the right people….and even though chat boards and blogs can offer you the same, making a personal appearance is ALWAYS a nice touch.

· Expecting Too Much: Considering working from home as anything but “work”. While you may have the freedom to make lots of your own decisions, you’ll also have a lot more responsibility, and that means learning how to manage your time (between work and career) like never before.




Bronzi Home Based Business Tips


Tweet

Read More

Home Based Business Is Your Ticket To Ultimate Freedom

Due to the hardships brought on by our country’s current economic situation, many people are looking to a Home-Based Business as a means of income. Job loss due to downsizing or other reasons, is motivating people to find alternate ways of supporting themselves and their families. A successful home-based business can afford you a comfortable lifestyle in regard to both working environment and monetary reward.

If you have decided you would like to start a home-based business, there are several issues that need to be thought-out and realized in terms of legality. You must consider the legal issues as well as your local zoning regulations, in addition to any restrictions on the use of your property for business purposes. Municipal policies determine what types of businesses can be run from your home.

These regulations vary by city, so you will want to do some research in this area. You can look up the regulations for your town by visiting the local zoning board or law library. You will also need to talk to an accountant or read information from the IRS on the issues of tax deductions regarding home businesses.

Another consideration is that many home-based businesses require state licenses for things like child care, auto repair and private investigation. After you have researched your town's regulations on home businesses, be sure to contact your local government office and ask about what agency, if any, regulates your planned business and what you need to do to obtain a license.

Avoid a costly mistake and look into obtaining business insurance. Your home-owners policy may not provide enough coverage especially for things like equipment damage and even client injury if you will be conducting meetings in your home.

Once you’ve got all of those issues satisfied, you should be thinking about the internal workings of your business. Staying organized requires a good deal of effort for some people, but it benefits you greatly in the long run. If you will be receiving and sending large amounts of mail and/or packages, it might be better to set up an external mail service. Then designate an area of your home to be used for sorting and also preparing out-going mail.

You don’t want to cover up your workspace with papers and boxes which may become misplaced and disorganized. A separate email account used solely for your business is another way to ensure consistent communication with your customers. Customer service is what will make or break your business so it is wise to stay on top of things within your devised system to ensure satisfaction and ultimately bring in repeat business.


Here is something that might interest you.
http://emailprocessorwork.com



Tweet

Read More

How To Expan Your Home Base Business

Home-based businesses that become successful may end up having to leave the home eventually for expansion. This can be a very hard decision to make for the owner. The idea of now spending more money to expand can be scary. One does not have many of the money sucking problems as the business owners of yesteryears. The really long leases, huge security deposits, renovations, and equipment costs are not that bad anymore.

There are many options today for the home business owner to get affordable and flexible space with out costing too much and having to sign a long-term agreement. When you go to a business center you will get that office with a desk but also can expect to have Internet and many other perks. So what are some of the benefits of a business office center?

* Convenient location in a high traffic areas
* Fully furnished offices and suites
* Individual Offices and/or Team Rooms
* Conference Rooms with services provided
* Business identity services or virtual offices
* Receptionist services
* Incredible phone and voice mail systems
* High speed Internet services
* Computer and networking support
* Copy, scanner, and fax systems
* LCD projectors
* Digital Camera
* Complementary coffee and water
* Convenient agreements that can range from 3 months to 5 years

There are top companies that specialize in these office centers all over the country. Corporations such as HQ Global Work Place, Corporate Suites, and SOS America offer these great services to those home business owners so they can broaden their horizons but not have to invest in more equipment or dismantle their home office space. This gives the owner the option of hiring others and still remaining at home if he or she so desires.

There are even some companies that offer rental by the day or hour. Depending on what type of office space and the amenities you want you are looking at anywhere from a few hundred to few thousand per month. It truly depends on the location, services, and the office size you need.

The majority of these companies also offer virtual space as well. This is a low cost method of being able to provide a more business like atmosphere to your home office. You would be able to meet clients in a space a few times per week instead of in your living room. This gives your business a more professional look with out spending lots of money on an office space. There are mail programs offered that provide you with an address so you can receive and deliver business packages and mail.

These virtual spaces also provide private offices and conference rooms. This will allow you to work from home primarily but meet with clients and get your mail at a business address to keep your home information private. Programs like this start at about $70 per month, which is extremely reasonable.

There are also the virtual office packages that give you the same perks as the mail program but also give you a phone number, voice mail, live receptionist during business hours plus call-screening, forwarding, and patching. This type of offer starts at about $190 per month and you get your business name listed in the lobby for free. This is great for small home business owners who want to keep their personal information private.



Tweet

Read More

Business Opportunities – Why Pre-Packaged BizOpps Are Not Worth The Money

Explains why pre-packaged businesses offered via "opportunity" magazines are usually not worthwhile investments. Discusses the business of "windshield repair" as an example to illustrate the problem with such business opportunities.

Pick up any "business opportunity" magazine at your local newsstand and you'll see a glossy attractive publication designed to attract people who are actively seeking ways to earn extra money, buy a franchise, or open a business of their own. After all, it's the American Dream to own your own business and get rich, right?

You've probably heard the old saying, "Most people are too busy earning a living to make any money." Common sense tells us that we're not going to get rich working for someone else, with the exception of lucky folks like those who started with Microsoft or Google in their early days and got rich through stock options. The average American employee lives from paycheck to paycheck with barely enough income to cover their living expenses, leaving nothing for investment toward building wealth for a comfortable retirement. Hence the allure of the "Business Opportunity."

As you flip through one of these "BizOpp" magazines, you'll see a wide variety of advertisements for different types of businesses, ranging from simple "starter kits" for around $29 all the way to sophisticated franchises costing $100,000 or more. For most people, it's impossible to raise enough capital to consider opening a true franchise. The franchise fees alone are often prohibitive, running into tens of thousands of dollars even for the lesser known businesses, or several hundred thousand dollars for better known companies. And that's not even including the outlay required to actually open the doors for business.

At the other end of the scale, most people are aware that the cheap starter kits and "business in a box" packages are basically junk. But that leaves a whole host of medium-priced business startup concepts, ranging in price from around $500 on the low end to $10,000 on the upper end. I refer to these as "pre-packaged business opportunities."

To explain why pre-packaged businesses are usually a waste of time and money, I'll use windshield repair as an example. As I write this, I'm looking at an ad for a training program that costs $3,000, including starter materials. In case you don't know what I'm referring to here, the basic idea is that small chips, cracks, or holes in automobile windshields can be repaired using a special liquid material that seals and repairs defects. This is obviously much cheaper than replacing an entire windshield. Hence the "opportunity" to start a business that helps people save money on their windshield repairs.

Now, in case you're thinking, "There's no way I would want to be in that business," please bear in mind I'm just using this as an example out of hundreds of possible different business concepts advertised in the same fashion. And of course there are many people who would be attracted to such a "business opportunity" -- people who really like cars, people who already know quite a bit about auto repair, and so on. Plenty of individuals are attracted to a business idea like this, which is why this particular "opportunity" has been around for decades.

Now, here's the real question. Can you seriously expect to shell out $3,000 for some starter materials and training in the windshield repair business, then put a sign out, and expect to start earning money right away? Of course not! This is the #1 flaw with pre-packaged business opportunities: you still have to figure out how to market the product or service on your own.

Let's take a closer look at the windshield repair business. Let's say your goal is to make $50,000 per year in net income. If we assume that you can charge around $50 per windshield repair, at a material cost of around $10, then you have a gross profit (not counting your labor) of $40 per repair. To make $50,000 net, you'd need to find 1,250 windshields per year that required fixing. That translates to more than 100 repairs per month, and you'd need to keep this up month in and month out to meet your income goal. That works out to 3-5 repairs per day, depending on how many days per month you work.

Now, if you had 1,250 cars lined up down the road, all ready for the repair work, it would be nice easy money, right? But FINDING those 1,250 cars and then SELLING those 1,250 car owners on your service will be the real problem. In other words, you don't really have a windshield repair job here. You have a SALES job, pure and simple. Most of your time will be spent finding business.

Obviously, finding one car at a time will be totally impractical. Instead, you'll need fleet accounts with major car dealerships, auto repair shops, car rental agencies, and so on. And you can bet that a number of other people (some of whom bought the same pre-packaged business that you did) have also solicited the same companies for their windshield repair business.

So again, what you really have here is a sales job. If this were a truly profitable business, then the company selling you the "opportunity" would not be making all their money selling pre-packaged businesses to people like yourself. Instead, they would be making their money by rolling out the service across the country and selling windshield repair directly to fleet accounts on a nationwide basis. But they know that there is actually more money to be made in the BizOpp world, preying on people who have the dream of starting their own business.

The message here is that any pre-packaged business opportunity that sells in the $500 to $10,000 range is typically worthless and a complete waste of your time and money. Please bear in mind that these numbers are just a guideline, and you must always exercise good judgment when evaluating any business opportunity. Just because a "hot" pre-packaged opportunity is selling for more than $10,000 does not mean that it is necessarily legitimate. Many rip-offs cost a lot more than that. But generally speaking, the promoters of these schemes realize they are aiming at people who can't pay a lot of money to get started in business. So the packages are marketed in a way that will maximize the number of people that can afford to buy in.

If you are serious about starting your own business, then a pre-packaged opportunity is not the way to go. It might seem like an easy answer to your problem, but the very fact that it's being sold as a packaged business probably means that there's no real money to be made without a long hard sales grind. You're much better off doing your own research, coming up with your own business ideas, and then testing your ideas with small advertisements to see if your concepts have any real potential.

That's how many businesses get their start. You'll have a much better chance of making it in the world of business or self-employment if you ignore those BizOpp magazines entirely!




Photo source
Search Engine People Blog


Bronzi Home Based Business Tips


Tweet

Read More

5 Mistakes You Must Avoid When Starting A Home Based Business

4 years ago I left my job as a sales manager to start a home based business. I had already bought a lot of books promising substantial incomes within days or at least a month.

Nothing could stop me now – I had several projects up and running in no time.

First mistake to avoid is rushing into a home-based business program that you know little or nothing about. Many people on the Internet want to make money from selling you the perfect home based business. In many cases they haven’t even tested the program themselves. (But, I learned to do this).

Second mistake to avoid is thinking you can go from zero to a successful Internet business in 30 days or less. I am not saying it is impossible, but most end up with a giant information overflow and no money in the pocket. You must plan for a modest income the first 3-5 months.

Produce a list of alternatives and try to identify the critical success factors and skills needed. Be realistic – you have to have some of the key skills needed it you are going to succeed.

Third mistake is quitting a program to soon. What I did and you should not repeat is thinking that it is something wrong with the program when the money doesn’t start pouring in. Often it is a question of making minor changes, measuring the effects of the changes and wait for things to start happen.

Forth mistake is starting cheating when you get desperate and low on self-esteem There are a lot of scrupulous people out there making money from guys like you who has been knocked in the first round

A lot of communities is exchanging clicks for Google AdSense. Did you really think you could get away with it? You end up getting banned from the program and excluded from one of the best home based Internet businesses you can find. Again be patient – you will succeed if you really try.

Fifth mistake to avoid is not learning the basic stuff. The basic skills for succeeding with a home-based business is to create content, attract visitors and make money from you visitors. You can buy some product and services that helps you on the way, but you must understand and be able to handle the basic stuff if you want to establish your home business and survive.

Starting a home based business is like a boxing match. Be patient – work hard and smart and you will become the champ of home-based Internet marketing.


Tweet

Read More

How To Dealing With Pressure For The Home-Based Business Entrepreneur

What is the most effective way to deal with the anxiety that a home-based business entrepreneur experiences? The quick answer is to realize that this is part of being a business owner and to learn to live with it.

The anxiety will not go away over night and you may be experiencing it for many years as you look at the profit/loss margins that occur with starting a business and moving to a place where it is stable and successful.

Many people are drawn to the idea of being self-employed, and not having to work for a boss and also because they think that there are many freedoms with this type of business. They soon find out; however, that this is not the case and they will actually be working long, hard hours for a few years as they try to get their business on its feet.

The difference in being self-employed is that everything rests on your shoulders. When you were working for someone else, you had to deal with things you probably did not want to but the entire weight of the financial success of the company was not your concern – now it is. You are now concerned if there will be enough profit to pay your employees, your vendors, and your bills.

Remember that simply because you are feeling pressure does not mean your business is going to fail. It simply means you are now in business for yourself and are facing the same pressures that all business owners experience at some time or another. Anxiety is a great motivator.

You may wake up and not want to do any work, you would prefer to make an early round of golf, instead you realize that if you choose this option you will only be making it more difficult for yourself and you will lose money as opposed to making money. I would actually be concerned if you started a new business and had absolutely no fears at all, that is being arrogant and has a great chance of leading to failure.

There is a difference in being confident about your business venture and arrogant. Arrogant is thinking nothing will go wrong and you do not have to make an effort or sweat over the financial affairs of your new business.

So how do you deal with the pressure?

Make sure you have a financial plan. Talk to those who are involved in your business and make sure everyone knows their goals. Talk about the risks and whether-or-not, they are worth taking. Do not stick your head in the sand and pretend they do not exist – they do and you need to face them head on and when you do, you will be successful and your anxiety will lessen and will eventually go away.



Photo Attribution
http://www.flickr.com/photos/lel4nd/4074193083 / CC by 2.0

Bronzi Home Based Business Tips

Tweet

Read More

Bronzi Home Based Business Tips

Bronzi Home Based Business Tips A Resource blog for Home Based Business Owners, Marketers and Affiliates on all specifications and aspects of running a successful Home Based Business. How to start your business and how to market your business for success.

It has come to my attention that many of you are looking for the original blog. These are the faces blow of what the blog use to look like.

 

 

This is the third blog and it is just plain and simple to use and navigate.

This now will make it easier for you to find the blog.

I hope that you will follow this one and find it just as helpful as the others.

If you are new to the blog. Welcome! You will find many helpful home based business tips here and regular tips for business as well.

I will be building her up as fast as possible.

Thanks for being a reader of Bronzi Home Based Business Tips.

Sincerely,

Bronzi


Tweet

Read More

Low Cost Home Business Opportunity With High Profits

Hi there! This is one of those great little ways of making money online with your own home business. Most people don't know about this low cost high profit business opportunity. Sure, I use it too.

Now, I'm sharing this with you.

Hey, it doesn't cost you anything to check it out, but a minute or two. If you don't like it then click out.

But, if you like to make extra money then you can check it out here.

It's really simple to do and you can add it to your existing business.

So, take a peak and let me know what you think in the comments below.

Oh and go back to the blue here to get there.

This is a short and sweat little post, but it may be one of the best business opportunities out there for you.

Take a look at the video and it will explain how it works.

One thing, you need to use Firefox or Google Chrome browsers.

Some times you can't view your ads in Internet Explorer.

I have all three browsers so I don't have a problem with the ads.

Another tip, don't use your ads with blogger or wordpress.com unless you use them alone. Don't use adsence with them. This will kill your blogs. I know because it happened to me.

But, if you have your own website, then you will be fine.

You can also just promote your site alone. You'll see what I mean when your in. This has many different ways of making money for you.


To your home business success,

Bronzi Home Based Business Tips


Tweet

Read More

5 Tips How To Make Your Home-Based Business Not Appear "Homemade"

One of the toughest obstacles we face when working from home is making it appear that we're not, in fact, working from home. When clients call and there are kids screaming in the background, pets barking and meowing and timers going off for laundry and cooking, it doesn't appear professional.

So, how can we appear more professional?

Tip # 1: Have a clean, professional website with your own domain name.
Do not, under any circumstances, have a "free" website hosted on another domain name with other company's ads all over the place! This is one of the biggest no-no's out there! Decide, instead, that in order to appear professional, you must invest in a professional website. If you aren't skilled in web design, hire someone to do it for you or barter with another home-based business owner who does do web design. Choose a domain name that is closely related to your business's name.

Tip # 2: Invest in a separate phone line or in a distinctive ring tone for that line.
Most phone companies offer a plan where you can have two or more numbers ringing to one phone line with distinctive rings. It's usually better to have a separate phone line in your office, in order to avoid after-hours phone calls from clients. This also enables you to "shut the door" on work when you're not there. Use a professional voicemail message or answering machine message and check the messages often.

Tip # 3: Think about how to display your business address.
How are you going to display your physical location? There are a few different options available. Most home-based business owners will say that they accept meetings by appointment only, to discourage clients from "dropping in" while they're still in their jammies and haven't had their morning coffee yet. If you don't want your customers to know you work from home, two other options are using a P.O. Box or attaching a "Suite" number to your address. If you use a P.O. Box, you will have to give your home address out for packages and anything they want to courier to you, but it does provide anonymity and discourages drop-in visitors. If you attach a suite number to your address in order to make it appear a "business office," make sure you mention to your postal carrier that you're running a home-based business and that's why there's a different address on there.

Tip # 4: Define your office etiquette rules to your family.
What are the rules going to be for your kids and family members when you're on the phone or meeting with a client? Are you going to set a timer so they know when you'll be available? Are you going to have set office hours and not meet with clients outside of those times? Are you going to have a play space in your office? This is especially important if you're going to have small kids playing nearby (quietly) while you work.

Tip # 5: Invest in professional-quality promotional products and marketing pieces.
Don't print off business cards from your printer, unless you have a top-of-the-line printer. Invest in professional-quality business cards and brochures. If you can, have some letterhead printed up, too, for contracts, letters to prospective clients and any correspondence that is business-related. If you're printing promotional products like T-shirts or apparel, coffee mugs, mousepads, etc., check the quality of the products put out by the printer you wish to use. Don't just "price-hunt," look around for the best quality and invest in your business.

Bronzi Home Based Business Tips
Tweet

Read More