Quitting Your Job for a Home Based Business
Many of us who start a home business do so while we're stillworking another job. Our jobs provide us with money for living expenses - and, if we're lucky, for funding at least a portion of our business startup costs.Most people in this position hope to eventually leave theirjobs to work from home full-time. But when's the "right"time to quit? While there's no black-and-white answer to this question, here are a few things to consider...=== Are you confident in your ability to earn an income?Some 'experts' recommend that you stick with your homebusiness for at least a year before you consider quitting your job. This will give you the opportunity to 'feel out' any possible trends that may occur during the year. For example, you may find that sales are slow during the summer, and that your strongest months are from January to April.If your business has been profitable for at least a year,you'll probably feel reasonably secure that you can continue to turn a profit even after you leave your job.=== How will you manage your finances?It's easy to get comfortable with a steady pay cheque.
But once you quit your job, your business earnings will likely fluctuate from month-to-month -- sometimes significantly.How will you plan and budget to cover mortgage payments,day-to-day expenses, child care, and emergencies? Do you have a contingency plan for times when business is lean? Will you have to change your lifestyle, and how?Are you willing to make these sacrifices? Will there be enough funds left over to invest into your business?If not, who can you turn to for a loan, and will youqualify?Ask yourself questions such as these so that you cananticipate, minimize, and even prevent potential problems.=== Do you have a proper working area available to you?Running a home business is still business, and you'll need a place where you can work comfortably. The old cardboard box in the corner of the family room may have been okay as a makeshift "office" when you only spent a couple of hours a day using it... but do you really want that type of setup when you're running abusiness full-time?Ideally, you should have a working area where you can concentrate -- and with some basic furniture that won't give you aches and pains by the end of the day.A separate room is best. That way you'll be able to keep your business equipment, files, and materials organized and safe from the hustle and bustle of yourpersonal or family life.=== Is your business continuing to grow?Many people find that their business grows in leaps and bounds for a few exhilarating months. Then growth starts to slow, until it 'flatlines'.
This could be due to any number of reasons... but a common reason is that you simply don't have the time to continue to build your business while you're still working your job. But your business isn't yet bringing in the same income as you currently make at your job. What do you do?Unfortunately, there isn't an easy answer. Ask yourselfif you're ready to take that final leap - to quit your job before your business earnings have replaced your income.How will this impact your lifestyle?=== What does your family think?Family support is always welcome when you're working hardto build a business.
Keep in mind that it's exciting andscary for them, too: they're also affected by the changesin income and lifestyle. Sit down with them and have anopen discussion on any upcoming changes.Best of luck with your pursuit of a new career!.
In Turnaround, 2003 Charitable Giving Outpaced Holiday Spending
"Because Americans had been spending more on holiday gifts than they gave to charity in an entire year - I started the Holiday For Charity program in 2002," says Harry Hoover, managing principal of Hoover ink PR. "Perhaps in some small way, the program made a difference. I hope that people will continue to give to charity as they did last year, and my Holiday For Charity program provides easy ways to help the less fortunate."Here's how Holiday For Charity works: 1. Ask friends, family and business associates to donate to a charity instead of buying you holiday gifts2. Sell your gifts online at eBay's GivingWorks, http://pages.ebay.com/givingworks, and donate the proceeds to charity3.
Register and shop at iGive.com, whose merchants donate a portion of each transaction to the charities of your choice 4. Offer to do volunteer work in lieu of buying holiday gifts 5. Donate directly to charity in lieu of buying holiday...
In Turnaround, 2003 Charitable Giving Outpaced Holiday Spending
Mortgage calculator > In Turnaround, 2003 Charitable Giving Outpaced Holiday Spending
HELOCs and Second Mortgages: Which One Should I Choose?
Whether you need some extra cash to pay off some credit card debts, or to make some home improvements, home equity lines of credit or second mortgages can be great ways to get started. Many people looking to borrow money often opt for home equity line of credit, or HELOCs, for short. They are a tempting first choice, because they can often give you the much needed cash at a low interest rate. Another advantage to taking out an HELOC, or a home equity line of credit, is that they may provide the borrower with a certain tax break, but you would need to verify this with your lender or accountant.One drawback to HELOCs, however, is the fact that borrowers are expected to put their homes up as collateral. So, it is important that you think this decision through, before finalizing the loan, because you may be at risk of losing your home- and its equity- if you are late or cannot make your monthly payments.
Finally, if you decide to sell your home, must HELOCs will require that you pay...
HELOCs and Second Mortgages: Which One Should I Choose?
Mortgage calculator > HELOCs and Second Mortgages: Which One Should I Choose?