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Things To Consider Before Trying To Make Money From Home

Aug 17, 2007
Going it alone in business can be a great opportunity for many to stand on their own two feet without having to deal with the rigors of a 9 to 5 office job. But, many who jump into home-based businesses do so without considering all the angels. You can make money from home and do very well, but your bases must be covered to improve your chances for success.

In two-income families it's often easier for one person to make money from home while the other stays at a regular job and holds down the benefits. But, even still, it's possible for both to make money from home, if these things are considered:

* Be certain your way to make money from home has a reasonable chance for success before you leave your "day job." It's true you might have to risk "security" at first to make money from home, but going into the prospect blindly isn't smart. If you're a freelancer, for example, be certain you have contracts to cover your expenses while you build your business. For sales, have some money in the bank while you build your business to ensure you can make money from home.
* Insurance. Walking away from medical benefits can be a bad idea if you don't have a backup in place. Whether it's a private policy or a spouse who provides it, have insurance coverage while you make money from home. Going without can have disastrous results.
* Retirement. One of the things many people who strike out to make money at home forget to consider is their retirement. Make sure you are covered by putting money away each month, making investments or something. You won't have your employer to do your 401k anymore.
* Financial padding. Rushing out to make money at home without having a solid bank account to cover the down times is not smart. Build up if at all possible to ensure you're covered when the money isn't coming in.
* Taxes, licensing and so on. Make sure you talk with a lawyer and an accountant before trading that day job to make money at home. You will still have to pay taxes. And, depending on the field, there might be special licensing and zoning requirements, too. Plus, you'll be the one responsible for the books.
* Special equipment. Depending on what you intend to do to make money at home, you might need special equipment. If you do, consider getting this taken care of before you put your notice in at a day job. The more prepared you are beforehand, the fewer surprises you should have once you get started making money at home.

Making money at home beats the rigors of a "regular job," but it's up to you to make sure you and your family are covered in the event of an emergency. Be certain you have your ducks in a row before you dive into the pond. If you do, your mind will be more free to pursue your business with a vigor that's likely to make it more than successful.
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