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How to Handle a Growing Home-Based Business

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Home-based businesses are any enterprises for which the chief managerial and administrative activities occur within the personal residence of an individual. People set up home-based businesses for a wide range of reasons, with many doing so as a way to become their own boss.

While financial failure is one of the chief concerns most folks have when opting to start their own business from home, success can be another factor to consider. In the event your business takes off, will you be able to keep up with demand?

The following tips should be considered when managing a rapidly growing home-based business:

Use of low-cost or free services

A home-based business owner saves money by working from a home office. This is because they avoid spending money on office space. There are many other ways that the home-based business owner can save even more money. One of these is through the implementation of business software. For example, the benefits of using master data management software include reduced costs, improved staff efficiency, and streamlined business operations.

Outsourcing

Most home businesses are set up and run by a single person. However, different skill sets from different people are required once the business grows past a certain level. Outsourcing jobs is an excellent way to manage a growing home-based business. Websites such as PeoplePerHour and oDesk make it possible for home-based business owners to connect with cost-effective independent contractors. Hiring freelancers frees up the time of the home-based business owner to focus on other tasks.

Joining professional groups

Managing a home-based business can lead to limited social interaction. Joining local networking groups offers the home-business owner the chance to enjoy the camaraderie of like-minded people. It also enables them to create a strong team. This could consist of experts in the parts of the business the home-business owner may not be an expert in. Such events could also lead to further growth of the home-based business by word of mouth.

Maintain Professionalism

Maintaining a professional image is very important when handling a growing home-based business. Renting an office or a conference room space for a day when needed helps maintain professionalism in situations requiring it.

Invest in separate landlines

The home can prove to be quite a challenging work environment when trying to run a growing home-based business. For example, the presence of family members in the workspace can lead to one of the family members accidentally answering a critical business phone call. This problem can be solved by investing in a separate landline for work-related matters. It is also advisable to invest in another cell phone to remain accessible in a power outage.

Getting organized

A growing home-based business generates large quantities of computer and paper files. Organizing these files makes everything easier to find. One way of accomplishing this is by implementing a color-coding scheme for computer storage devices and file folders. Printed labels can also be created with a label-maker to help readability.

Creating a beneficial work environment

As a home-based business grows, it becomes increasingly beneficial to invest time into acquiring furniture and equipment that improves the work environment. For example, the ergonomics at the workstation and lighting in the home office should maximize productivity. You may even consider upgrading your living and working space from a studio apartment, and look for a 2 bedroom apartment for rent in hamburg if you’re based here, for example. An extra room can allow you to create a dedicated space for your expanding business, and making the necessary adjustments to become more productive and strive for success.

 

How Brice Capital Encouraged Me To Clean Up My Financial History

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Some people encounter an unforeseen circumstance that causes them to fall into debt. Others simply mismanage their finances and dig themselves into a hole they can’t see their way out of. Regrettably, I fall into the latter group. I started misusing credit in my early twenties. Fresh out of college, I opened a Visa, Mastercard, and department store card. Tired of the penny-pinching lifestyle I had adopted in college, I splurged every chance I had.

Living The Good Life

I lived in a decent one-bedroom apartment, had an entry-level position as a paralegal, and thought I was on top of the world. I kept my credit card balances pretty low (in the beginning) to the point creditors offered to extend my limit. Then, I got comfortable and began charging everything from lunch to new suits. Within two years, I had $5,000 in credit card debt on high-interest credit cards.

Until I Wasn’t

The company I was working for had some budget cuts and my hours went from full to part-time. On top of that, creditors constantly called, threatening further collection actions if I didn’t pay the balance. With no money in the bank, a past due rent bill, and a tight budget, I realized I needed to get serious about my finances.

Debt Consolidation Changed Everything

A co-worker told me about their financial struggles and how they turned to a debt consolidation agency for relief. The company got them approved for a small debt consolidation loan to lump all their credit card balances into one. The interest rates were lower, the credit card accounts were settled, and the collection calls stopped. I figured nothing beats a failure but a try, so I asked for the contact information.

I visited BriceCapital.com and learned more about the agency. After analyzing a few reviews, I contacted a financial advisor that helped me get approved for a $5,000 loan. The interest rate was five percent less than my credit cards, and the monthly payment was affordable. As long as I stuck to the repayment plan, I’d have my debt paid off in no time.

Inspired To Do More

The relief I felt from consolidating my credit card debt inspired me to get more disciplined with the rest of my finances. I quickly realized that I didn’t want to remain in this position any longer. If I was going to live stress-free, I had to take steps towards making positive change. Here’s a quick look at what else I did.

  • Budgeting – I had developed a bad habit of spending money I didn’t have and repaying it whenever I got the chance. By creating a realistic budget that listed my everyday expenses compared to my income, I corrected my behavior.
  • Saving – You never know when something could throw your finances out of whack. I learned that the hard way with my job. I wanted to have a cushion just in case something like that happened in the future. So, I used the savings from the debt consolidation loan and set it aside for a rainy day.
  • Tying Up Loose Ends – Credit cards weren’t the only debt I had mismanaged. I still had student loans and an old cable bill I let go into collections. I signed up for an income-based repayment plan with my student loans. The cable company offered me a settlement amount that I paid upfront. I even contacted my landlord and agreed to pay an additional $50 on my rent until my balance was up-to-date.

When you’re young and carefree, you don’t think about how misusing a credit card could lead to physical, emotional, and financial stress. Fortunately, I learned this lesson early on and was able to do something about it. Consolidating my debt with Brice Capital inspired me to get serious about my finances. Now, I’m on track to living the life I want without my past financial mistakes weighing me down.

How to Live Without Money

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Live without Money

Have you ever considered what life would be like if you quit your job?  How would you provide for yourself and your needs?  Could you live without money?  Is that even possible in our modern era?

It is possible to live without money, but you would have to put aside some of the creature comforts your used to.  You would also likely work just as hard as you do now, when earning a wage.

How to Live Without Money

To successfully live without money, you need to find ways to find shelter and food, at the minimum.

Where to Live for Free

Live Without Money
Photo by Christine Roy on Unsplash

Sure, you could couch surf if your friends are agreeable, but there are other ways to find shelter without paying cash.

Take Care of An Elderly Person

Some elderly people would like to remain in their own homes, but as they age, they need more assistance.  They hire live-in care givers who take care of them in return for free room and board.  If you have the right skills, this can be an excellent way to find shelter for free.

Manage an Apartment Building

Another option, if you’re handy, is to take care of the maintenance in an apartment building in return for a free apartment.  This option is more suitable if you live in a large city.

How to Eat for Free

Eating for free can be trickier than finding a place to live for free.

Food Pantry

If you’re trying to survive with no money because you’re in a difficult financial place, you can visit a local food pantry.  They will likely give you enough food for a week if you’re careful.

Soup Kitchen

Likewise, you can visit a local soup kitchen and get a free meal.  If you live in a bigger city, you may be able to go to a different soup kitchen every day to get a hot meal.  Again, this is an excellent choice if you’re financially struggling.

Volunteer at a CSA

If you have a farm near you that offers CSA subscriptions, you may be able to barter for food.  Some CSAs (community supported agriculture) will trade five or ten hours of work a week for a CSA box.  This will likely not provide all of your nutritional needs but will supply your fruits and vegetables for the week.

Dumpster Dive

Lastly, some people dumpster dive for food.  While this may sound disgusting and unsanitary, not to mention dangerous, there is an entire community dedicated to avoiding food waste by dumpster diving.  You’ll want to take adequate precautions, but you can get quite a large amount of food by rescuing restaurant and grocery store cast offs.

Final Thoughts

Trying to live without money is challenging.  I’ve given suggestions for getting a place to stay and food for free, but what about the other things needed in our current society?  How would you pay for a car and gas?  Clothing?  Some people simple forego a vehicle and only use the clothes they have.  If you determined to live without money, you can.  Other people have, at least for a few months or years.

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