If you have been involved with Internet marketing then you are likely to know of Perry Marshall and his training and books on Google Adwords, or pay-per-click (PPC). There is another name that is becoming synonymous with Google, and that is continue reading »
So now that we have reviewed the pros and cons of having a home business, let’s take one more look at things before you leap. For every entrepreneur, the ultimate goal is to be able to quit your day job and work from home full-time. The motivating factors are things like those we noted before. Here are a couple reminders
· Avoiding rush hour commute, both the aggravation of sitting in traffic and the time spent on the road commuting
· Relief from gas prices
· Ability to be home with your children
· Freedom from asking permission for days off
· Flexible hours, specifically not having to show up during specified hours
· Not having to participate in boring and pointless staff meetings
Once you’ve decided on a business to pursue and your home business starts to show an income, you may begin to think about quitting your day job. You may notice that the more hours you put into your business, the more money you make, which is something you probably can’t say about your day job. You may start to think that you’d be better off putting in full-time hours where your heart is.
But before you rush into that decision, there are some other things to consider carefully.
How much do you make?
You may think you know the answer to that, but your salary is probably only a small part of what your employer is paying you. While it’s true that some companies don’t offer great benefits, if your company offers any benefits at all, you have to consider their value, and what it will cost to replace this benefit to yourself with your home business.
Some things to consider are:
Health insurance: Purchasing health insurance as a self-employed person is considerably more expensive than purchasing group care through an employer. If you have a lapse in coverage, premiums go up and there is usually a waiting period for coverage.
If you are married and covered under your husband’s policy, don’t think this is something you don’t need to consider. Women tend to outlive their husbands. A smart businesswoman always considers the possibility of having to be completely self-supporting, because most women are self-supporting at some point in their lives.
Also consider costs of dental and vision insurance coverage.
Life insurance: If your company has offered life insurance coverage, find out if it is possible to continue this coverage if you leave. If not, look into the cost of adequate life insurance coverage.
Paid time off: For any disgruntled employee, it may seem that paid vacations, holidays and sick time offer little consolation for the lack of freedom that goes along with a full-time job. One thing that you have to keep in mind is that when you work full-time at a home business, often in the early years, there are no holidays or vacations, and if you do manage to arrange time off, unless you have a business that earns on automatic pilot, you will not get paid for that time.
Disability coverage: If your company offers short or long-term disability coverage, you don’t have to worry about an unplanned illness or accident – your income will continue. Not so for a home business. Think about what you will do if something catastrophic occurs.
401K: Don’t forget to plan for retirement. Many companies offer 401K matching. Can you afford to give that up?
Lack of a steady paycheck: Although your business may seem solid when you first begin to consider quitting your day job, businesses often run into unexpected bumps in the road. You can no longer count on a paycheck on a particular day. Make sure you have a cushion in the bank of at least three to six months salary before you even consider making the leap.
Income taxes: Working for an employer doesn’t prepare you for the responsibility of monitoring your own income taxes. You have to remember that you don’t get to keep everything you earn from your business, and you have to anticipate deducting 25-30% of your income and setting it aside to pay taxes. If you’re making a significant income from your home business, you should consult with an accountant to setup quarterly tax payments for you.
Leave on good terms: Certainly you want to believe that it’s ok to give notice and walk out one day without looking back. Becoming 100% self-employed is an exciting decision, but make sure you’re ready. Don’t burn your bridges. You may find you don’t like being self-employed as much as you think you will, or you may find you might want to get a part-time job to supplement your income at some point. Good references are always something to be coveted.
Your dream of working from home full-time can become a reality. Make sure you’re really ready when you take the leap.
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ABOUT THE AUTHOR
Janet Giacoma is a long-time home business marketer. You’ll discover more work from home information on her home business blog . An excellent resource for additional information.
To read this entire article by Michael Masterson click here.
If you’re short on time here’s Michaels’s tips…. the difference between an information addict and an information user…
An information junkie is addicted to the process of buying information. Although he may delude himself into thinking otherwise, he has no intention of ever using the information he buys. An information user is very practical about his purchases . He buys information for specific, pragmatic purposes. He uses the information he buys to achieve specific goals - to start or grow a business, to learn a new language, to improve his negotiating skills.
An information junkie is happiest at the moment he is buying the information . His enthusiasm soon wanes, however. Within hours or days of receiving it, the information junkie is on to other things. The new product goes up on the shelf with the old products. He’s excited about the next new one.
An information user makes progress . See him reading a book about nutrition, and there’s a very good chance (if he likes the book) that his eating habits will change in the immediate future. The information junkie, in contrast, may have 26 books about nutrition in his living room. He may have even read them all – while he was lying on the couch eating potato chips.
An information user is someone who consumes information to profit from it . If he invests $100 in learning about some subject, he expects to see a substantial return on that investment – perhaps a thousand dollars’ worth of value, material or spiritual. An information junkie consumes information like drugs or candy bars. It gives him an immediate rush and then nothing afterward. That’s why he needs to buy more.
The information user has long-term expectations when it comes to knowledge . He believes the knowledge he acquires now will compound over time as he learns more and is in a better position to leverage what he has learned for greater benefit. The information junkie is in it for the here-and-now . He doesn’t believe in saving. He’s always on to the next hot thing.
What about you? Are you an information junkie? Take this test and see…
1. In the past year, I’ve purchased more than 12 books that I haven’t read. (If your answer is Yes, give yourself 2 points.)
2. In the past year, I’ve purchased:
3. In the past year, I’ve purchased at least one $1,000 information product that I didn’t use. (Yes = 5 points)
4. I am most excited about the information that I buy:
5. When I read a book, I feel compelled to read it from cover to cover. (Yes = 2 points)
6. I generally take notes when I read something. (Yes = 1 point, No = 2 points)
Well… how did you score?
If you scored 8 or above, you are indeed an information junkie. If you are an information junkie, don’t despair. You can convert yourself into an information user simply by following two rules:
1. When you buy an information product, set specific deadlines for reading it and implementing what you learn. For instance, set a goal that you will take one of its recommended actions within 24 hours of receiving the product. Then resolve to take at least one more recommended action each week thereafter.
2. Don’t buy another product until you have made some progress with the one you previously purchased.
That’s all there is to it. Obey these two rules and you’ll not only break your addiction, you will radically improve your life.
So, what are you…..leave a comment 
Until next time, J.
"Take control of your destiny or someone else will"
