Many people, especially parents, are looking for ways to earn an income by working from home. Now, more than ever before, it is possible for someone to earn a decent income without having a traditional 9-5 job. And more and more people are doing just that: working from home!
But how does someone know where to start? How can you differentiate between the legitimate options and the scams? How do you find the right option that will work for your specific situation?
While we can’t answer all those questions for you, we can provide you with 5 key decisions to make before you start working from home. If you make these decisions prior to signing up with a company or launching a traditional business, you’ll be much more prepared to be successful in the long run.
5 Important Decisions to Make Before Working from Home
- Do you want a JOB or a Business?
When looking for a way to work from home, it is important to decide whether you want a work at home job or a work at home business. While they sometimes can look and sound very similar from the outside, they are actually quite different.
Key differences between a job and a business:
- A job typically will have set hours you need to work each week or month. You may have set working hours, or you may have a required number of hours to work. Either way, this is usually dictated by the employer rather than you.
- With a work at home job, you will be paid (normally a set rate) based on the number of hours you work. You will be exchanging time for money.
- In a job scenario, you typically will not have any start-up cost. Usually you will begin receiving payment for your work within a few weeks of starting.
- With a work at home business, you will have some kind of start-up cost. It can range from very small (under $10) to quite large (thousands of dollars), depending on what type of business you start.
- A business will allow you to set your own hours. Unlike a work at home job, a work at home business has much more flexibility. You can determine when and how much you want to work.
- Your pay with a work at home business owner can be unlimited, and is more based on the effort you put in versus the number of hours. When you own your own business, you have more control over your pay. Again, this varies widely based on the type of business you start or company you partner with–but generally speaking, your income potential is much higher with a business vs. a job.
It’s important to understand the difference between these two options, and to know which one you want. Based on your specific situation, one may be better than the other for you.
- How much money are you willing/able to invest?
If you want to go the route of a home based business, you will need to invest something to get started. As mentioned above, start-up costs can range from under $10 to thousands. If you decide to start a traditional business, you’ll likely be looking at thousands of dollars. If you decide to partner with an established company, you may be able to start for much less.
When starting a home based business, it helps to determine how much you want to invest before beginning your search for the right company.
Another factor to consider is how much of your start-up cost will be products that you would actually be able to use vs. inventory that you will need to sell. For example, with Life on Your Own Terms, the small start-up cost will be spent on products that are already in your budget and that you will be able to use in your own home. This way, you can be a believer in the products and speak with authenticity, integrity and credibility.
- How much money do you need to make and how soon?
Another decision to make before working from home is how much money you need to earn. When you are clear about your income goals for your work, it is much easier to make a decision regarding the type of job or business you want to have. It can also help you to determine how much time you will need to dedicate to the work.
Some people are just looking for an extra $500 a month, where others are looking for a monthly income of $5,000 or more. Some are looking to make a significant change in their financial future and want $25,000 a month or more.
In order to pick the right type of job or business opportunity, you should know what your family’s monthly budget is, and what you need to earn in order to reach your goals.
You will never be paid what you are worth, but you will always earn what people think you are worth. That is a powerful but true statement! What is YOUR choice? To be paid what you are worth or to leave it in the hands of someone else?
With Life On Your Own Terms, there is no limit on what you can do. We have thousands of success stories!
- How much TIME do you have to invest in this effort?
When considering working from home, the next thing you must be clear on is how much time you are able to dedicate to your business or job. If you go with a work at home job, you will have to specify certain hours to work or you won’t be paid. However, when you have your own business, there is more flexibility with your schedule.
But, to be successful with a work at home business, you should treat it similar to how you would a job: set your work hours and stick to them. It can be as little as 5 hours a week or as much as 30-40, but whatever the case, the important thing is consistency.
This decision about how much time you invest goes hand-in-hand with the previous decision about income. If you are looking for a full-time income, but only want to work 5 hours a week, then you are unlikely to have much success. Your time investment should be in line with your income goals.
- What is your WHY?
Lastly, the most important decision to make before working from home is your why. Yes, you may want to work from home to earn extra income, but it needs to go deeper than that.
In order to determine your real why for this income, you can ask yourself these questions:
- What will that extra income do for me?
- What type of life do I want to live?
- What is most important to me?
- How will the extra income allow me to fulfill my goals or pursue my passions in life?
- How will my family be impacted by this change?
It is incredibly important to determine your ultimate motivation for working from home. If you do not know the deeper reason for the extra income you want to earn, it will be very easy to give up on this dream.
Once you have thoughtfully considered these 5 questions and made the decisions (be sure to write down your answers!), you will be ready to begin looking at your options for working from home. Instead of going into your search completely blind, you can be prepared by knowing exactly what you are looking for in a job or business opportunity.
Our team at Life on Your Own Terms offers a business with a low start-up cost, a training and support network, and great income potential. If you’d like to know more about this, just click here.