Are you unhappy in your career? Perhaps you’re constantly overworked and stressed, and your efforts aren’t appreciated by the boss. It could be the opposite- you’re bored, under stimulated and feel as though your skills or talent is being wasted. Maybe you’re just in a dead end position and your career is going nowhere fast. One option would be to go back into education and get qualified, take on more training and change career. But if you want to do something a little differently then how about starting your own business? Best of all, you can do it right from your own home. This allows you to work in a very flexible way, perfect for if you have care duties with children or other family members. There’s no commute so you save time and money, and it’s ideal if you like working alone. Being micromanaged by a boss is stressful, but by working for yourself from home, you become the boss. Considering how it can be done? Here are some ideas.
Deciding on an idea
First things first, you will need to decide what it is that you will be doing to earn money from home. You could sign up to a freelancing site and do jobs on there. You could monetise any established blogs or websites you have and look at ways of increasing income here. You could set up a home business- anything from selling items you make, to buying and selling for a profit. It can actually be worth having your fingers in many pies here, and having multiple income streams. Being self employed can be unreliable, but if you have multiple ways to bring in cash you can focus on one when another is a little quiet. For example, you could set up a home business, but in the early days where you’re not getting much custom, spend your time working on freelancing sites. If you get a blog established, this will also earn you money eventually too, and so you have options when it comes to money. If one of these really takes off and you’re earning well then go down that route, but in the beginning especially, spend your time building up a couple of different ways to earn cash.
Once you’ve decided what it is you’ll be doing and how you’ll be earning money, your next step is to get the relevant paperwork done. You will need to declare to the authorities that you will be working self employed so you can register to pay the correct taxes. It sounds scary but it’s all very simple, usually just a couple of forms online. Then, each April you will pay the tax that you owe. In most countries you won’t pay tax until you earn over a certain amount, which can make it easy in the early days of your business. Once you do earn over the threshold, be sure that you’re holding back twenty percent of your profits so that you can pay your tax bill. You can use accounting software to track the day to day runnings of your business finances, and you can always hire an accountant to do your tax return for you. It doesn’t need to be overly complicated and can be done even if you’ve never run any kind of business or accounts before.
Setting up a place to work
Once you begin working from home, you need a proper space that you can be productive from. Working from your bed or the sofa isn’t ideal, your best bet is to have a room set aside for your work. Put up a large, sturdy desk with a comfortable chair. Kit it out with the stationery, storage and everything else that you might need for the work that you’re doing. A reliable computer, printer, the right software and regular office essentials like pens, paper and paper clips will all come in useful. You will probably need some cash to get yourself started, there are lots of options out there even personal loans for bad credit if you haven’t got a perfect credit score. When you have a place to work, it helps to separate home and business and can also help you to be more productive. There are less distractions and you know when you enter this space that it’s time to get down to work.
The pros and cons of working from home
There are plenty of both pros and cons when it comes to working from home. It’s worth having a think about these and how they will affect you. First, you have plenty of flexibility, but with that comes responsibility. You have the option to do your work whenever you like, but you still need to make sure it gets done. You need a lot of self motivation and the ability to work without being managed by a boss. An obvious plus point is that you get to work from your own comfy home, but again there is a flip side to this. Just because you’re at home doesn’t mean you have the time to yourself, you need to learn to get into ‘work mode’ when needed. Getting dressed (in normal clothes, as opposed to staying in your pyjamas!) can help with this. Again, having a separate room for work can help to distinguish between home and work and get you in a positive frame of mind. One thing lots of people enjoy when working for themselves is having their own space and not having to deal with colleagues. However, self employed life can be lonely especially when you’re working from home. You don’t get those friendships and that socialisation every day, you might miss it more than you think even if your work colleagues aren’t your closest friends. It all depends on your personality, working from home suits some people to a tee. With others, they find the structure and routine of a more standard working environment is better for them. Have a think if this is really for you, and how you think you’ll manage. That way you have a clear idea as to what you’re getting into.