Managing Your Business Wisely

If you are a writer, especially one who charges for your services, having a business plan in place is essential. Never mind that a business plan can help you run your business more effectively, but a plan should be one that passes IRS scrutiny as well as meets all state and local government requirements.

Sometimes it is nearly impossible to figure out what steps you should take in order to even meet the myriad requirements. You are an excellent writer; that doesn't mean you are an expert at business administration!

My local technical/community college is offering on Tuesday nights this year to help business owners. Some of the topics they are offering include:

Establishing Your Mission and Vision for a Small Business

Protection — Copyrights, Patents, Trademarks, Intellectual Property

Show Me the Money: Prosperity Principles for Your Small Business

I plan on taking several courses this year as I want to make certain my business passes muster. Naturally, I want to concentrate on the writing aspect of the business, but the remaining "stuff" is necessary too. Check with your local continuing education office for a list of upcoming seminars. Many courses are free or require a nominal fee. In any case, you have nothing to lose, but a business to gain!

Managing The Financial Aspect Of Your Home Business

Financial management is one of the pitfalls for people who are engaged in a home business. Even if your have choose a good home business but you have no idea on how to manage your business financially, you will most likely end up losing a lot of money. Since you cannot afford to waste your money, you better shape up and take care of your finances early on. It will not really do you any good if you just keep working on your business not really knowing if you are making enough money to compensate for your efforts.

Getting started

The first thing that you need to do to get your financial systems in place is to open a separate bank account for your business. A lot of home business owners keep their personal funds together with their personal accounts that they end up drawing money which should have been for the business and vice versa. The practice of mixing up your personal funds and the funds for your business is very dangerous because you will not have much control over you business and personal finances. By opening separate bank accounts for your business and for personal use, you will be able to manage your money better.

Aside from setting up a separate bank account for you business, you must see to it that you also set up a separate funds for your business expenses. Since you are working form home, try to separate all the expenses that are related to your business from your home expenses. For instance, your business phone should be paid by money coming from your business account. You might also want to “bill” you business for utilities and rent. You can do this by setting a certain amount every month for utilities and rent then take this amount from the business account.

Out of your business earning, you might also want to set up a certain amount which you can draw out as your salary. The good thing about setting a certain amount of money every month as your salary is that you will be able to determine if you are indeed making enough money to pay for all your business expenses and at the same time pay yourself for your efforts. Make sure that you only draw-out the extract amount of money from the business for your salary. Even if your business is doing well and you have plenty of money in the business account, do not be tempted to draw more than you should. Keep the money in the business account for future use. You might want to expand your home business later on.

At the end of the year, you might want to give yourself a bonus. If you have been religiously following your own rules regarding your finances, you will be surprised at how much money you will have left in your business account at the end of the year.

Managing Stress While Creating A Home Business

Starting, developing and expanding an internet home business can be one of the most exciting adventures that we embrace. This journey could change our lives. Unfortunately, there is a disadvantage when we are creating a work from home enterprise.

There will be new concepts learned and applied. There will be attempts and failures. There will be disappointments and frustrations. A work at home business can bring success to our lives but it will also bring stress. We can control the pressure that will come. These tips can help us to manage the strain of creating an internet venture. The road to making money online is littered with obstacles but preparing for these challenges can make the journey easier.

1) Get Adequate Rest

The temptation to work long hours when we are developing a home business will be very strong. The concept of finding success through a diligent effort is true but we must balance the work with adequate rest. Most doctors say that 6-8 hours sleep per night is the norm. Purpose to get this much slumber. A revitalized body and a refreshed mind will help us face the challenges of the following day.

2) Develop An Exercise Regimen

Exercise can be the best activity for reducing stress while we are creating a home business. Walking, running, bike riding, swimming, etc. are great ways to ease the tension that develops during the day. Not only will the body benefit from this activity but it will offer our mind the break that it needs. When creating an online venture, we will be tempted to focus more on work and less on exercise. Create a specific time each day that is devoted to physical activity. Make it a habit and our productivity will increase.

3) Improve Our Diet

When developing a home based business, the temptation to grab a handful of chips and slam a diet Pepsi for lunch are enormous. We convince ourselves there is not enough time to eat a good breakfast or a nutritious lunch. Food and drink have a profound effect on how we feel. Making sure that we eat balanced meals throughout the day will improve concentration. The success of our internet venture relies on the ability to learn and apply new concepts. Improving diet enhances our focus. And don’t overdose on caffeine.

4) Find Time To Relax

Stress brings fatigue but relaxation delivers renewal. We must find the time to unwind from the pressures of creating a home based business. A day with the family, a day with friends, reading, listening to music, watching a movie are good outlets. We can combine exercise with relaxation if our time is limited. The goal is to find a place away from the strain of developing an internet venture where we can discover rejuvenation. Purpose to relax. It will improve our perspective.

5) Manage Our Workload

One of the main instigators of stress is the feeling that the success of our work from home venture is being hampered by effort. We push harder to learn and apply new ideas but the pressure becomes overwhelming. The best solution is to manage our workload. Develop a daily routine that addresses the responsibilities we need to fulfill each day. Be realistic with our schedule. It requires time to make money on the internet because it is a step by step, day by day process. Set attainable goals for each day, week and month.

6) Create A Positive Perspective

Do not dwell on the factors that are producing stress. The opportunity to create, develop and expand a home business is new and different. In most cases, it is very difficult. Develop a perspective that gives us the freedom to enjoy the learning process. On bad days, focus on what brings enjoyment and relaxation to our lives. Realize that success is closer today than yesterday. Apply what we have learned from other stressful situations. Know that the time is coming when stress will be gone and success will arrive.

The first steps toward the creation of a home based business bring more stress than success. When we find ourselves in this position, consider reevaluating the journey to making money online. The strain of starting an online enterprise can be managed if we have the proper tools. These ideas can help us deal with the pressure of developing our internet success.

“The difficulties and struggles of today are but the price we must pay for the accomplishments and victories of tomorrow.”