42. Cash-out refinance: Because there are no “use of proceeds” requirements, these loans are typically amortized over 30 years, and because rates are near an all-time low, this can be a very attractive option. Note: Cashing out home equity through a refinance does mean that you pay interest on the entire amount regardless of whether you use it right away.
Sometimes it seems like there’s an app for everything. Yet somehow, new ones keep popping up and selling for lots of money, all the time. If you spot a niche that hasn’t been filled to its potential just yet, and you can learn the coding skills (or know someone who already has them), you could be on to something with this side business idea. Today, it's even possible to build an app without any coding skills whatsoever. Just make sure you validate your app idea before jumping too far in. Even if your app business idea doesn't pan out to be a best-seller, you'll still pick up valuable skills.
Like other forms of self-employment, home-based businesses face a number of challenges relating to financial management and tax compliance. Part of the business plan that is prepared prior to forming a home-based business is a financial plan detailing how much it will cost to begin the new venture and keep it running. After the business has been established, it is vital that the entrepreneur set up a good bookkeeping system to manage cash flow and ensure compliance with tax laws. Bookkeeping systems can be manual or computer based. Experts also recommend that entrepreneurs set up a separate checking account for their home-based businesses in order to better document business expenses. Canceled checks, paid bills, invoices, sales slips, receipts, and other financial documentation should be kept on file in case of an audit. Another important aspect of financial planning for a home-based business is tracking working capital—the difference between current assets (cash, accounts receivable, and inventory) and current liabilities (operating expenses, debts, and taxes)—in order to maintain a realistic picture of where the business stands financially.
Derek Halpern has built a really strong personal brand. He’s the founder of a software and business training company called Social Triggers and makes a LOT of money teaching people how to sell what they know best. And what he knows best is how to sell. If you’ve got some serious expertise, start making money out of it by selling online courses or simply teaching online.
Once you’ve mastered step 1 and gotten a foothold in the market, you’re ready to expand your offerings. Your customers will appreciate having related products to choose from. What’s really important about branching out into new areas is to continue to provide a high-quality service across the board. Branching out could hurt your reputation if you drop the ball in other areas.
No one likes doing taxes, and they need to be paid whether the economy is booming or tanking. This is why at-home tax preparation can be a great business for anyone with a tax background, or anyone willing to take training courses. Since there are annual changes to the tax code, you will need to refresh your training each year, and you will also need to register with the IRS as a tax preparer. This is more of a seasonal business than a year-round endeavor, but it can be a great way to earn some extra income each winter/spring. Median salary: $30,900.
Cities zone areas for different activities to ensure that residents and businesses can coexist harmoniously. Make sure you’re allowed to set up and operate a business out of your home. If you live in an area with a homeowner’s association, verify that the HOA allows you to run a home-based business. Investigate any other city, town, or county laws that could affect your home business.
A big one — and forgive me if it’s been mentioned — is not building your tribe before launching a product. I hear from people a LOT that they’ve created this AMAZING course that NO ONE wants to buy. It does’t mean your list, or your FB group, or whatever, has to be massive. It just means they have to be loyal and know/like/trust you, want more of what you do or who you are, and excited to take the next step with you. I launch what I consider to be crazy-successful programs that started with 10 people in a basement (whatever the online equivalent to that is). It doesn’t happen overnight. You need to build relationships. Your course isn’t going to sell itself.
#5 resonated the most for me. A few months ago, after being discharged from ICU, I decided that I really wanted to pursue my dream of being an entrepreneur, and decided to follow Pat Flynn’s advice (well most of it) and start my own niche site, choosing to creat a niche site for Pharmacy Technician training information for Canadians since I was a Pharmacy Technician for 5 years prior…Until I realized I hated the idea of writing to convince others to be Pharmacy Techs when I personally hated being a pharmacy tech! I found myself hating writing for the site, and drudged in doing the painstaking research to at least create a great information website. At least it was just $70 I spent on hosting from Bluehost, because I don’t think it will even generate any money (even with AdSense implemented)
Ultimately, starting an online business is similar to starting a business with a physical storefront. You’ll still need to do business planning and you’ll benefit from making sure you understand your tax obligations from the start. Just don’t underestimate the importance of putting together a functional website and getting it in front of your target market.
As the saying goes, one person’s trash is another’s treasure. Without people cleaning up everybody else’s junk, the world would be a lot messier than it already is. This business idea might not be glamorous, but you get to make the world a cleaner place while earning extra side income. To start, you’ll likely need a sturdy second-hand truck and standard equipment like shovels, wheelbarrows, sledgehammers, rakes, and garbage cans to launch the foundation of this side business idea.
“The massage therapy business has been growing by leaps and bounds in the last decade, tripling in volume. According to the Bureau of Labor Statistics’ Occupational Outlook Handbook, it should grow by an additional 20% through 2016, meaning this home business has strong potential for growth. And, because all in-home massage services are necessarily local in nature, it’s work that can’t be outsourced to another country.”
Darlene – How did you grow your mastermind group? I totally see the value in this but haven’t had much luck trying to get something going myself. I’m currently working on forming a local tribe (geographically speaking) with the idea that meeting in person might be really beneficial to us all although we’re all in different blog categories. How did you form your group? Who gets invited? What are the perks to membership? I would love to know!