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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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Ways to Keep Your Home Business Afloat

 

Anyone who traded in their day job to work from home knows the uncertainty of their next paycheck. In fact, most will tell you that it takes a few years to acquire the right connections and a steady stream of work. 

 

Loans for the Business Lulls

Unfortunately, you will have shortfalls in money from time to time. This is where your budget will help you remain afloat. However, sometimes jobs may pay less than you expect or the workload will extend beyond your budget means. During these times you have a few options. You can take on a part-time job or you can secure a small loan. Thankfully, there are companies that offer same day loans if the need for money becomes urgent. 

 

Shortage of Work for Prolong Periods

Your decision to work from home may end up taking a turn for the worse. It can happen. With bills piling up and no money to pay them, you can encounter extreme financial difficulties. Sometimes falling even one month behind is hard to recover from. If you’re several months delinquent, the recovery becomes that much harder. You can ask a family member for a loan to bring your expenses up to date. However, if that’s not possible you may have to file for bankruptcy.  

 

Tighten Your Money Belt

If you want to avoid filing for bankruptcy, you’ll have to find ways to cut your expenses. Creditors will only have to wait so long for a payment before they turn it over to a collection agency. If your mortgage or car payments are several months in the rear, you risk losing them. Thankfully, there are a few ways to reduce your overhead. You can start with luxuries like your cable service. Chances are the bill is a few hundred dollars a month. Reducing it to the basic service or canceling it all together for a while will allow you to use that money to cover more important bills. Your cell phone service, while necessary, can run a hundred or more each month. Contact your service provider and see if you can reduce it. Bundling your homeowners and auto insurance with the same company is another way to lower your monthly costs. Get on the phone with the companies and see what you can do. 

 

Making the Work at Home Job a Success

If you enjoy working from home and don’t want to return to the 9 to 5 way of life, you’ll have to become assertive and find ways to bring in more money. Sometimes your office is part of the problem. A disorganized environment can affect your level of productivity. Make sure you have a comfortable chair, sufficient workspace, a neat and organized storage area, and ample supplies. If you’re a freelance writer look online for legitimate companies in need of writers. If you’re a consultant, become present on social media sites and draw more traffic to your website. 

 

A Budget is Essential

When you work from home what you earn each month will vary. One month may provide a surplus, while others may fall short. It’s up to you to manage your money wisely. You’ll need to tuck away the extra money from lucrative months to offset the deficit other months will create. Otherwise, you won’t be able to survive financially. Budgeting your money ensures that you maintain good credit and that you keep all of your assets. 

 

As a self-employed freelancer, you will encounter difficult months when the money is tight. However, if you learn to manage your money, you’ll use the surplus from one month to cover the next.

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