March 10, 2008

Finding Success From Home... Save Money by Getting to
Know Your Business Neighbor... Dealing with March Madness Stress... Decisions, Decisions... and More.

** Finding Success From Home
By Adrian Newman, Founder of e-Wealth Daily

For many people, a home business is a dream come true. This work option offers the best of both worlds, an escape from the daily grind, and many other great benefits. However, if you don't approach this kind of business in the right way, it could end up being your worst nightmare.

I know a lot of individuals who have found success working from home — either within a company or through their own home-based business. The one thing that they all seem to agree upon is that the biggest reason for their success is being able to achieve a positive mix of home and business.

Now, I'm sure you've all considered the possibility of a home business. Why wouldn't you? It's a great way to be close to your family and save money on daily expenses such as coffee, lunches and gas, and the commute is a breeze.

For those of you who are considering making the switch, there are a few things that you will need to organize before you get started in your new office.

The first aspect is, in my opinion, the most important. You must be able to separate your business affairs from family life. If you have a spouse and/or children, then you need to make them fully aware of the fact that from nine to five you will be working.

You can't have the television blaring at all times and family members running in and out of your office while you're trying to work. So, the first thing you need to do is to lay down some ground rules. Get a babysitter if you have young children. Many people think that since they're at home, they might as well save on child-care expenses. This is a huge mistake. You can't focus on your work if you have to watch your kids at the same time.

Make sure that you have a proper office space set up. This is essential. Not only is it important to have all of the equipment and furniture you will need in order to function like a regular office, but it's also important to have your own space that is off-limits to your family for the sake of your sanity.

You need a place that you can go to when you have to get work done. It should be separate from the rest of the house and it should look like an actual office. So rid yourself of the visions of typing on your laptop while sitting on the couch in your pajamas eating Twinkies — it's just not a productive way to run your operation.

You must treat your home business like an actual business. Get up in the morning, get showered, and make yourself look presentable. If you look like you should be lounging around all day, then that's exactly what you'll end up doing. Having a casual attitude about work is the quickest route to failure.

Also, you need to figure out if you are going to have clients come to your home or not. If you are, then you need to dedicate some time to figuring out how much room you need for them, if you need a separate entrance, having the proper seating and desk space, etc.

A client will be easily turned off if your home is in shambles and you look disorganized. If your home and office are messy, then it's a telltale sign that you are probably a disorganized business owner as well.

Along with fighting day-to-day distractions, you will also need to fight off the temptation to burn yourself out. Being at home, you might tend to work more hours than you would if you were in an office. Make sure that you make time for you.

This means that you need to take a break every now and then. Take a regular lunch break every day. Get out of the house and breathe in some fresh air every now and again. It's important not to lock yourself in an office all day.

It's all about finding that perfect blend of business life and personal life. You need to set aside time for both — and make sure that the two don't clash.

If you do achieve that mix, having a home business can be an extremely satisfying and successful venture.

A good neighbor is someone who is going to be there for you when you need them and who is both pleasant to live beside and easy to get along with. The same goes for your business neighbor as well.

If you have a retail establishment, then it's a good idea to get to know the business owners around you. Your business neighbors can provide you with information on the area, other businesses, and the community. They can also tell you how customers have responded to your particular location in the past.

Not only that, but your business neighbors can also be a great resource in saving you money on certain business expenses. I highly recommend that you talk to your business neighbors about the possibility of splitting certain expenses.

For instance, if you're planning on having a big sale in the future, ask your neighbors if they might be interested in getting in on the promotion. You can hold a sidewalk sale together that features all of your businesses. By doing this, you can split the cost of marketing strategies as well, such as promotional banners, flyers, advertisements, and so on and so forth.

You will benefit also from piggybacking on their customers. Shoppers who normally wouldn't frequent your establishment might stop by if they are checking out a sidewalk sale that involves one of their favorite stores — your business neighbor's location.

You could even consider a cross promotion of some sort that involves providing customers with a coupon or discount to your neighbor's store when they purchase something from your location and vice versa. This is a great way to generate a heavier flow of traffic to your location as well, which benefits everybody.

It's a lot easier to generate a buzz about your business when you have more resources and more people involved.

Not only can your business neighbor help you with promotional strategies, but they can also help with other costs. For instance, you could potentially strike deals with contractors and material suppliers if you both have work that needs to be done.

Buying things in bulk is always less expensive as well, so if you need everyday supplies, then consider getting your neighbor involved and split the cost. Trust me, if it means that they will save money, it won't take much to convince them to get in on a deal. Just be sure that you keep track of all of your expenses just as you normally would.

Your business neighbor can be your greatest ally or your worst enemy, so I advise that you to get on their good side from the get-go. Get to know your neighbors, establish healthy work relationships with them and, in time, you can suggest some cost-saving strategies that will increase profitability margins for everybody.

After all, the last thing you need is to get involved in a feud with the proprietor working right next door to you.

** Dealing With March Madness Stress
By John Hurd, Chief Wealth Researcher

While it is important to stay on top of your finances throughout the year, it's quite safe to assume many people will get a little - - or a lot — behind.

If you find yourself behind on your paperwork and rushing to get your tax items in order, you're certainly not alone.

With the weight of stress hanging on your shoulders, you may make a few rash decisions that could wind up creating some very costly errors. So it's important to stay as cool and calm as you can and keep a level head while you go through your paperwork.

Here are a few ways that I feel could help you deal with stress and help you stay focused on your goals:

You know something? Every decision you've ever made in your life has not been the right one. You may have never admitted this fact to anyone else, but deep down inside you know it's true.

Maybe instead of purchasing a new car you should've put your money into a much-needed home renovation. Maybe you paid a little bit too much for that new television. Perhaps you should've turned left when you went right. Of course, most of us have absolutely no difficulty justifying our decisions, even if we know they were dead wrong. After all, if we admit that we can be wrong then we'd be admitting that we weren't perfect...or at least smarter than everyone who told us "no."

As difficult as it may be, it's important to admit when we're wrong. Getting defensive about our decisions can lead others to form the perception that we're hard-headed, ignorant and arrogant — and that's never a good light to be held under, especially in business.

You see, the problem with getting defensive and failing to see other perspectives is that it starts arguments and can quickly get personal, which is never a good thing. If you can admit a mistake and move on, you will improve your relationships and increase productivity.

Of course, sometimes you will encounter naysayers even when you are 100% convinced you're correct. But you know what? That's fine. Still keep your ears open and absorb what they are telling you. Just because it's someone else's perspective, doesn't mean that they will be right. The key is to listen to what they have to say, then using it for what it's worth. The information could possibly be used to formulate a completely new idea, or find a way to improve an existing one.

Truthfully, I used to be a little hard-headed myself. But when I realized that my way wasn't the only way, I saw my success multiply. Not only has admitting mistakes and keeping a more open mind brought me financial victories, but it has also led me to feel better about myself, while improving my image in the eyes of others.