2

What Happens When You Start Making Money?

Stick with this make money online stuff and eventually you may start making some money. In fact, the more you stay with it, the higher the chances of earning.

That's the good news!

You may even start to make enough money to give up your regular job. If this does happen, you are now faced with situations that you have never come across before. You need to worry about:

  • Taxes
  • Time Management
  • Eating Right
  • Exercise
  • Separating Work From Home Life
  • Taking Time Off and Dealing with Sickness
  • Dealing with Loneliness

Taxes

If you ignore the tax ramifications of your online earnings, expect to get a visit from the tax man. While many countries have different rules surrounding this topic, most want their share of your profits.

Taxes have become quite complicated, especially with respect to online businesses. For this reason, consider hiring a professional tax advisor. They can help you navigate the treacherous waters of the tax code.

If you decide to hire someone, make sure you find a qualified professional. In the United States, this usually entails someone with a CPA certification. This is not to say all CPAs are good or even qualified. For this, you need to get some references, preferably from friends.​

Time Management

It's wonderful that you are working for yourself but this can be a double-edged sword.​ You know have the responsibility for assigning your own tasks. Before, you had a boss to do it for you (most of us, anyway). Now, it's all on you.

There are too many distractions in your home and way too easy to hit up those distractions. It's a good idea to create a space for you dedicated to working. It can be an office but whatever you choose, make sure all your family members understand it is your workplace. This is not to say there can never be interruptions. You just want to try to keep them at a minimum.

Another factor when dealing with your own time management, is to come up with tasks that are the most likely to keep you on track with your goals. You did make goals, didn't you? If not, it's back to the drawing board! Don't ignore this.

But, when you do have your set of goals, make sure what you do on a day-to-day basis will get you to those goals in the quickest amount of time. It's easy to say that you were busy cleaning up thousands of emails (and sometimes this is necessary). However, this should not be part of your regular routine if it does nothing in meeting your goals.

Eating Right

This is not just the domain of working from home. People don't eat right when working in a company, either. However, it's easier to sneak in bad food when others are not watching. When you work in an office environment, you may get people to comment when you eat chocolate cake everyday for lunch. It's okay to do this once in a while. A steady diet of it will get your coworkers' buzzing.

That isn't the case when you are working at home, by yourself. If you have access to that chocolate cake and no one is around to see you eat it, the temptation will be greater for you.

The best approach is not to avail yourself access to that chocolate cake to begin with. Don't buy it. Have healthy snacks that you can use as a replacement. Contrary to popular belief, plenty of great-tasting healthy snacks exist in the marketplace.

Getting Some Exercise

You don't have to be a marathon runner to stay in shape. Too many people associate exercise with running five miles per day and lifting twelve times their weight (exaggeration!) Walking is a fantastic exercise that can be done anywhere. Take the time to schedule some regular exercise into your working-from-home routine.

Separating Work from Home Life

When you worked for a company, you went to work for set hours and then came home. In most case, except for extraordinary circumstances, when you were home, you didn't think much about your job. Perhaps a thought or two would pop into your head about a situation you were dealing with. But, for the most part, there was a natural separation between your job and your home life.

When you are working for yourself at home, it's to easy to bounce back into work mode. Maybe you get a call late at night, and you feel compelled to handle it. The problem is, when you don't draw the line in the sand, those lines blur. You end up working way too many hours on your business.

While you see and hear about stories of people "burning the midnight oil," this should be the exception, not the rule. If you burn out in your business, you are going to eventually hate doing it and it will suffer in a big way. Keep the lines clearly delineated.

Taking Time Off and Dealing with Sickness

Just because you work for yourself at home, doesn't mean you don't deserve to take a vacation. Everyone needs a break from work. You don't even need to go away for you to refresh yourself. Commit to taking a couple of days for you time. Read a book, play piano, or whatever you like to do as part of your leisure plan.

Being sick is also going to happen whether you work for someone else or yourself. It's too easy to simply push forward and work through your sickness. Sometimes, you have no choice due to deadlines, etc. However, doing this can prolong your sickness which means you will continue to work while you are miserable.

If your business follows the model where you exchange hours for dollars, being sick cause you anxiety as you won't be making any money. However, if you give yourself time to rest, your recovery is likely to be much quicker than working through your sickness.

Another option is to create a business that earns passively, whether you are working or not. It's like dividend-paying stocks. They pay you consistently (all things being equal) over time. There are plenty of businesses that you can set up that offer recurring commissions (think paid subscriptions!)

Another option is to hire people to do your work for you. This way, if you do become sick, the work continues. Of course, a lot depends on the people you hire as to whether work actually gets done when you are away. One way around this is to outsource the work so that you can check in to ensure things are getting done.

Dealing with Loneliness

One common complaint among self-employed business owners is the loneliness that comes with the job. It's great to be able to set your own hours and work in your proverbial pajamas (not actually a good idea!) However, you don't always have people to talk to. You may have clients that you speak to on the phone or interact with online. But, it's not the same as a camaraderie that exists with coworkers in a company.

If you start feeling like this, you may be tempted to hit up a neighbor or a friend to spend time with. It's okay to do this on occasion. Just keep it to a minimum and only when you are caught up on your work. If you need some face time with people, consider joining clubs or groups, preferably related to your business. When you do this, you get to spend time with people while networking at the same time.

Conclusion

Working at home for yourself can be a rewarding career choice. It's not for everyone and there different challenges that you will face. Use the guidelines from this article to help manage those challenges.


NOT SURE WHAT KIND OF ONLINE BUSINESS TO START?
I CAN HELP!

Let me guide you on choosing the exact online to start. I can show you how to set it up and manage it for the
HIGHEST CHANCE OF EARNING MONEY
!
All You need to do is give me a valid email so I can send you
the details on how to get started!

Jim
 

Hi, my name is Jim. I am here to help you learn how to create your own online business. Never before has it been as easy as it is to do so. I will give you access to the necessary training to make it all happen. Just follow the training and perform the tasks as the come up and at the end of the training you will have a fully working framework with which to start earning money from your online business.

Click Here to Leave a Comment Below 2 comments
Nate - 7 months ago

Hi Jim,

Thanks for providing this article on What Happens When You Start Making Money online and how to deal with things such as taxes.

There are some very useful and practical tips there, on the tax front, would you recommend people doing their own taxes or hiring an accountant?

Reply
Jim - 7 months ago

Hey Nate,

Thanks for the comment. My recommendation is to find a qualified tax professional as business taxes can get a bit crazy. There are too many time bombs with taxes for businesses and the rules are constantly changing. We have enough to worry about as business owners to add keeping up with tax laws. One slip up can cost a business thousands of dollars, too!

Best Regards,

Jim

Reply

Leave a Reply: