Learn which home business can help you earn more.
Money Girl
265 MG Tips to Make Extra Money at Home
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Card has no cash access and expires in six months. Hi friends, I'm Laura Adams and you're listening to the Money Girl podcast. If you're ready for a brand new career or just want to make some extra money on the side, starting a home-based business might be the answer. Today, I'll give you tips to find and launch a business that's right for you. Saving more of your current income is great, but the upside potential of making more money is unlimited. Creating a second income can be the key to dramatically improving your financial life, so you can invest more, pay down debt faster, or accumulate a healthy emergency fund. In addition to earning more, a side business gives you an entirely new source of income that can keep you safe if you lose your day job. And if the business really takes off, you might even have the freedom to quit your main job and become a full-time entrepreneur. That's exactly what happened to Donna, who I recently interviewed about her six-figure home-based business that you could easily start. I'll tell you where to go for that great interview at the end of the show. When you're trying to decide what business to start, ask yourself these three questions. Number one, what are people willing to pay me for? Number two, what do I have a passion for? And three, what work fits my skills and talents? Providing a product or service that you know people are already paying for, like cosmetics, house cleaning, website design, or music lessons, is a smart way to limit the risk of starting a new venture. Without an existing market for what you sell, you might have a fun hobby, but you won't have a profitable business. You also need to have a deep interest in the work because you're going to spend a lot of time doing it. That passion is how you'll maintain your enthusiasm for the business while you make sacrifices, like watching less TV, getting up earlier, or working on the weekends. Taking advantage of your existing skills and talents can also ensure your success in a new business. For instance, if people are always telling you that you're really patient and good at explaining things, well, you might be an excellent tutor. Think about what you already get paid to do or have been paid for in the past and whether you can turn it into a business, or do you have a hobby that has the potential to be a home-based business, like photography, writing, or building furniture. There are hundreds of potential businesses you can start. If you're a technology whiz, computer-based home businesses are hot and allow you to work anywhere you have an internet connection. Here are a few to consider. A web trader buys and sells goods through sites like eBay, Craigslist, Amazon, or through a virtual store like Etsy. This is great for niche products that you know a lot about, like antique books, handmade jewelry, or vintage clothes. A webmaster works with clients to create, set up, and manage their websites and blogs. A virtual assistant, or VA, provides remote technical or administrative services to assist clients with marketing, publishing, blogging, editing, customer service, and much more. If you're not so tech-savvy, here are a few offline businesses that you could run out of your home for local clients. A tutor teaches students of all ages how to improve their academic performance or skills. An elder assistant provides services like errands, housekeeping, cooking, and bookkeeping for the elderly. A pet sitter takes care of pets while their owners are at work or on vacation. A massage therapist provides therapeutic body work. A personal care worker assists individuals with daily living and health care needs. And a product representative sells products directly to consumers for branded companies like Silpata, Lea Sophia, and Avon. You have to be certified to provide hands-on services like massage therapy and health care assistance. But once you get certified in a field that interests you, you'll have a valuable money-making skill that you can use to build a business. Two great sites to list your services are xarly.com and skillpages.com, where local buyers can find you by your location and business skills. In Colorado, our freedoms are everything. Gabe Evans would rip them away. Just like Lauren Boebert, he'd ban abortion without exceptions for rape or incest, and overturn the right to marry for same-sex couples. Don't let him take our freedoms. Paid for by DCCC, www.dccc.org, not authorized by any candidate or candidate's committee. AT&T customers, switching to T-Mobile has never been easier. 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As kids practice, they get positive feedback, awards and explanations for wrong answers. iXcel figures out what your kids need more help with and recommends more topics to practice. Their videos, lessons, sample problems and learning games too. One subscription to iXcel gets you all subjects and all grade levels. Membership started just $9.95 a month. It's no wonder iXcel is used in 95 of the top 100 school districts. I think the positive feedback that iXcel gives is really crucial when it comes to learning. So make an impact on your child's learning. Get iXcel now and money girl listeners can get an exclusive 20% off iXcel membership when they sign up today at ixl.com/moneygirl. Visit ixl.com/moneygirl to get the most effective learning program out there at the best price. When you launch a business, it's important to keep good records so you can claim a tax deduction for allowable business expenses like equipment, computer software, auto expenses and office furniture. While you don't have to have a separate business checking account right off the bat, it is a good idea especially if you're not a great bookkeeper. But first, you generally have to file a fictitious name form with your state if the business will have a different name than yours. Just ask your bank what's required. You can operate your small business as a sole proprietor without having to complete any legal forms. However, being a sole proprietor means that if the business gets sued, so do you. To limit your liability and protect your personal assets, you can incorporate, which means that a business lawsuit would only put the assets of the business in jeopardy. No matter if you enjoy working with technology or people, it's a great time to start a business that helps you diversify your income, expand your career options, follow your dreams, and earn more money. To hear my interview with Donna about her six-figure home-based business that she started on the side, visit smartmoves2growrich.com and click the button that says "audio video." For more money tips, be sure to sign up for the MoneyGirl newsletter, join the MoneyGirl Facebook page, and follow on Twitter where my username is @LoraAdams, L-A-U-R-A-A-D-A-M-S, with no space. For all this information and links to everything mentioned in the show, plus additional resources, visit the MoneyGirl page at quickanddirtytips.com. Just look for episode number 265, tips to make extra money at home. I'm glad you're listening to change. That's all for now. Courtesy of MoneyGirl, your guide to a richer life. H5N1 bird flu is spreading in some animals. If you work with poultry, dairy cows, wild animals, or with raw, unpasteurized milk, wear protective gear and take precautions. cdc.gov/birdflu, a message from CDC. At Capella University, learning the right skills could make a difference. 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