Hi welcome back, glad you found the Blog interesting enough to come back, if you subscribed to my RSS that way you will get told when I post straight away. Andrew Peel

This article the 6^th in a series from 7 Ways To Earn Extra Money aimed at people entering a work from home career.

People in work from home careers want to retire as well

People in work from home careers are looking to be financially free. Financial freedom means thinking and acting like wealthy people.

In his best selling The Richest Man in Babylon, G.S. Clason gives 7 basic ways to become wealthy. The key lesson I have learned from the book is about mindset. Unless you adopt a wealthy mindset your work from home career will simply provide you with more income. Wealthy people think in terms of solidifying their personal/business finance plan and then how to leverage extra income that keeps working for them, even after they stop working.

In work from home careers there is no company pension plan – unless you create one. So simple question, How much are you planning to put away for your future pension? Yes I said a pension. The day will come when you know longer wish to work or are unable to look after yourself.

The interesting thing is that many surveys show the younger a person becomes an entrepreneur the less a pension is on their mind. However figures show the sooner you start a pension makes a significant difference to your fund. This is because of the tax breaks you get and the effect on interest earning interest – compounding.

So a safe way of making extra money, once you have followed the first 5 lessons, is to secure your future income.

How do people in work from home careers deal with the unexpected?

The focus of this article is about securing your future. As people in work from home careers the same principle applies to us – even more so because we own our own businesses.

The following are the only ways to deal with the unexpected:

• Plan – Put in place arrangements to reduce the risk of the event happening
• Reduce – Take actions now that reduce the level of the risk
• Avoid – Change your plan so that the event will never occur
• Contingency – Have some spare resources you can use to deal with the event
• Transference – Transfer the management of the event to someone else

So for things like the possibility of long term sickness, sudden accident or disability and even untimely death the sensible thing to do is get insurance. You may want to think about other forms of insurance in particular identity theft, misuse of your business name and logo.

To quote from the book, “Provide in advance for the needs of thy growing age and the protection of thy family”.

Andrew Peel

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This is the 4^th in our 7 Ways To Make Extra Money based on The Richest Man In Babylon, (G.S. Clason). We focus on avoiding risky investments.

The bottom line for work from home careers

Those of us in work from home careers have usually done so to achieve a measure of financial freedom. The level of freedom is dependent on many factors, key ones being:

• time spent working on the business
• amount of money you have to initially invest
• your level of persistence and consistency

The bottom line is you are looking to make some extra money from your work from home careers. Even more importantly you need to ensure your savings are protected from loss.

The most common way to have your savings lose money is to invest in riskier investment vehicles before you know the basics of investing.

Home Internet businesses and emergency funds

People who are in a waged occupation are often advised to have at least three months in savings as soon as they can. So what should people in home Internet businesses do? Well actually it’s even more important you have an emergency fund.

An emergency fund is exactly what it sounds like, money you can use when something unexpected happens. You will normally have no sickness and holiday pay scheme. When you are financially free that means you will be a real business owner and you will be getting sufficient money from residual income to cover these period. Residual income is income from sources unrelated to your personal level of work.

It will take a period to get to that point so your emergency fund is your safety net along the way. Having stocks and shares or long term savings schemes is different from an emergency fund. The key features of an emergency fund are:

• You should make regular contributions to it until you have a level of cash that is equal to 3 months of your anticipated level of earnings
• You should be able to make immediate withdrawals from the fund
• You should never end up with less than the amount of money you paid in so this means it has to be a savings account of some kind
• Your money should be with a guaranteed banking institution of some kind, with some form of government guarantee scheme
• There should be no penalty for making as many withdrawals as you wish

You need to look for the best Interest Rate by doing research. Consider fixed rate accounts, however these have pro’s and con’s. At least if the interest rate is guaranteed you can project how long it will take to build up the fund. The downside is these funds often have penalties for more than X withdrawals a year. Make sure you get proper financial advice when setting up an emergency fund and take full advantage of any tax incentives.

Andrew Peel

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This is the second in a two part series on the Leadership qualities required in work from home careers.

Leadership in a work from home company

Wess Roberts, author of the best selling, Leadership Secrets of Attila The Hun identified the 17 qualities required in a Leader. You home business is essentially a work from home company because you own a business. To be successful you need to be a Leader therefore identifying these qualities and developing any areas where you feel you are weak. In the last post I identified the first eight of these qualities. Below are the remaining nine:

1. Timing – This is a crucial Leadership skill, knowing when to act and when not to act. There is no formula for this, this can only be gained through failure. This is why it the top people in work from home careers say they ‘fail their way to the top’.
2. Competitiveness – All Leaders must have an intrinsic desire to win. This means winning the important battles as opposed to winning at all costs.
3. Accountability – This means accepting responsibility for all failures and successes that occur on ‘your watch’ and avoiding blaming others and external circumstances.
4. Self-confidence – This is achieved by being in a business opportunity that trains and supports you to meet the challenges you will face.
5. Responsibility – Leadership is about seeing that things which need to be done are done. This is as opposed to getting involved in the detailed running of an associate’s business. You only direct them to resources and support them in their use.
6. Credibility – This is about having the intelligence to know where to go for information and advice and be able to pass that information on to others.
7. Tenacity – True Leaders persist even through disappointment, deception and even people leaving you. Persistence will see you through to the completion of the most difficult challenges.
8. Dependability – Leaders have to be depended upon to do the right thing in all situations. This has a strong link to business ethics.
9. Stewardship – This is a caretaker like quality where you encourage others to develop leadership qualities. Once you have enough competent Leaders in your business then you can really reap the benefits of your labour.

Andrew Peel

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Work from home careers in direct sales work best when you use ‘leverage’. Leverage is simply the term for being able to get income from work done by others. This article explains the qualities needed.

Leadership in work from home careers

In 1985 Wess Roberts Ph.D. wrote a management classic Leadership Secrets of Attila The Hun, which became a New York Times Best Seller.

He uses the documented life of Attila The Hun as an allegory for the secret to Leadership. In a work from home company the idea of ‘leverage’ is key. Leverage is what makes a business a business as opposed to being self-employed. Leverage is an income stream that is based on the work of others and which would continue even if you personally stopped work. To do this you need to have systems and leadership.

Wess Roberts identified 17 qualities that are required in all true Leaders:

1. Loyalty – Loyalty comes first because this is what will foster trust in your business associates. There is a distinction between disloyalty and disagreement. Disagreement based on what someone believes is best for the team should be listened to. Disloyalty is disruptive and needs to be dealt with as quickly as possible.
2. Courage – This quality is needed for a Leader to continue in the face of any challenges. It also means you must be able to excel in times of difficulty and times of prosperity.
3. Desire – All writers on success agree desire is key to success. The same goes for Leadership. You need a strong desire to influencing people and outcomes. You are in the business of influencing people to become business associates, if they fail to detect desire in you it is unlikely they will follow you.
4. Emotional Stamina – This is the ability to recover from disappointment, having a clear perspective and the emotional strength to persist in the face of difficulty.
5. Physical Stamina – This is about being as fit as you can be as opposed to some ideal of what a body should look like. For example I as a disabled entrepreneur will never be able to use all the equipment in a gym and at times I am unable to exercise. However I do exercise on a daily basis in some form.
6. Empathy – This is the ability to see a situation from another person’s perspective. Empathy should never be confused with sympathy.
7. Decisiveness – All Leaders have to be able to make decisions quickly if needed by weighing all the facts and deciding on a course of action.
8. Anticipation – This is learning by observation and experience. It is what enables you to decide the level of risk you should take.

Andrew Peel

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In this second part of our examination of work from home careers and scams we explore why some are effective and therefore dangerous.

A work from home company needs care

Most people establish a work from home company of some form when they start a home business. If you set up any form of legal separate company then you are in the public record along with what services you offer.

This was how I was caught out when I was a raw Internet Marketer. I started my work from home career and was looking for ways to send traffic to my Internet site. As has now been proved I was becoming aware Google’s Adwords was falling out with the network marketing community.

I had heard of a technique called Search Engine Optimization (SEO) as a way of getting ranked in Google’s organic searches. What I was unaware of at the time was ‘white hat’ and ‘black hat’ SEO. White hat I now know is the legitimate methods like Blogging, video articles, article marketing etc. as means to drive traffic to your site. Black hat is the shady methods used to trick Google into getting you listed in search engines.

Here is how I believe my new part-time career had been scammed. The company rang me out of the blue, knew which opportunity I was with and said they were endorsed by them (I later found out this was simply a lie). They had a slick line and even an online demo (I now believe it’s a rigged demo) where I entered my opportunities normal conversion rates and, ta da magically it said I could get 1,00O visitors a month. There was the hook, I had entered the figures not them.

The of course this was followed with a ‘time limited’ offer and I would get the package for $500 less, this was probably the normal price anyway. So yes I fell for it. Why do I now claim it was a scam? Firstly because by business opportunity later issued an alert against them and the pressure tactics they used. Secondly someone far more knowledgeable about how SEO works explained their approach would not work, it sounded plausible but in truth was the opposite. They asked me to pick keywords, again so they could say ‘well you picked the words’, when an ethical company would have helped me pick the keywords to fit my niche market.

The cost to me was well in excess of $1,000, the question is would the people in that company ‘mug’ me in the street for $1,000? Probably not, they are probably decent people looking to make a living. Here’s the other thing, they were dealing in electronic cash as opposed to real cash, my credit card.

Nearly all serious fraud involves electronic cash, the people committing the frauds simply fail to see taking money in this way as stealing. However they would see taking $1,000 cash as serious theft.

In conclusion they failed to deliver on every promise, refused me a refund and blamed the whole thing on my choice of words. So if something sounds too good to be true it probably is. Check the company out and ask for names of other people you can personally contact to check their work.

Andrew Peel

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Work from home careers rely on trust. It is therefore important that you are able demonstrate trust to potential clients/business associates.

Your work at home job and establishing trust

If you have established a new work from home company you will be looking for clients/business associates.

One of the key things your business associates will be looking for is trust. This is because people go into business with people they know, like and trust.

Getting known is a separate set of posts in itself. Briefly it involves marketing in various forms. If your work from home job involves using a computer then most of this takes place on line. Getting known is the easier part; Twitter is a good way to get known. Twitter is more like dynamic search engine, think of it like Google in ‘real time’. Tweets are being sent all the time on different topics, if you follow people who tweet about your market niche you can get known,

Getting liked is the key to being trusted. A good way to get liked is via social networks.

Work from home careers and getting liked

Some social networks allow people to leave testimonials for you if they like what you have to say, Linkedin has a testimonial exchange system inbuilt, they let you know when someone has left a testimonial and you can reciprocate, ecademy is very similar. People who leave comments on your Blog are also providing testimony. Emails from business associates are also possible sources of testimony (in this case you need their permission to republish).

For social networks you belong to that allow people to publish testimonials then placing them on a separate page on your Blog called Testimonials helps establish trust. Also your involvement in the social networks you join is an indication of if you are liked and trusted.

The psychology of testimonials to your work from home company

The reason testimonials are powerful is their psychological effect. If you were asked to be a business associate with someone with no online reputation and someone with an ongoing online reputation which would you choose? I am guessing you would choose an active person. Visiting a Blog last updated a month ago does little to inspire confidence.

Therefore if you choose Blogging as a marketing platform then take action at least 4 times a week preferably more. People trust people whom other people trust, so trust is your currency in social media marketing. This is why testimonials brought together in one place so people can see them help you so much.

Andrew Peel

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