September 22, 2017

Handling the Loss of Income

No matter if you work a job or run a business, the loss of income be difficult. When you provide a service and you work from home it’s even more difficult to handle. This very thing can also be a deciding factor in working from home.

While this is a scary thing to think about or deal with, there are a number of things you can do so you don’t worry when it happens.

1. Saving extra money is one way to handle the loss of income. Each month when you receive your income, pay your bills and put the rest in a savings account. While the interest won’t be a lot, you’ll still have the money if you were to lose the income for a while.

2. Affiliate marketing is a great way to earn money with very little work on your part. Place a button on your blog and website. Write blog posts to promote products and send out information to your newsletter subscribers. If your newsletter is set up in a way where you can promote an affiliate product, you should do that regularly.

3. Ebooks are a great way to earn money and not do anything after the initial work is finished. You can promote them in articles you write, in blog posts, and in your newsletters.

4. Create package deals for your services and send an email to your current clients letting them know what you can do to make things easier for them. Business owners love it when they can get all of their things done by one person rather than several. It’s also a good way to introduce services to them that they’re not currently using.

5. Increasing your rates is another way to deal with the loss of income. In a job setting, this happens all the time, but some small business owners struggle with this because they’re afraid they’ll lose business that way. You need to make sure you email or call your clients and advice them of the increase so they’re prepared for it.

As a service provider working from home, you don’t have a guarantee on your income. Anything can happen at any time and that income can be gone. The best thing to do is prepare for it in advance so you’re not panicking when it happens. These five suggestions will help you, but you may be able to come up with some of your own. Just remember, it happens, but if you’re prepared you’ll be ok.