Before tasks start home

Last Updated: Thu, March 10, 2016. October 46 PM IST

Create provided a financial basis, before they avoid their own problems start later, money demand

Poonam Hyderabad-based Prem Maria, 34, did his work as a visual effects designer of 10 years, but in his head was the design of cake with ganache and icing. I also wanted more time with his daughter Zoey, now 6. Spend In 2013, she began to take small cake orders for friends and colleagues, working on them after work. After doing 3-4 months, when they had gained some confidence, and customer who decided to quit his job. And so, Zoey Bakehouse, house, only the cake, born bakery.

But the decision was not made overnight. Poonam and her husband had planned for him. "If I buy all my basic equipment, such as an oven, and a mixer, among others, which will cost about Rs. 1 lakh, while I had a job. I have also developed a small customer base. I decided to create a niche for developed me as a basic cake concept, were still a novelty in our city three years ago, "he said.

With prices starting cake between Rs. 2,000 and Rs. 3,000, about 14,000 subscribers on the side and the customer Bakery Facebook many cities, Poonam said her work not only gives you more time with the family, but now, wins double of what he earned before, except control of your time.

Many professional start secondary middle-level management of a company at home or work independently. "The trend is still in its infancy. Independent companies, laptops that are largely taken from people with expertise. Although it's not the pace of work of the house, the more and more," said Sonal Arora, Senior Vice President, team lease Services, a recruiting office.

Before putting in the newspapers, it is important to take care of certain issues of money.

finances

Feel the passion for the business to start the first building block is. However, you will be able to maintain a certain lifestyle and take care of financial liabilities without regular salary? To do this, make an estimate of how long it takes to start, to earn as much as he.

Make a plan: "A financial plan can help determine if the employee can take the breakdown of how many months have no income, this course is to assume the new task, and at what level to make the plan, we can in be considering. sensitivities to a realization pessimistic or optimistic, "said Lovaii Navlakhi, founder and CEO, currency, international investment advice.

Assuming that the standard of living should not be compromised, we need to win to start 3-4 months for the person and to meet 6-9 months of income at current levels, it may be wise to park nine months means spending cash plant, then setbacks do not bother financially Navlakhi added.

former entertainment journalist in Delhi Nivi Shrivastava, 30, wanted to do something that made the use of both interest and write mode. So he started a blog. Shrivastava started paying for international brands that participate its store openings in demand and cover, fashion shows and other promotional events is now a year old blog www.msjunebug.com with writing content. He also writes articles for independent magazines. After 3-4 months they began to get more bids for coverage and interviews. Now the blog is has 200-500 visitors a day. To Shrivastava also that was a planned decision. "I had begun to plan the finances for two years before I quit my job in June 2015. I am not in Delhi, so I had to pay rent to maintain spending by the day and a certain lifestyle. So I built a body to remain in good financial health during the first trip. I invested in political life and health, and time deposits, receive interest every three months. I also have some money in my there savings account "Shrivastava, I said." I have no debt as loans or dependent, to reduce costs to help, "he added.

If an annual fee paid Rs 10,000 for the area of a site, and a small fee for other functions such as Jetpack that connect to the site all accounts social -. Helps networking. have the side many saved.

Buy insurance: It is important to health insurance in place have to leave before work. If you needed by people in financial burden and adequate life insurance.

"Before leaving, you should buy adequate life insurance (term insurance). You can not be able to leave to buy insurance after work, because the insurer for proof of income before issuing policies of great wonder value. If it takes a while until you make profits, it is to apply for a life insurance at this point, "Melvin said Joseph, a planner financial financial planner and founder Finvin Colegiados may not be possible. "If you have no health insurance out of reach of businesses, and to ensure the health of each family member. Do leave it before work. Can any hospital all financial projections derail lack of insurance health," he added.

Given the high cost and low income: Although it is a liberating feeling is a business from scratch to understand to start over, which risks. Leaving the safety of regular wages, be prepared to fail and to provide financial constraints. A home business is not the same as working from home. "Be realistic in planning activities. A steady stream of income from the first month Assuming stupid. Go conservative in this area. For cost, must be reversed. Project for higher loads than usual. If you both the suppose you can approach reality, "Joseph said.

Keep control over loan payments: -You issues such as non-payment of contributions caution because it is unnecessary to take money. Make sure that you pay your bills on time shares credit cards because the interest rate may be 22-48% as high a year. If you have another passive house car or personal loan include those payments during the construction of a base body. Missing equal monthly installments to make (EMIS) affect your credit score, which in turn affects their ability to a business loan. "Defaulting affect the financial obligations of the default ECM your credit score, regardless of whether you are employed or self-employed," said Mohan Jayaraman, Managing Director of Experian Business Credit India Pvt.

Generate extra income: Look for small ways that can be a sub - set of their core business. Shrivastava said that clutter your site have not decided with many displays and windows emerging digital marketing, which by their social network accounts like Instagram groups promotes the product of a brand Facebook and WhatsApp, or if the buyer receives the product link and purchase the buyer a discount, and a cut in sales.

Keep the tax return to: tax will win regardless mode change. When working with an employer, the tax is calculated and usually paid, and all you have to do is give a proof of investment. But on their own work, "a list of all payments and invoices. Filing tax returns in time with the help of a certified public accountant," Joseph said. There is a distinction between wages and business income, and you need professional advice on tax deductions and presentation.

Do not lose sight of the other objectives: Work on your own should not mean that objectives such as the registration of a neglected home, education or pensions children to buy. They will continue to take care of some contributions. For example, the employees Provident Fund holds (EPF) contributions if you leave. So you have to plan for your retirement. "It is better to open an account of the Public Provident Fund (PPF) and contribute every year. PPF is flexible and which pay anything between Rs. 500 and Rs. 1.5 lakh (tax deductible) in a year. In addition, by a systematic investment plans (SIP) in mutual funds for the long-term goals, "said Joseph. for the regular pension, you can also opt for the national pension system.

Taken Coin

to start a company of their own home base is a difficult process. It is only when you are in a well can be pushed financially secure.

"Beyond passion, should be clear about the time and resources they are willing to spend. As not only started planning, but continue in this function, you can determine what you want a growth plan for this, or enough to support to update a list of what you want to achieve for 90 days or be measured, one year or three years at least once a year .. "Navlakhi said.

At the same time, make a list of things that you can give if necessary. Shrivastava, for example, have dressed in the right to invest. "If I want, for example, a bag of expensive, do not buy immediately. I plan and save for them and then buy".

A financial plan, which means you can be exempt from some problems of money that you have more time to focus on production of new "job" to be a success.

First post: Thu 10 March 7, 2016 13:00 IST