Succeeding in Your Home Based Business
Average estimates show that almost 85% of the people who start a home based business for the first time quit within a year to return to a full time job. Why are all these people quitting when there are so many advantages to being your own boss and running your own home based business?
Is it their lack of profits? Is it a lack of motivation? Most figures show that it is the absence of a regular work environment. A recent analysis of 15 people who quit their home based businesses within a year revealed some shocking facts.
We have outlined this facts below as a list of Do nots if you plan to start your own home based business. By learning from the mistakes and problems of others you will be given a great advantage and a great leap into starting your own home based business.
Never choose something because you are inspired by others
You have got two choices in life; do what you love or do what you have to, to stay financially stable. If you look around your friends and family, most people will choose the second option and it is one of the biggest mistakes anyone can make.
For example you might know a copywriter who is earning thousands and thousands of dollars a month just writing ad copy. This does not guarantee that if you start your own copywriting venture you will be successful. If you jump into a field without a basic level of knowledge you will fall flat on your face quite rapidly. You might know people who are making millions running a successful network marketing business from home, but is this the path for you? Can you sell these products to your close list of friends and relatives first? Ask yourself this really important question before you ever dive headfirst into any online business
Do not be complacent
Just because you are working from home you are not immediately available for completing and fixing all the chores that need doing around the home. Do not treat your profession like a hobby. Keep a separate area of your home as an office and work from there.
If you invest into some business equipment, such as computers, broadband, telephone lines and fax machines you will be able to maintain that single area as your office and thus instantly snap into focusing mode when you are there.
Never work without a plan
You always need to have your plan in hand before you start your home based business. How many hours will you work each day? What are the startup costs for the business? How much will marketing the business cost? Do you have a marketing plan? How big is your potential customer base? You need to make sure that future growth is one of your main aims because otherwise the business can just completely fall apart.
Never neglect the financial aspects
One of the main advantages of a home based business over a full time job is that you can start to cut out a great deal of your unwanted expenses. Start paying attention to and really managing your finances to squeeze every extra dollar out of your new business. If you are not particularly great with numbers, hire someone to take care of it for you.
If you set up a certain amount of money each month to re-invest into the business you will be able to easily maximize the amount you will be able to grow the business.
The most important thing of all is always have a realistic time frame and a profit margin target in mind before starting your home based business. If you have your finances sorted it substantially increases the level of success you will see from your home based business!
Related Tags: internet business, make money online, money online, retire early, we can retire early
If you really want to know how you can retire early? Go to http://www.wecanretireearly.com and collect your free report, The 7 Keys to Business Success
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Advantages Of A Grind And Brew Coffee Maker
Should you really invest in a Grind and Brew Espresso maker? The answer is yes, having a Grind and B - Monitium. A Paradigm Shift In Network Marketing
As you may have heard, Monitium is representing a huge paradigm shift in Network Marketing. It is in - 55+ And Scared. The First In A Series On Making A Second Income
You've worked all these years looking forward to the day when you could retire. Now you are able to - Considering Starting A Home Based Business On The Internet?
I'm someone who has trouble working for someone else. I really hate long periods of routine and I ha - Is Herbalife Network Marketing Business A Scam?
You are on this site because you are thinking if Herbalife is a scam or not. Well you have come to t - So Why Are People Calling Herbalife Mlm Venture A Gimmick?
The people calling Herbalife a scam are usually the folks that were involve in the business before b - Mlm Training - Free Mlm Training Courses
We'll begin by dealing with the old saying "You get what you pay for". This implies that free things - Mlm Training - What Mlm Training Do You Really Need?
MLM and Network Marketing can be a very confusing business. That's mostly because there are low entr - The Top Mlm Recruiting Strategy: Mlm Recruiting For Top Earners - Mlm Recruiting Success
When it comes to MLM recruiting, there's a right way and a wrong way. But, most people only know the - Adzzoo Review - How Could This Improve The Page Rank Of Small Entrepreneurs?
There are so many network marketing companies online and let us see about one of them and their prod
Most viewed articles in this category:
- Work at Home Mom - How to Find Time for Your Business
Any work-at-home-mom will confess that owing her own business is as challenging as it gets. While th - Is A Home Daycare The Answer For You?
In America today, it takes two incomes in most cases to live a regular middle class lifestyle. This - MLM Online Tips and Tricks on the Internet MLM Trade
Copyright © Jagraj Gill http://www.payitforward4profits.com/jaggiegill There are two main th - How Do You Win At Home-Based Business? Hit The Floor Running
Every morning in Africa, a gazelle wakes up. It knows it must run faster than the fastest lion... or - MySpace Just for Fun
There are many who take advantage of the MySpace community for business purposes such as advertising - Gone Phishing and your the fish!
Believe it or not, there are rascals inhabiting this very planet, their consequence emanates from un - Is A Home Business Right For You?
You should have motivation if you want to succeed as an entrepreneur. Motivation comes naturally to - How to Promote your Network Marketing Home Based Business
Copyright © Jagraj Gill http://www.payitforward4profits.com/jaggiegill The key to any networ - The Tax Grind
As an owner of a home based business, a person is also responsible for keeping track of everything t - Meeting People on MySpace
The process of meeting people on MySpace is extremely easy. MySpace is an online community which enc