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Seven Costly Mistakes People Make While Operating a Home Based Business
My Story (short version)
My name is Ray Matthews, I am married with 6 children and 4 grandchildren and I love the life I have chosen to be a work at home dad. I have been able to be with my wife and children and do the important things that life is made of. Sure I’ve had my ups and downs, successes and failures, but longevity in a home business is a learn-as-you-go process. I want to give you some secrets I’ve learned over the years that will apply to any home business. Here are some mistakes that will lead to certain failure in a home business. Don’t just read this article, absorb it, consume the information here and increase your chances of success astronomically!
Costly Mistake #1: You’re in the wrong business
When considering a home business, you need to consider your strengths and weaknesses. I am convinced that a large percentage of home businesses that fail within the first five years are a direct result of poor choices when selecting what type of business to start. I have personally been involved in both successful and unsuccessful ventures. I’ve found that when I’ve failed at one, it was because of a bad choice I made. Let me explain what I mean:
Your business should match your expertise, experience and passion. Just because an opportunity looks good and there are others making a fortune out of it, doesn’t necessarily mean you’ll be successful. For example, if you are not an outgoing person and choose a company that requires a lot of personal contact for sales or perhaps recruiting, you may not do well in this business.
Before selecting a home business to start, take some time and assess your strengths and weaknesses. Take a long look at yourself, what you’re experienced at, what you’re an expert at (or at least above average) and what you’re passionate about. If you’re selecting a business that fits all three, your chances of success just go through the roof.
Costly Mistake #2: You don’t know what you’re doing
Most people fall in love with the idea of owning a business and working from home, but they never consider the learning curve involved. Whether it’s an internet business or a repair shop in your garage, there’s a learning curve that can destroy your chances of long-term survival. You may think that you know your craft well, that you may be an expert at what you do, and that you have a great passion for your chosen career, but have you ever depended on it for an income outside of your expertise? company, you might be in for a rude awakening when you try to make a living at it.
I’m not trying to be negative here, I just want to give you the information you need to be successful. So before you take the plunge and risk your future in what you may think is a no-brainer business, consider some time for training and the possibility of repeated failures before you finally find your furrow Set aside some time every day to train!
Costly Mistake #3: You have a great product or service, but poor marketing
One of the areas that every business owner needs help with is marketing their product or service. You may have an innovative product that everyone needs and would probably end up owning, but if it’s not marketed properly, no one will buy! Marketing is not 10% of your success, it’s not even 50% of your success, it’s 80%. In other words, you can have a great business plan, a revolutionary product, incredible passion, and a great work ethic, but if the marketing isn’t there and isn’t good, chances are you’ll be forced to close up shop.
The answer to great marketing is two to three hours a day (to start) learning how to present your business or brand to the right people in the right way in order to create sales. Buy some marketing books, search the Internet for marketing training, and learn how to present yourself to the world in a way that brings customers to your website or place of business.
Costly Mistake #4: You are overworking yourself
Yes, you got me right, overworking can cause your business to fail. When I started working in 1986, my idea of making it in a home business was to work every waking hour. I thought that if I just beat the competition, I would be more successful. I don’t want you to misunderstand me here, any successful business requires hard work and long hours, but where we sometimes fail is overwork without clear goals and proper planning.
You can spend 90% of your time doing things that make no difference to your success. A hard work mentality without the right focus can lead to stress and failure in a home business. Take time each day to evaluate your activities from the previous day and continually refocus your efforts on the things that really matter. Keep a planner and log your daily activities, then look back each month and identify what’s working and what’s not and start cutting back on activities that aren’t producing results. You’d be surprised how much time you spend doing things that aren’t productive and sometimes counterproductive (those activities that actually make you lose money).
Costly mistake no. 5: You are stressing over small things
Over the past twenty-two years I have stayed up many nights stressing over things I had no control over and in the long run they never had an impact on my achievements. Stress and worry steal your focus! Things that seem overwhelming (mainly financial difficulties) can be overcome by keeping your mind on the outcome and not on the current circumstances. Things will only get better if you keep calm and keep moving forward. Stress, fear and worry will prevent you from getting the answer you need when you need it to take the next step. You’ll find yourself thinking more about the obstacles you face than the strategy you need to overcome them.
Here is the answer to your stress dilemma; Be convinced that there is an answer to your problem. Look for the answer instead of worrying about the problem. If you trust, the answer will come!
Costly mistake no. 6: You are allowing dream killers to throw you off track
When I started my first home business in 1986, there were people around me who doubted my ability to run a successful home business. If I had listened to these voices, I would never have come out and most likely would still be working for a company, competing with younger talent fresh out of college, or maybe having to take a pay cut or even everything change me career and accept a lower standard of living.
No one knows you like you! Sometimes the voice of opposition can even be someone close to you. If you have the desire and passion to do it with your own business, sometimes you have to disconnect from the world around you and move forward with confidence, regardless of what others think or say about you.
Costly Mistake #7: You’ll get out of it too soon
I am convinced that there is a very high percentage of new home business owners who jump ship right before their breakthrough. Things always seem to get complicated right before you move forward and succeed. I’m sure you’ve heard the old saying “It’s always darkest just before the dawn.” This is true in business. Maybe you’ve done the work necessary to get to the point of success, but you don’t have the vision to see beyond your current circumstances. What a tragedy it would be to get to a point where your financial success was just around the corner and then stop thinking that you’ll never make it.
The key here is clear vision. Before you throw in the towel, take the time to assess where you are and where you might be in a month or two. Be clear about your decision to stick with it or become a failure statistic. Think about the possibility of what real success could do for you and your family and weigh that against what it might cost you to stay and run your business. I think you’ll see the benefits far outweigh the costs if you have a passion, a product, and the right marketing plan.
I hope this article has been informative and helps you become one of the top 5% who stay in business after five years and thrive.
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