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Seven Costly Mistakes People Make While Operating a Home Based Business
My Story (The 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 stay at home dad. I was able to be with my wife and kids and do the important things that life is made of. I’ve certainly 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 a few secrets I’ve learned over the years that will apply to any home business. Here are some mistakes that will cause 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!
Expensive Mistake #1 – You’re in the wrong business
When considering a home business you should consider your strengths and weaknesses. I am convinced that a large percentage of home businesses that fail in the first five years are a direct result of poor choices when choosing the type of business to start. I have personally been involved in successful and failed ventures. I’ve found that when I fail one, it’s because of a bad choice I made. Let me explain what I mean:
Your business should match your experience, expertise and passion. Just because an opportunity looks good and there are others making a fortune on it, doesn’t necessarily mean you will succeed. For example, if you are not an outgoing person and choose a business that requires a lot of personal contact for sales or perhaps recruiting, you may not do well in that business.
Before choosing a home business to start, take some time and assess your strengths and weaknesses. Take a very hard look at yourself, what you’re experienced at, what you’re an expert at (or at least above average) and what you’re really passionate about. If you choose a business that fits all three, your chances of success have just been surpassed.
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 never consider the learning curve involved. Whether it’s an online business or a repair shop in your garage, there’s a learning curve that can ruin your chances for long-term survival. You may think you know your trade well, you may be very experienced at what you do, and you may have great passion for your chosen career, but if you’ve never depended on it for an income outside of your corporate experience, you may be in for a rude awakening when trying to make a living out of it.
I’m not trying to be negative here, what I want to do is give you the information you need to be successful. So before you go ahead and risk your future on what you might think is the no-brainer, factor in some practice time and the possibility of repeated failures before you finally find your groove. Set aside some time each day to train!
Expensive 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 a breakthrough product that everyone needs and would probably end up owning, but if it is not marketed properly, no one will buy it! 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 it’s not good, chances are you’ll be forced to close up shop.
The answer to great marketing is two to three hours a day (for starters) learning how to present your business or brand to the right people in the right way in order to generate sales. Buy some marketing books, search the Internet for marketing training, and learn to present yourself to the world in a way that will bring customers to your website or place of business.
Costly Mistake #4 – Overworking yourself
Yes, you heard me right, overworking can cause your business to fail. When I first started the business in 1986, my idea of making it a home business was to work every hour. I think if I just beat the competition, I would become more successful. I don’t want you to misunderstand me here, every successful venture requires hard work and long hours, but where we sometimes fail is overworking ourselves without clear goals and proper planning.
You can spend 90% of your time doing things that make absolutely no difference to your success. A hard work mentality without proper focus can lead to stress and failure in a home business. Take time each day to review your activities of the previous day and continually focus your efforts on things that really matter. Keep a planner and record your daily activities, then look back each month and identify what’s working and what’s not working, and start cutting back on the activities that aren’t producing results. You’d be surprised how much time you spend doing things that aren’t productive and occasionally counterproductive (those activities that actually cause you to lose money).
Expensive Mistake #5 – Stressing over small things
For the past twenty-two years I have stayed up many nights stressing over things that I had no control over and in the long run never had an impact on my success. Stress and worry steal your focus! Things that seem overwhelming (especially financial difficulties) can be overcome by keeping your mind on the outcome and not on your current circumstances. Things will only get better if you keep your cool and keep pushing forward. Anxiety, fear and worry will prevent you from getting the answer you need when you need it to take your next step. You’ll find yourself thinking more about the obstacles you face than the strategy you need to overcome those obstacles.
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 #6 – Allowing Dream Killers to Get You on the Road
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 those voices, I would never have gotten out and would probably still be working at a company, competing with younger talent fresh out of college, or I might have had to take a pay cut or even change careers and accept a lower living wage. level.
No one knows you like you! Sometimes the voice of naysayers can even be someone close to you. If you have the desire and passion to succeed in your own business, sometimes you have to tune out the world around you and move forward with confidence, regardless of what others think or say about you.
Expensive Mistake #7 – You’ll be out too soon
I am convinced that there is a very high percentage of new home business owners who jump ship just before their breakthrough. Things always seem to get a little difficult before you can succeed and succeed. I’m sure you’ve heard the old saying “It’s always darkest just before the dawn.” This is true in business. You may have done the work necessary to get to the point of success, but you lack the vision to see the 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 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 in your decision to either hang in there or become a failure statistic. Consider the possibility of what real success could do for you and your family, and weigh that against the cost it could cost you to stay and complete your business. I think you will find that the benefits far outweigh the costs if you have a passion, a product and a proper marketing plan.
I hope this article was informative and will help you become one of the top 5% who stay in business after five years and prosper.
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