Today's estimates show that there are 35,000 or more home based businesses being launched each and every day in the US. Those are very big numbers. But here is what is even more shocking - 95% of them will not survive, most not even making it 90 days. The good news though is that the quickest way to financial independence is through home based business and becoming one of those 5% success stories. So read further and learn some sound principals to make it into that 5% club.
KEY #1: Business is Business. Many people get caught up in the dream of working from home and walking away from their JOB, but they forget that it is still a business and that you can't treat it like a hobby and expect to get paid like it's a business. Failure to follow sound business principals is the single biggest reason most home based businesses fail. First and foremost is that you need a business plan. It doesn't have to be a huge formal document, but you do have to have a game plan with very specific targets in mind. Answer these questions: How much can you commit to your budget? How do you intend to market? How much do you intend to spend on training? What need are you filling in the marketplace?
KEY #2: Know your outcome. Sounds crazy doesn't? But are you going to succeed? Or are you just going to try? I'm a private pilot and so humor me on this analogy. What's the most important thing that a pilot does? He knows his outcome. He knows his destination and he knows he'll get there and even knows, weather permitting, how long it will take. Then what happens? Well the most important thing is that he takes action (takes off), notices his progress (am I on course or off course, do I need to make a slight correction, or major deviation) and makes constant corrections until he arrives at his destination. This sounds so simple, yet most home based business owners don't do it. They "give it a try" but they are not committed to the outcome. Would you want to fly with a pilot who was going to "give it a try"? Well, would you want to go into business with someone with the same attitude? Of course not. Know your outcome and commit to doing whatever it takes to achieving it.
KEY #3: Set realistic goals. Lofty goals are great to keep you shooting for the stars, but don't confuse goals with dreams. Set goals that you can achieve. Allow yourself the small successes. Don't set goals so high that you end up feeling you have failed by not achieving them.
KEY #4: Transform Goals into Tasks. Goals are good, but we have to make them "actionable tasks". So, reduce those goals into a step by step list of tasks that you need to accomplish.
KEY #5: Schedule your Tasks. If you don't put those tasks onto a schedule of time (with due dates) it will just become an overwhelming "to-do" list that makes you feel like you never get anything done. Instead, take those items and block off time on your agenda and schedule them out.
KEY #6: Spend your money wisely. So what do I mean by that? I mean, spend your money on the things that can make a difference in your bottom line - how much you make. Do you know what the single best investment you can make? Invest in yourself. As you grow in your abilities so will your pay check. Think about it, all of the other vendors in your company sell the same product, to the same target audience - what can you do to get an edge? Invest in yourself because you are the one variable in the success equation that you can 100% control - that's a wise investment.
KEY #7: Understanding the 80/20 Rule. Spend 80% of your time on the 20% of your tasks that are the most successful in making you money. As you build a team of sales people below you, you will have to spend 80% of your training time working with those 20% who are the most effective. You have to learn to discern between what makes you money and what doesn't and focus 80% of your time on what makes you money.
KEY #8: Schedule your Time. Okay, I know, you don't like this one. You're saying, hey the reason I wanted to start a home based business was so that I didn't have to punch the clock anymore. I understand, really I do. But here's the thing, a bunch of tasks on a task list that is not scheduled and in your appointment book becomes nothing more than a "wish list". It is human nature. We make great big task lists, then because we can't get it all done (was it really even feasible to think we would?) we become frustrated that we're not getting anywhere and our productivity suffers even more. But, by scheduling your task and allocating time to them, you quickly discover that there is only so much you can get done and you are forced to prioritize your tasks. What's more, by keeping your schedule you will get far more done that you ever would have just following a "wish list" - oops, I mean, "task list".
The bottom line is that there is no magic pill to be instantly successful. A home based business is just like anything else in life - we get out of it what we put into it. If you run it like a hobby, then don't be surprised when it pays you like a hobby. If however you commit to running a well planned and executed business, it just may provide you with the financial freedom you desire.
KEY #1: Business is Business. Many people get caught up in the dream of working from home and walking away from their JOB, but they forget that it is still a business and that you can't treat it like a hobby and expect to get paid like it's a business. Failure to follow sound business principals is the single biggest reason most home based businesses fail. First and foremost is that you need a business plan. It doesn't have to be a huge formal document, but you do have to have a game plan with very specific targets in mind. Answer these questions: How much can you commit to your budget? How do you intend to market? How much do you intend to spend on training? What need are you filling in the marketplace?
KEY #2: Know your outcome. Sounds crazy doesn't? But are you going to succeed? Or are you just going to try? I'm a private pilot and so humor me on this analogy. What's the most important thing that a pilot does? He knows his outcome. He knows his destination and he knows he'll get there and even knows, weather permitting, how long it will take. Then what happens? Well the most important thing is that he takes action (takes off), notices his progress (am I on course or off course, do I need to make a slight correction, or major deviation) and makes constant corrections until he arrives at his destination. This sounds so simple, yet most home based business owners don't do it. They "give it a try" but they are not committed to the outcome. Would you want to fly with a pilot who was going to "give it a try"? Well, would you want to go into business with someone with the same attitude? Of course not. Know your outcome and commit to doing whatever it takes to achieving it.
KEY #3: Set realistic goals. Lofty goals are great to keep you shooting for the stars, but don't confuse goals with dreams. Set goals that you can achieve. Allow yourself the small successes. Don't set goals so high that you end up feeling you have failed by not achieving them.
KEY #4: Transform Goals into Tasks. Goals are good, but we have to make them "actionable tasks". So, reduce those goals into a step by step list of tasks that you need to accomplish.
KEY #5: Schedule your Tasks. If you don't put those tasks onto a schedule of time (with due dates) it will just become an overwhelming "to-do" list that makes you feel like you never get anything done. Instead, take those items and block off time on your agenda and schedule them out.
KEY #6: Spend your money wisely. So what do I mean by that? I mean, spend your money on the things that can make a difference in your bottom line - how much you make. Do you know what the single best investment you can make? Invest in yourself. As you grow in your abilities so will your pay check. Think about it, all of the other vendors in your company sell the same product, to the same target audience - what can you do to get an edge? Invest in yourself because you are the one variable in the success equation that you can 100% control - that's a wise investment.
KEY #7: Understanding the 80/20 Rule. Spend 80% of your time on the 20% of your tasks that are the most successful in making you money. As you build a team of sales people below you, you will have to spend 80% of your training time working with those 20% who are the most effective. You have to learn to discern between what makes you money and what doesn't and focus 80% of your time on what makes you money.
KEY #8: Schedule your Time. Okay, I know, you don't like this one. You're saying, hey the reason I wanted to start a home based business was so that I didn't have to punch the clock anymore. I understand, really I do. But here's the thing, a bunch of tasks on a task list that is not scheduled and in your appointment book becomes nothing more than a "wish list". It is human nature. We make great big task lists, then because we can't get it all done (was it really even feasible to think we would?) we become frustrated that we're not getting anywhere and our productivity suffers even more. But, by scheduling your task and allocating time to them, you quickly discover that there is only so much you can get done and you are forced to prioritize your tasks. What's more, by keeping your schedule you will get far more done that you ever would have just following a "wish list" - oops, I mean, "task list".
The bottom line is that there is no magic pill to be instantly successful. A home based business is just like anything else in life - we get out of it what we put into it. If you run it like a hobby, then don't be surprised when it pays you like a hobby. If however you commit to running a well planned and executed business, it just may provide you with the financial freedom you desire.
About the Author:
Troy Broussard is a successful Online Internet Marketer and has built a six figure income in just six short months online. To discover more about Troy Broussard or his M.O.R. Vacations travel company, please visit his M.O.R. Vacations travel website and download your free report.
