Do You Have What It Takes to Start a Home Business?

start a home business

Now, more than ever, people are looking for alternative ways to earn an income outside of the income-for-dummies path…their JOB.

A lot of people talk about or entertain the idea of starting a home business but the reality is, it’s NOT for everyone. If the individual does not already possess the proper attitude, discipline and marketing system needed to be successful, they are almost guaranteed to fail. However these traits can be learned.

Do you have the focus required when starting a home business?

One challenge many people face when starting a home business is staying focused. In the most common of home businesses, there are usually two things that drive revenue for the business.

Gathering customers and gathering distributors that gather customers.

Knowing that, most people get caught up in watching company videos, studying the compensation plan, attending the local meetings and organizing their list. Obliviously, many people engage in these activities making themselves APPEAR busy (like on a job) and mistake it for progress.

There’s nothing wrong with these activities, they just don’t produce income.

As an employee, you get paid for doing stuff, or to be more accurate, the TIME you spend doing stuff. You can perform far below expectations but appear as though you are working up to par and continue to get a paycheck. Sweet right?

Your income is in direct proportion to the amount of exposure your business gets.

In the business world, there are many tasks that you will perform without any type of monetary compensation. Instead, your success is tied into your ability to get results. It won’t matter how many conference calls you dial in to, how many leaders you can quote or how good you are at comparing your company’s compensation plan to others. If nobody is buying your product or service, you won’t be making ANY money. Your business will not survive without customers.

Study the business but staying focused on the activities that will produce a result will ensure your success. Continue to invite new prospects to take a look at your product or business overview and always reach out to follow up with prospects.

Do you have the discipline required when starting a home business?

Your new coworkers are now the refrigerator and coffee maker. Your meal break is twice a day. You can eat, drink, talk or sing while you work because your new boss is YOU.

Without anyone to constantly supervise and regulate every aspect of “the shift”, many people miss their mark. A goal of two sales per day can easily result in zero for the week. Since most people who are just starting a home business are employees, they can’t handle the freedom. Constant interruptions will result in an hour-long project taking all day or not getting done at all.

Set a schedule for yourself.

Plan ahead of time what hours and days you will dedicate to your home business instead of just working it sporadically throughout the week. During the hours you’ve set for yourself, focus only on doing the activities that will produce a result and drive revenue for the business.

Rid of distractions.

Turn off the television. Being able to watch TV while working sounds great to brag about if you’re a security guard. Otherwise, it can severely hurt your performance. Also, do not answer any phone calls that will take your attention away from your business.

Do you have the resources required when starting a home business?

So, you see how the big companies do it. TV commercials, flyers and newspaper ads are seen by many people each day. However, they are also ignored by many people.

Pretty soon you’re going to run out of family and friends to talk to about your business. When that happens you will need a proven method for generating leads. If you think that you’ll get customers flooding your phone lines and your inbox just by placing a few advertisements then you’ll be greatly disappointed.

Your net worth is in direct proportion to your network.

richest people build networksThe wealthy people in this world all have one thing in common, a large network. They know a lot of people and also have access to lots of people they don’t know.

Multi-billionaire Mark Zuckerburg started Facebook in his college dorm room and today it has grown to over 600 million users.

There is huge value in a network of people that are sharing resources and also their network. EVERY TIME you meet someone new, you gain a potential access to everyone they know. By learning how to effectively network and get referrals, your list will never run dry.

If you are unable to consistently generate leads for your business, chances are that you will fail. Leads in a home business are equivalent to inventory in a retail store. Without inventory, there’s nothing to sell and your income stops.

I strongly recommend that all home business owners implement a quality attraction marketing system alongside your business that allows you to brand yourself as a leader. A system that will educate you on the simple marketing strategies that are most effective in generating leads for your business online. This system will give you an endless supply of leads to talk to about your products or business as well as help you generate an income from those that are not interested in joining your business!

You can finally stop chasing around family and friends with one simple solution. Implementing a proven system and key strategy into your home business will generate an UNLIMITED supply of quality leads!

Please note that this post is by no means a complete list! Just a few of the primary challenges I believe are most common with new small business owners.

With the intent to inform, indulge and inspire!

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