Are you sabotaging yourself?

Not every home business is a home run success. For every one business that makes it, there are two or three that are unsuccessful.

Over the years I’ve seen some businesses make it while others flounder and fail. What makes one entrepreneur make it and another fail? Chances are they are making one or all of these mistakes.

1.    They don’t do their homework.

There are good business ideas and there are bad business ideas. Successful entrepreneurs do their homework BEFORE they start a business. They evaluate the market and industry they would be entering to find out if their products and ideas would be feasible. Smart entrepreneurs know that their line of products/services must solve a customer’s problem. This evaluation is essential to the success of your business idea. In addition you should learn who your competition would be and what price they are selling similar products/services for. Both pieces of information should help you in determining whether you can make a profit and be successful.

2.    Marketing their business is not a priority.

Newbie entrepreneurs can sometimes get so excited about starting their business that they focus all their efforts on making sales. This is a mistake. In order to maintain a steady stream of clients and customers it’s crucial to market your business.

Smart entrepreneurs know that marketing their business goes beyond creating a website and line of products/services. You must get people to go to your website, click on your sales pages and come back for more. There are many ways to do this; some can be simple and inexpensive while others can be complicated and require a lot of money.

Any Google search will reveal the expensive and time consuming ways to market your business. So I won’t touch on those methods. An inexpensive way to get potential customers is to offer something for free. People like free stuff. Offer a free one hour consultation. The purpose is to get potential customers to contact you. In turn you can convert these leads into customers.

Another idea might be to offer up a free newsletter.  A newsletter is a way for you to continually speak with leads and customers. You can remind them you are still around and can solve any of their problems with your products and/or services.

3.    Lack of action and dedication.

A world of opportunity awaits for those entrepreneurs who are dedicated and ambitious. Self-motivation is critical to the long term success of any home-based business.

Working from home can seem like the ultimate in achievements for any entrepreneur. You get the benefits of no commute, working in your sweatpants, setting your own schedule, and more personal freedom. The flip side to this is that distractions are everywhere; an episode of your favorite tv show will always be on, your children will always want your undivided attention, there will always be household chores you need to get done, the phone will constantly pull you out of your focused state, etc.

The inability to stay motivated and focus is a major reason why many home based businesses fail. The trick is to balance your environment. That’s why having a dedicated work space is so important. Do not let people come in and out while you work, you will never be able to focus on the task at hand if your wife, husband or kids keep asking you questions. Set daily to do lists for yourself to make sure you stay on track and complete tasks. Continually challenge yourself to make your business better and more profitable. Whether you are launching new products, researching new markets or fine tuning your website, it’s all about taking action.

4.    Inadequate planning.

Creating a plan to achieve your goals is paramount. Creating a business is not your goal. Your real goal is probably to achieve wealth. Your business is the vehicle to get you to your end goal.

In order to achieve your end goal you must plan ahead for achievement. The best route to success is to take smaller steps and set smaller achievements along the path to your end goal. If your end goal is to be a millionaire, then plan the path to that goal. Set smaller dollar figure goals you must achieve monthly and yearly before you can get to that million dollar mark. Whatever your goal make sure it is measurable and has a completion date. A measurable goal is one where you can see progress and “measure” whether you are getting closer to your goal or not. Set a timeframe to achieve your goal. Putting an end point on your goal gives you a clear target to work towards.

Until next time…

Ethan Warrick
Editor & CEO


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