So what are some of the steps to consider when thinking about starting a home based business? What will give you the advantages to succeed, even through the long tough growing curve, here are some of my suggestions.
1. Already be doing something you love
Often people look at starting a business because they hate their job, they hate what their doing and they want the freedom to set their own rules. This is a dangerous place to start a home based business. I find it skews your goals for your business.
You will need to be able to balance both a home based business that may require you to put in 25 hours per week on top of your other job. It may require meeting people during your off hours, including during the day when working night shift or in the evenings if working standard hours. This may be tiring, so make sure you weigh the costs before committing to home based business activities. If meeting new prospects, take a look at the ROI that they can provide your home business and then commit time accordingly.
With doing a job that you are already passionate about, you will find joy in both jobs and as well be successful in both if a good balance is in place.
2. Be in a healthy place, emotionally, physically and mentally
These three states of mind are crucial to being involved in a home based business. A home based business will push you in all three areas of your life, and you need to make sure you're in a good place when starting and realizing when your business is taking you to a bad place in these areas as your business grows.
A lot can be lost if these three states of mind are not monitored and maintained. A good mentor can watch for critical signs and give you warnings when things look like things are not running smooth, when stress is taking over and poor decisions are being made, financial, relational and job losses are some of the most important things to protect against by being in a healthy place and will allow you to present your business with the vigor and passion that drove you to seek a home based business in the first place.
3. Build a healthy home financial situation
A home base business will need to thrive financially on its own but will require some priming from your budget in order to get started. A healthly financial situation at home will be your first test on whether you can run a successful home business.
Build a good emergency fund for your household, then for your business. Two to three months of income for your home budget and a starrting account of 3 months of supplies would be a healthy place to start.
4. Find a passion that drives you and a business that matches
Finding a business that moves you will be key to having business success. Try and learn about the product, as well as the industry and what makes it stand out compared to other companies that sell the same product. Unless you know the product, you won't have much success in selling it or promoting it.
5. Learn how business finances work
Business finances should work the same as your home finances, but there are benefits to running a home based business depending on where you live. Learn the loopholes and advantages that you can use to your advantage to free up money to take your businesses further. It may also help reduces the taxes you pay and help you work towards your retirement. Make sure to talk to your business mentor and connect with financially smart people and learn these tricks before starting out.
6. Learn your product inside out
This ties in with point four but often new home businesses often skip this step. You need to be able to talk to prospects about what makes your product amazing and how it can help them personally. If it is a great product that you yourself can't use, or know what difference it makes in your life, it will be hard to move.
7. Be ready to try something new
Often, starting a home based business will network you with new people and take you to new places, and may require you to try new things. Be adventurous, whether it is trying new things to eat, do and travelling. Enjoy the new experiences and be ready to learn and enjoy this great benefit to your home business.
8. If at first you don't succeed...
If you mentor tells you that your business will be easy and take off right away, really consider your mentor and if he has your best interest in mind. A business will never be a smooth start and lots of learning and a few failures along the way. Don't be discouraged but be prepared for it. Learn from it and keep working toward your goal finding a better way of doing things.
9. Build your boundaries
Boundaries of time, financial and your home need to be considered when starting a home business. Your home may be used as a board room when first starting our but make sure the rest of your family is on board with this. Meeting with new clients may require time away from home, but make sure your family should always come first. Be aware of warning signs when these boundaries are being pushed and adjust your business model to protect your most important assets.
10. Find good mentors.
A great mentor will be there to help your business succeed and give you advise when things aren't going well. They will be the one to keep pushing you to succeed. Make sure this mentor is someone that you respect, and some who will listen to your concerns and goals and respect your boundaries. It will be someone that you can go to if you need knowledge about your product and will help guide your business to success. Choose them wisely.
Want to wish all your prospective home business owners all the success that you desire. If you're looking for a home business and want some ideas on companies that can help you with these goals, e-mail me, and would be glad to talk to you more about it.
