|
Article: Home-Based-Business-Survival-Kit-No1
his is the first of three articles I have written on How to be Successful in a Work from Home Business
Article One: Would I Employ Myself?
Article Two: How do I Get Started?
Article Three: How do I Stay in Business?
Some people spend more time choosing their Lotto numbers than they do planning their new business. They want to be successful but don’t do the necessary research to increase their chances of success. Every year, thousands of new businesses get started but many thousands fail. Up to 90% of small businesses will fail in the first 2 years. That’s a scary statistic. So what can you do to improve your odds at being in the 10% that succeed?
Would I Employ Myself
You may be motivated to start your own business but you will need much more than an idea and desire. Sometimes the goal of being your own boss can blind you from the reality of what it takes to make it happen. Everybody is different and the fact is that not everybody is made to work for themselves. Your first step is to take is to take a good look at yourself. What is your driving force and can you make this business work. Here are a series of self-evaluation questions that I asked myself before I started my first business.
1. Why do you want to start your own business?
Don’t take this question lightly; it could make the difference between success and failure. Write down in a journal your reasons for wanting to go into business in the first place. Here are a few that I wrote.I’m frustrated in my job.I want to earn a better income.I want to be independent. I don’t like commuting to work every day.I want to spend more time with my family.I’m sure you have many other personal reasons, so sit down and take a real hard look at your WHY.
If you don’t have at least 3 very strong reasons, maybe you should think twice about even starting. There will be times over the next few years when you will question your sanity and you need to remind yourself WHY you started your business in the first place. I have found this very helpful and on many occasions have had to re-visit my original list.
2. Take a look at your Work Ethics. Do you have enough discipline to work for yourself? Jim Rohn says: “Discipline is the bridge between goals and accomplishment. Discipline is the foundation upon which all success is built. Lack of Discipline inevitably leads to failure.”
Being your own boss takes discipline. To start with; be prepared to work long hours. Late nights, early mornings and 7 day weeks may be needed to get your venture off the ground. Are you prepared to put in all that effort? Are you prepared to forgo your social life or impinge on your family life. Your family and friends may not understand why you are not around so much. I suggest you sit down with the important people in your life and tell them exactly what you are planning to do. Even if you are working at home you will need to treat it like a real job. You need to employ yourself and decide what hours you can dedicate to your new business. Block out your work time and your family time in a diary and stick to it. You need to set your boundaries but don’t forget to put in some personal time for yourself. Your business will crash if the driver loses interest and loses focus.
3. Do I have staying power?
Do you have what it takes to keep going even when times get tough and times will get tough. There will be problems to deal with that you can’t even imagine at this point. Just remember if you have the staying power there are no such things as road blocks to stop you reaching your destination just speed bumps that can slow you down. If you have perseverance and focus you will get through. Your business needs time to grow from the seed of an idea to completion, you will have to nurture it and have patience as it grows. Remember Rome wasn’t built in a day. In my first business my accountant told me not to expect to be profitable for at least two years; it took me a far less than that but it still didn’t happen over night.
4. Are you a good money manager?
I had to ask some of my trusted friends and family what they thought about my money sense…….I was shocked by some of their observations. I trusted their opinion enough to take a long hard look at myself. I had to make some major changes in the way I handled my money. I read books on money matters and sought out expert advice from my accountant. It’s one thing to earn lots of money but another to know how to keep it. If money burns a hole in your pocket, you may need to take a course in money management. Find yourself a good accountant, one that not only does your tax but also gives advice on how to grow your business. My accountant has a statement at the top of his letterhead that says “We help our clients increase their wealth” I can call Murray at anytime for advice and guidance. Your accountant needs to become part of your management team.
5. Choosing the Right Business for You
The next thing to decide on is what sort of business you want to get involved in. There are many business opportunities available to people but what business is right for you? Choose a business that matches your characteristics. What are your key personality traits? You’ve heard the saying “Don’t try and put a square peg in a round hole” What experience, knowledge and attributes do you have that will enhance your new business. Are you talkative? Do you like being around people or are you more of a backroom person? Are you good at figures? Are you good with your hands? What skills have you learnt from your previous job that could be beneficial in your new business. Identify those skills and see if they are useful in your new venture. What hobbies do you have? Some of the most successful businesses started out as hobbies. A word of warning when you’re looking for a business. Don’t buy other peoples dreams. Be careful not to get caught up in their excitement. It needs to be your dream, your goal, your business
So you’re ready to get started. You’ve gone though all of the self-analysis. You’ve decided on a business that fits you and you’re excited by the prospects of being your own boss. Lets get into action.
(c) Copyright Ralph Montague
Ralph has run a successful home based marketing business for over 20 years, doing business in over 15 countries. He is also a successful business trainer and has lectured around the world on home based business development. http://www.workingfromhome.com.au
Article Source: http://EzineArticles.com/?expert=Ralph_Montague
|
|
|
|
