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: It is a business - right? Just because you run your business from home does not mean that it should be run as if it were a hobby. The single biggest reason that home based businesses fail is that they are not run like a business. If you have never owned your own business before, then do some research. No, you are not trying to blow the doors off WalMart, but that does not mean that you do not have to have a solid business plan in place. I am not saying you have to have a formal, 35 page document suitable to obtain outside financing. You do, however, have to put a reasonable effort into creating a plan for your business. Some questions you need to answer: What will your marketing plan and budget be? Who is your target audience? What need are you filling?
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: Keep your Goals Attainable. Many people fail because they set themselves up for failure from the beginning. They make their first goal to make $10k a month and then when they only make $200 their first month have a big let down! Now each product is different and has different price points, commissions, profit, etc but set a goal that is realistic. If you make a $500 commission on each sale, make your first goal to make $1000 your first month. Then when you achieve that success, expand your goals.
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: Transform your Tasks into a Plan. This is absolutely critical. The difference between a dream and a goal is that goals are defined and have a plan to achieve them. You must take these tasks and schedule them onto your agenda - allocate time to work on them, set due dates. Remember Key #1 - treat this like a business. If you were working for IBM and you had a $30,000 budget to achieve your goal, how would you define that plan?
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: Manage your Time. Yep, I know everyone says this, right? Maybe there is a reason why everyone says it? Time management is not making a task list. In fact, Task Lists can actually be counterproductive because they can become so overwhelming that they can "depress" you. Instead, schedule your time. Block off time on your agenda for a specific task and only do that one task during that time. If the phone rings or email comes in, ignore it and stay focused on what it is you need to complete.
So, what's the bottom line? The bottom line is that, first and foremost, you will get out of your home based business what you put into it. It is a business, after all, not a lottery ticket. However, with determination and commitment, it can be the fastest and most easily achieved path to financial success.
KEY #1: It is a business - right? Just because you run your business from home does not mean that it should be run as if it were a hobby. The single biggest reason that home based businesses fail is that they are not run like a business. If you have never owned your own business before, then do some research. No, you are not trying to blow the doors off WalMart, but that does not mean that you do not have to have a solid business plan in place. I am not saying you have to have a formal, 35 page document suitable to obtain outside financing. You do, however, have to put a reasonable effort into creating a plan for your business. Some questions you need to answer: What will your marketing plan and budget be? Who is your target audience? What need are you filling?
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: Keep your Goals Attainable. Many people fail because they set themselves up for failure from the beginning. They make their first goal to make $10k a month and then when they only make $200 their first month have a big let down! Now each product is different and has different price points, commissions, profit, etc but set a goal that is realistic. If you make a $500 commission on each sale, make your first goal to make $1000 your first month. Then when you achieve that success, expand your goals.
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: Transform your Tasks into a Plan. This is absolutely critical. The difference between a dream and a goal is that goals are defined and have a plan to achieve them. You must take these tasks and schedule them onto your agenda - allocate time to work on them, set due dates. Remember Key #1 - treat this like a business. If you were working for IBM and you had a $30,000 budget to achieve your goal, how would you define that plan?
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: Manage your Time. Yep, I know everyone says this, right? Maybe there is a reason why everyone says it? Time management is not making a task list. In fact, Task Lists can actually be counterproductive because they can become so overwhelming that they can "depress" you. Instead, schedule your time. Block off time on your agenda for a specific task and only do that one task during that time. If the phone rings or email comes in, ignore it and stay focused on what it is you need to complete.
So, what's the bottom line? The bottom line is that, first and foremost, you will get out of your home based business what you put into it. It is a business, after all, not a lottery ticket. However, with determination and commitment, it can be the fastest and most easily achieved path to financial success.
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 learn more about Troy Broussard or his Mor Vacations travel business, please visit his Mor Vacations travel website and get a copy of your free eBook.
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