Every year, thousands of men and women around the world start a home business, joining firms like Tupperware, Amway, or a cosmetics company hoping to make money for a new car, a vacation, or some clothes.
They sell some merchandise to a few close friends and acquaintances. Then they retire before giving themselves a chance to learn the basics of business success. “I’m just not a born businessman,” they sometimes say.
Nobody is a born businessman, as nobody is born a doctor or a lawyer. To be successful in any profession, you must learn the basic techniques and how to apply those techniques.
Any business’s success depends on the skills with which one is born plus all those acquired through education and experience.
If you are looking for a career opportunity or “extra income” to help you with family expenses, a home business can offer you possibilities to fulfill your dreams.
However, you must give yourself time to learn, ask yourself: How much does a doctor study to become a doctor or a lawyer to become a lawyer?
There is an old adage that says:
“Give a man a fish, and you will feed him for a day. Teach him to fish, and you will feed him for life.”
If you learn to fish through your home business, you will have the opportunity to prosper and live off it for a long time.
The rewards for owning your own home business are many:
- You can be your own boss.
- You can put your own hours.
- You can own your own business for little or no investment.
- You can pay yourself a lot more than any boss would ever pay you.
- You can give yourself raises as your business grows.
It is also good to tell you that there are flaws. There are people who will not work for themselves. When they work for a boss, they get up early, prepare well, and get to the office on time.
However, when they are their own bosses, they are still in their pyjamas drinking one more cup of coffee at 11:00 in the morning.
If you can be your own boss and discipline yourself to do what needs to be done when it needs to be done, read on for the ten key elements that will allow you to set the foundation for your home business’s success.
Here are 15 keys on how to make a home business successful:
1. Be a goal planner
What do you want to achieve? Do you want to save for your children’s college education, for a new car, to buy your house, for a better life?
You can have whatever you want, but you must want it enough to do the things that must be done to achieve it.
Whatever your goal, write it down and set a target day to reach it. Divide the time period into blocks of achievements that are achievable.
Work consistently to accomplish each day, each week, each month, what you set out to do. Setting goals is a “must” in every area of life. Even small things are not achieved without defining goals.
2- Make a business plan
The simple idea can be complicated; however, it is simpler than you think.
In this document, you must include:
- Your business’s objectives (short, medium, and long term).
- The strategies to achieve them.
- The organization’s structure.
- The budget you require to finance your project.
- Solutions to solve future problems.
Having a written plan will help you keep your goals clear, you will be able even to attract investors, may request loans and will facilitate the integration and training of new elements to your home business. Update it at least twice a year.
3. Be organized
Every night write a list of all the things you want to have done the next day. That gives you an organized approach for each day.
As each task is completed, cross it off your list. It’s amazing how much you do when you work through a to-do list.
It will be good that you also have a list of business contacts that allow you to manage appointments, classify your clients as potential, frequent, or referrals, and keep it updated by constantly adding new prospects.
4- Define who your customer is
Study the behavior and consumption patterns of your target market. For example, cities’ pace and travel times do not allow people to go home to eat.
From this situation, you can conclude that there is a business opportunity in offering healthy food with office service.
To facilitate the task of identifying your potential consumers, consider variables such as gender, age, socioeconomic status, and geographic location, as well as education and lifestyle.
The experts’ recommendation is to know which segment you want to target and, later, define the subgroup or niche that could be interested in your product or service.
5- Make a marketing plan
This document will help you define the direction your home business will take in three essential aspects: market situation, opportunities, and threats, as well as goals to be achieved.
It is also a useful resource for other people to find out who your home business is, how it works and where you want to take it.
Take into account that the quality of your product or service today no longer guarantees the business’s success.
The important thing is to create an effective campaign to publicize your product or service among potential buyers. Experts suggest using the strategy of the four P’s of marketing: product, price, promotion, and place.
6. Be enthusiastic
Enthusiasm is the high-octane “fuel” that keeps businesses moving. Enthusiasm generates unique and powerful energy.
This energy can lead people and their businesses into more profitable places.
When you are enthusiastic about your goals and business, you will remove any obstacles in your way.
You may even work 7 days of the week for more than 15 hours per day!
It is not working anymore! It’s a pleasure and hobby! Just imagine how far you can go with this energy!
7. Recognize that the magic word in business is “How Can I do it?”
You don’t have to wait for business to come to you. You create your own business by asking for it.
Let’s be frank about this, it’s business, and you will face many problems!
Whenever you see a problem, look for the solution and ask yourself: “How can I get this done?”
As Robert Kiyosaki, the famous writer of Rich Dad Poor Dad book, said:
“A question opens the mind. A statement closes the mind.”
So just look for the solution and focus on the answers rather than problems.
8. Wait for NO
Realize that the “no” is not personal. In business, and perhaps nowhere else, the law of averages works. Each “no” brings you closer to a “yes.” Track your ratios. It will help you improve your techniques.
Are you getting ten “no” for every “yes”? Is your ratio five to one? Remember, the “yes” is your profit.
Also, remember that “no” does not necessarily mean “no.” Sometimes a “no” is just a “stop, give me time to think.” It can be a way to ask for more information about your product or service.
What your customer is really buying is security. Assure him by your helpful attitude and your complete honesty that you want the best for him.
They will be more inclined to respect you and do business with you.
9. Schedule your time wisely
An agenda is the map of the road on which profitable businesses travel. Take the frustration out of the day. Ensures necessary things are done and done on time. Plan your work, then work your plan.
It’s essential to change your focus base on the priority.
10. Be positive in your attitude
Business success, as in all areas of life, is 90 percent attitude and 10 percent aptitude.
All of us must work on developing habits of constructive thinking. Be proud to be in your own business. Small businesses are the wheels of change in our economy.
11. Have an office area
It is essential to have a place where you can work in an organized and efficient way.
A home office plus a strict work schedule give you dignity. Both are absolutely essential for efficient operation and accurate record keeping, so important to any business’s success.
12. Get involved
Both in online communities and in your local community. Know what is happening and what the trends are in your field.
Be a part of what is happening and network with other specialists in your field.
13- Seek advice and training
Remember that the more prepared you are, the better growth opportunities there will be for you.
Today as an entrepreneur, even in the home, you are no longer alone; several organizations support you in developing your project, being a good leader, winning clients, and obtaining financing.
Keep on reading necessary books or information, and never forget this quote from Mahatma Gandhi:
“Live as if you were to die tomorrow. Learn as if you were to live forever.”
14- Listen to your future buyers
The key for a home business or even a company to be well received in the market is to give the customer what they need.
That’s all? No. Ideally, exceed your expectations.
One of the most common mistakes is believing that your business will be successful just because you like it.
For example, selling a specific kind of food where the local people don’t know anything about it or don’t like it.
15. Learn to manage money wisely
A standard 9 to 5 job usually means a paycheck at the end of each month.
In your own business, you will constantly manage money, therefore it is absolutely necessary to become an efficient money manager.
Deposit every penny collected from customers into a bank account set up especially for the business.
Since bank statements show an accurate record of all money collected, and business expenses can be verified by checks cleared, record keeping has become accurate and straightforward.
Everything can be taken directly from bank statements.
Money saved regularly and put at interest quickly develops a second income in addition to the money earned.
A realistic long-term goal is to be able to retire and live off the interest earned on savings.
Could Financial Security Mean Too Much To You? If so, ask yourself the following:
Am I honest?… Do I really like people?… Am I willing to learn?… Am I willing to work?… Am I able to be my own boss?
If your answers are “yes“: Go to work for yourself, you can transform your dreams into reality!