Do you ever wonder some people have a successful home-based business while others struggle or fail? It’s no secret that some work at home entrepreneurs have found what it takes.
Discover 7 Habits to creating your own work at home empire.
Is a Successful Home-based Business Really Possible?
You’ve read the websites or seen the ads. “Build a six or seven-figure income with a home-based business all while wearing your pajamas.”
For many people who hear this, their scam detector goes off and their defenses go on alert. Why? Because they have heard stories of people who have lost it all while trying to open a business from home.
Yet, the truth is there are thousands of home-based entrepreneurs have it figured out, applied what they learned, and are successfully earning income.
So how did they do it? Why do some people struggle and never ever break even while others create successful home-based companies?
I believe there are certain habits consistent with all of the successes. Here are seven habits or traits to insure a home-based business will succeed.
1. Find a hungry target market and look for a product or service to meet their needs.
I am surprised at how many frustrated entrepreneurs miss this. What often happens is someone gets excited. They start a business with a product or service believing it will sell simply because of their emotional attachment.
Keep your mind open when looking at home based business income opportunities. However, make sure someone wants to buy whatever you have to sell before you jump in.
Don’t get me wrong you want to have a passion for what you do. However, you need something that others want to buy. If you find something that is in high demand, growing your business will be much easier for you. When you find a group that has a problem they want to be solved, they will pay you to do it.
2. Understand nothing happens until a sale is made.
For many selling is not a favorite part of the business. This is unfortunate because everything else in a business is an expense. No selling means no business future. It’s about perspective. If you believe in what you’re selling and stay genuine, your potential customers will recognize that value.
Sales and marketing done correctly will fuel a company’s success. The key is: add value to the customer at every opportunity. Remember, the first time you obtain a client is the most expensive.
But then, the real wealth builds when you have the opportunity to sell to a customer over and over again. Some companies take a loss to get the customer in the pipeline because they realize the real money is on the back end and the true profit is in the lifetime value of the customer.
Develop a sales funnel in which potential customers can learn about what you have to offer. Gain them as readers of your blog and mailing list. You’ll start to grow a tribe of valued customers who will not only want to buy from you but also refer their friends.
3. Develop a strong team.
One of the traits that will accelerate the success of any business is the leverage generated by the help of others. Don’t be afraid of hiring help or feel like you have to do it all.
Robert Kiyosaki Author of Rich Dad Poor Dad says, “Business and investing are team sports.” The average investor or small-business person loses financially because they do not have a team. Instead of a team they act as individuals who are trampled by very smart teams.”
While you are building a home-based business you don’t want to do it alone. There are only 24 hours a day and you can’t do everything.
You want to look for opportunities to outsource all non-revenue generating activities. Successful proprietors don’t waste a lot of time on filing and organizing.
Use your time to focus on those things you’re best at. Hire virtual assistants or local help with the rest. It will leverage your time and energy to get more done, done better, and grow your business faster.
4. Focus on the business not just working in the business.
What separates you from being able to create a company that provides you with great income and lifestyle versus one that you are chained to the doors is a matter of focus. Successful entrepreneurs focus on the big picture.
I’m saddened when people say, “No one can do what I do.” This might be true however it presents a great challenge. You are now a slave to your business. The business no longer serves you. The goal must be to take “you” out of as much of your business as possible. As I said above, don’t refuse the idea of hiring some help.
Look for ways to remove you, automate and systemize the process. One of the ways to do this is to use the leverage of technology. You might want to use a website that allows people to order your product or service 24/7. Or you might write a book which can be sold while you are sleep.
Use available tools online to automate your tasks, like scheduling out social media marketing or an FAQ on your website to answer common questions instead of answering them over and over in emails.
5. A highly successful home-based business has a central theme or mission.
Many home-based businesses never reach success because they are trying to do too many things at the same time. You might be saying, “But I want to create multiple streams of income.”
The problem with multiple streams of income can be a nightmare if approached incorrectly. New entrepreneurs often make the mistake of trying to create several profit centers from non-aligned businesses. For example, you will find people who try to start real estate, network marketing, and internet marketing all at the same time.
The reason you will almost never have success with this strategy is you can not build momentum. Each business has a totally different business model and you can’t leverage the energy of one to another. Believe I know. I’ve personally fallen for this many times. If you are anything like me, and other creative entrepreneurs, we are part of a group whose brains are always coming up with new exciting business ideas. I’ve talked with others like myself who agree we each could come up with three, four, or more business ideas at once.
You’d think that’s awesome, but each of those ideas requires your full focus to give it a chance to succeed. Otherwise, each business idea only gets a fraction of what it needs to grow, of your energy and your budget.
However, the successful home-based entrepreneur understands the law of momentum. For example, if you were an author one of your products would be the book. However, you could spin that product into an empire by leveraging it into an e-book, course, boot camp and coaching program.
Do you see the power of having one central product or theme and how you can leapfrog to success? You want to be focused and committed to a central theme. Once you have success you can add another stream of income by leveraging a staff. This trait is one of the hidden keys to success.
6. Resilient and quick to adapt to change.
This is a distinct advantage that entrepreneurs have over large companies. Large corporations invest thousands of dollars and are slow to change. In Corporate America this may not kill a business because one mistake is just a cog in the wheel.
However, in a home-based business, your ability to change on a dime allows you test things. When things work you do it with massive all-out action.
And, when something is not what working you simply let it go, test something else and move forward. You have the ability to test out a new product or services to get your customers’ feedback. It lets you try out new ideas on a small scale before delving into a larger commitment.
7. Commit to continual education.
Now, I am not talking about spending a ton on college or certifications (unless you’re in a business that requires it). Personal development and specialized knowledge often is the difference between a so-so business and a successful business. Why? Because successful people know that it’s a sound investment to improve oneself.
Stay ahead of the curve and immerse yourself in your area of expertise. You can do this by attending seminars, online courses, boot camps or participating in coaching programs.
Examine areas you are weak in and find a training course or class to help learn. If it’s a vital part of your home-based business, I think it’s important to at least have an elementary understanding of it, even if you hire assistance.
Do you want to build wealth from home? Cut your learning curve by these traits from successful home-based businesses. You will find when you model those who have had success you will also find success.
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