Conservative estimates show that there are between 20,000 and 35,000 new home based businesses started each and every day. Those numbers are truly astounding. What is even more shocking is that more than 95% of these new home based businesses will fail, and most will fail within just 90 days. But, do not be discouraged, because for those 5% who manage to achieve their goals, the home based business is absolutely the fastest path to a six figure income. This article will provide you with some sound principles to follow so that you can become one of the 5% who makes it.
KEY #1: Business is Business. Many people get caught up in the dream of working from home and walking away from their JOB, but they forget that it is still a business and that you can't treat it like a hobby and expect to get paid like it's a business. Failure to follow sound business principals is the single biggest reason most home based businesses fail. First and foremost is that you need a business plan. It doesn't have to be a huge formal document, but you do have to have a game plan with very specific targets in mind. Answer these questions: How much can you commit to your budget? How do you intend to market? How much do you intend to spend on training? What need are you filling in the marketplace?
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: Learn the 80/20 Rule. Simply put, spend 80% of your time working on the 20% of your business that is most important. For most all of you this means spending 80% of your time creating new business - new sales. Your sales will drive your profit and ultimately determine your success, so don't get so bogged down with all of the minutia of running the business to the point of not having a business to run! It is so easy to allow yourself to become distracted by email, by errands, by details that have very little impact on the bottom line. Focus on what drives revenue and spend at least 80% of your time on it. Yes, you'll make some mistakes, but if you don't concentrate on business expansion first, the rest will become pointless.
KEY #8: Schedule your Time. Okay, I know, you don't like this one. You're saying, hey the reason I wanted to start a home based business was so that I didn't have to punch the clock anymore. I understand, really I do. But here's the thing, a bunch of tasks on a task list that is not scheduled and in your appointment book becomes nothing more than a "wish list". It is human nature. We make great big task lists, then because we can't get it all done (was it really even feasible to think we would?) we become frustrated that we're not getting anywhere and our productivity suffers even more. But, by scheduling your task and allocating time to them, you quickly discover that there is only so much you can get done and you are forced to prioritize your tasks. What's more, by keeping your schedule you will get far more done that you ever would have just following a "wish list" - oops, I mean, "task list".
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. - 15254
KEY #1: Business is Business. Many people get caught up in the dream of working from home and walking away from their JOB, but they forget that it is still a business and that you can't treat it like a hobby and expect to get paid like it's a business. Failure to follow sound business principals is the single biggest reason most home based businesses fail. First and foremost is that you need a business plan. It doesn't have to be a huge formal document, but you do have to have a game plan with very specific targets in mind. Answer these questions: How much can you commit to your budget? How do you intend to market? How much do you intend to spend on training? What need are you filling in the marketplace?
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: Learn the 80/20 Rule. Simply put, spend 80% of your time working on the 20% of your business that is most important. For most all of you this means spending 80% of your time creating new business - new sales. Your sales will drive your profit and ultimately determine your success, so don't get so bogged down with all of the minutia of running the business to the point of not having a business to run! It is so easy to allow yourself to become distracted by email, by errands, by details that have very little impact on the bottom line. Focus on what drives revenue and spend at least 80% of your time on it. Yes, you'll make some mistakes, but if you don't concentrate on business expansion first, the rest will become pointless.
KEY #8: Schedule your Time. Okay, I know, you don't like this one. You're saying, hey the reason I wanted to start a home based business was so that I didn't have to punch the clock anymore. I understand, really I do. But here's the thing, a bunch of tasks on a task list that is not scheduled and in your appointment book becomes nothing more than a "wish list". It is human nature. We make great big task lists, then because we can't get it all done (was it really even feasible to think we would?) we become frustrated that we're not getting anywhere and our productivity suffers even more. But, by scheduling your task and allocating time to them, you quickly discover that there is only so much you can get done and you are forced to prioritize your tasks. What's more, by keeping your schedule you will get far more done that you ever would have just following a "wish list" - oops, I mean, "task list".
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. - 15254
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 discover 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.
