When you first consider starting your own home-based business usually you are full of enthusiasm and will often come up against people who will tell you that you can’t do it…”It’s too hard, Times are tough”…, and a vast range of other negative comments. The naysayers are partly correct in that if you believe them, then creating your new business will be difficult.
In order to succeed you need to be willing to do whatever it takes to create your business. Your skills and interests will dictate the type of business and the vehicle you use to promote it. It is also important to have a strong support network behind you.
Here are the top ten steps I encourage entrepreneurs and startups to consider when creating their home business:
1. Do Whatever It TakesIf you are willing to do whatever it takes to make your home-based business successful then you will create a profitable venture. Doing whatever it takes to succeed will be different for every person and every business, however, you will need to put in the effort required to achieve the result you desire.
2. Stay FocusedThe challenge with a home-based business is to keep on task and allocate time devoted solely to creating your business. Ask yourself, “Where do I need to put my attention today?” This is a great way to stay motivated and focus on what is really important when creating a new business.
3. Learn Beyond Your Comfort ZoneI have had many successful businesses and some not so successful ones too. The difference between the two was my willingness to learn new things, put my self at the edge of my comfort zone, go beyond and do what it took to make the business work. Some of the business required me to train to learn new skills which at the time seemed quite challenging. The end result was success and new skills which have served me well in many other areas.
4. Just StartFor certain businesses, training may not be required and some of you may prefer to just jump right in and start. Both ways work; it all depends on what feels right for you and what your business is.
5. Use Your TalentsWhen you are starting a new home-based business, ask yourself “What are my particular skills and interests?” Everyone has an area of expertise and interest they find easy. You can turn that skill into a successful home-based business. You might be into health and fitness, enjoy baking, have a great knowledge of your local area, love interacting with people, or be a brilliant entertainer. These are all clues to what type of business can be successful while also being fun for you.
6. Do Something You LoveAnything that you do to create an extra income stream is a business – so start with something you’re passionate about and know and love, and develop it from there. There are local outlets for products that you make, markets for food items, online sales outlets so you don’t require premises, just a corner of your house, garage, kitchen or property to start creating. Ask yourself, “What would be enjoyable for me to create?” – it doesn’t seem like work.
7. Find Good SupportIt is important for a new business to have a good support network in order to succeed. A high percentage of new businesses fail in the first 2 years so having people that you trust and know about the business you are starting advise or mentor you is a good strategy. It is very helpful to have people around you who have your back and will encourage you to keep moving forward. There will be times when you need positive input!
8. Get Involved and ConnectedTalking to people in similar businesses can give you great insights into things you may not know at the outset. They will give you contacts, problem-solving tips and basically help you to set up and keep your business running. Another great support system is a networking group who get together on a weekly basis to support each other in creating their businesses. These are a great way to market yourself and create a greater network of like-minded people.
9. Don’t Ignore the MoneyAnother key person in your team is your accountant. They will be able to help you set up financial systems so you can see at a glance where your business is. Keep a close eye on your financials. You are in business to make money not just to keep you occupied.
10. Consider Network MarketingMany people start their home-based business through a network marketing company. This is an easy and inexpensive way to start your own business while still having a job. Network marketing companies are available in almost every interest area you might have. They have systems in place and give comprehensive training on what you are selling and also how to go about it. Look at a few companies and ask yourself “Is this the right company for me to work with?” Network marketing companies are a great starting point if you don’t feel you have expertise in running a business.
A home-based business is a great vehicle to give you the freedom to choose your hours of work, earn extra or even more than your current income and allows you to create in line with your particular skills and interests.