The idea of quitting your 9-5 job and starting your own work at home business sounds great - no more long commutes, no more cantankerous bosses, no more time-cards, no more being told what to do.
In contrast, being your own boss sounds simply great! So why do so few people succeed at their work-at-home business? Well, it takes certain qualities to own and operate a home-based business: time management, goal-oriented, scheduling, self-promotion, realistic upfront cost, motivation, belief in yourself and patience.
Some people simply do not possess these qualities and are better suited to work at a company where they follow instruction and receive a steady paycheck.
Common reasons why work-at-home businesses fail: 1.
Time.
When you first start, you will need to dedicate a lot of time to your home-based business, more so if you are building it as you continue to work your 'day job'.
Often, people will try to run a new business for only a short period before giving up.
You should expect to spend 10-15 hours per week building your business.
2.
Goal.
Successful entrepreneurs write out measurable goals.
List your goals in time increments (this week, this month, 6 months, one year) along with how to achieve them.
3.
Business plan.
Many work at home based businesses fail because the owner doesn't feel she needs a business plan.
A plan should include a description of the business including your vision, goals, potential problems and solutions, marketing actions, budget, competition, and financial components such as start-up capital, income statement and expense estimates.
4.
Daily schedule.
Working from home has the challenge of household distractions, such as watching TV or cleaning the bathroom, so write up a schedule of timed tasks for each day and stick with it.
5.
Marketing.
Advertising and promoting your business is paramount to your success.
No matter how great your product or service is, if no one knows about you how can you succeed? Even if you have an online business, you should be marketing both on-and offline via ads, fliers, business cards, marketing articles, social network advertising and, of course, your own website.
6.
Cost.
Most work-at-home business don't need much start-up money, but you will need to keep in mind some costs, like office equipment, advertising and marketing, business cards, building and maintaining website (or paying someone to), any software, classes or seminars particular to your business, or simply a pay decrease from what you were used to earning at your 9-5 job.
7.
Motivation.
It can be difficult to make the leap from day job to a home business, so if you are not a highly motivated person, running your own business may not be for you.
You will have to work twice as hard as you did working for someone else, remain focused on short- and long-term goals, and sell your product or service on a daily basis.
8.
Belief.
You must believe in yourself even when friends and family give you a hundred reasons why it won't work.
Successful entrepreneurs all have passion and enthusiasm about their business and are excited to get it out there to people because they really believe in it.
9.
Patience.
It's hard to remain patient when you don't see immediate results, but patience is the cornerstone to longevity.
Remember that you will have good and bad days, but the key is to keep your goal in mind, break it down into smaller, manageable chunks, and don't give up.
Most successful entrepreneurs possess only average intelligence, but what makes them successful is their willingness to work hard, be open-minded and constantly learn, and never see failure as an option.
The key to succeeding at your work at home based business is to see it like any other job and give it top priority.