You’d like to make a significant amount of cash overnight? Start your own home business! If only it were that easy. Starting up your own business is actually much more complicated than it seems. According to Forbes, about 90% of new businesses fail, which is shocking, to say the least. However, this doesn’t mean you should give up. What if you can be a part of the remaining 10% and, if so, what can you do to accomplish that? We cannot tell you exactly how to do it, but we can give you some pointers on what not to do. You can start off by avoiding some of the most common mistakes new entrepreneurs make. We are here to help you with this.
Failing to organize
At the very beginning, the amount of work is not very big, so you can manage to do everything even without a plan or much discipline. However, as your business takes off, the work will pile on before you notice it. Before you know it, you will be buried in work without an exit strategy. Don’t allow this to happen. Create a plan from day one. It will probably change over time, but try to stick to it every day. Make individual plans for every work day which include your daily goals. Of course, you can work spontaneously sometimes, but you’ll be risking the possibility of not doing something important that day at work.
Regardless of what type of business you’re running, before you start, you need to think about which software to use. This will be your main tool and you need to make sure that it’s the best available. Although a software solution may be the most praised, this doesn’t mean it’s the one you should use. Don’t be lazy, do your research and try out a few of them before you make your final decision. This software should fit you and your business.
While at other jobs there are usually a boss, supervisors and deadlines, now you’ll find yourself in the situation where you are your own boss, which can mean complete anarchy. You can have breaks whenever you want, eat, drink, smoke, take a nap, talk to friends or play games. This is quite a trap. Unless you are a very responsible and disciplined person, you may want to consider creating a work atmosphere for yourself and having some basic rules. Try and stick to them and you’ll see that you’ll become much more efficient.
Another problem with having a home-based business is being constantly available. No matter how hard you work, you’ll always feel like it’s not enough. In that respect, try to separate your work life from your private life. It’s difficult, but if you have a room where you can put all your work equipment and call it your office, it will be easier for you to separate the two. In order to be available at all times, consider hiring a good telephone answering service. It will give you some time away from work and put your mind at ease as you will be notified if you’re needed.
One more important issue is the fact that this job will keep you inside your house for most of the time. It won’t bother you at first, but it can become a problem later on. Not having any contact with the outside world or other people can make you feel lonely. In order to avoid this, introduce work-related activities that happen “in the real world”. Arrange meetings, conferences, lunches etc. with real people. Also, pay attention to your social life. Set aside at least one hour a day for a walk in the park or a cup of coffee with a friend. It’s necessary for maintaining a healthy body and mind.
Starting up your own home-based business is a great idea. If you have a good plan and you feel ready to take up entrepreneurship, you should go for it. However, always keep in mind what you should and shouldn’t do. We are all human and it’s easy for us to forgive ourselves for not respecting the rules, not keeping up with the schedule, taking a longer lunch break etc. We’re not saying you should work like a robot, but sticking to the rules cannot hurt. Try to be objective when thinking about your own performance and it will be OK.
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