You don’t mean to, but you’re probably making a lot of mistakes with your home based business. We all do, really. It’s a part of the learning process and can’t be helped. Some mistakes are worse than others, however, and may doom your home based business. These are the mistakes you need to avoid.
1. You’re Easily Distracted by New Ideas
Many believe it’s a part of the entrepreneurial mindset to be easily distracted, especially by new business ideas. It’s why many entrepreneurs go from project to project, never quite making it work. They just don’t give things enough time to work.
This is why people buy too many information products and get information overload. It becomes impossible to take action because you can’t choose from all the possible actions you know you could take. You can spend a ton of money learning all kinds of tricks to create a successful business yet never use a one because you can’t decide which one to start with. It become a huge waste of time and money.
If you want your home based business to succeed, you must learn to focus. Pick what you’re going to work on and make it work. Don’t go from project to project, swearing you’ll make them all work eventually. It’s not going to happen that way. You’re far more likely to have them all fail.
Lynn Terry describes this as taking one site from start to profit. That’s a very good idea. You’re far more likely to succeed if you work on making just one site work, not a dozen or even two. You can always work on more projects later.
2. You’re Easily Distracted by People and Things Around You
Not everyone knows how to cope with all the distractions available when you work from home. Friends and family may not know to respect your working hours. You may not immediately appreciate how much you need to respect your working hours. It can be a recipe for disaster.
The sooner you learn to manage the distractions of working from home, the better off your business will be. Don’t let the television draw you in. Don’t let household chores cut into your working time. Don’t let family take up time you’ve agreed needs to be work time. They’d cope if you had to go to an office to work, they need to learn to cope when you’re working from home. Find the balance that is right for your family and don’t neglect them.
3. You Expect Instant Success
If you really want to fail, assume you’re going to succeed brilliantly right away.
It would be nice if it were easier to succeed with a home based business, but that’s just not the reality. It takes a lot of hard work. Your typical overnight success worked for years before coming into what appears to be overnight success.
You’re better off planning to work long, hard hours growing your business. You should expect setbacks. You should even expect failure to a degree, or at least understand that it happens to a lot of people.
What you shouldn’t do is let any of that get in your way. You can’t succeed if you don’t keep trying.
4. You Refuse to Invest in Your Business
There are a lot of ways you can run a home based business for free. Free blog, free ways to build links to your free blog, free this, free that.
Free can work, and some people do build successful online businesses that way. But it costs you more in time, and that’s a risk. You have to earn an income at some point if you want to call it a business.
Small investments such as your own domain name and hosting are well worth it. Buying carefully chosen information products to help you learn to run your business are absolutely worth it. Paying for people or tools that make some of the tedious parts of running your business simpler can be worth it, depending on your budget and how well you choose the tool or the assistant. These are things that may help you to increase your income more quickly than you would otherwise be able to do.
5. Not Doing Your Research
Lots of home based business owners do this one. They think of a market and don’t really research it to see if it’s viable. They work hard then find out that there aren’t enough people interested, they’re targeting the wrong people, or they’re targeting their market the wrong way.
You need to know who will be interested in what your home business has to offer. Who are they? How are they most likely to find your site? Do your offerings really appeal to them? You can’t sell weeding tools to people interested in golf just because the game is played on grass. You need to know your market better than that.
There are many more mistakes you can make with your home based business, and some you’ll only learn from after making them. If you can get this major mistakes under control early on, you can increase the chances your business will succeed.