12 Steps To Home Business Success
So, you have decided to venture into a home business --- where
you work for yourself and greatly reap the fruits of your labor.
However, there are some bad news and good news that you should
be aware of.
BAD NEWS: Studies show that 80-90% of home businesses fail.
GOOD NEWS: Your business can be among the 10-20% that actually
succeed!
How? By following the "12 Steps To Home Business Success." And
you can do that with PEP!
*P - PREPARING/PLANNING EXTENSIVELY
When you do decide to venture into a home business, the very
next thing to do is prepare for it. Prepare a business plan.
This will be the very foundation of your business. You can do
this by following these steps:
1) Start with the basics.
What type of business would you like to get into? Would you be
selling products, would you be offering services, or would you
like to try both? In any case, you must decide on which
particular product and/or service you would want to focus.
Have difficulty deciding? Here's a simple but sure-fire tip:
Focus on what you know and enjoy.
If you have a talent in writing and editing, you can venture
into an editorial services business. Are you into graphic arts?
Can you design/layout brochures, business cards, newsletters,
etc. using your computer? Then you can get into desktop
publishing.
Do you know how Bill Gates, the richest man in the world,
reached the pinnacle of success? He decided to venture into the
one thing that he loved --- computers.
So, whatever type of business and whatever product or service
you decide to start with, always make sure that you are familiar
with it and that you have passion for it. The first will save
you time, the second will keep you motivated.
When you are already decided about the type of venture you want,
think of a name for your business. Make sure that it is unique,
easy to remember, and professional. Of course, also make sure
that it is significantly related to your business.
2) Gather your resources.
You cannot put up a business without a capital. This includes
the monetary or financial capital, material capital (supplies,
gadgets, etc.), and manpower. Do you think you are prepared to
invest all this into your business?
3) Draw out your goals and set your mind into them.
Set general goals and specific ones. Formulate short-term goals
and long-term ones. What do you aspire to achieve in one month,
three months, six months, one year?
Visualize your goals. Have a vivid image of each goal in your
mind. How do you see yourself a year or two from now?
Have a list of your goals on hand. Read your list regularly. Did
you know that by merely doing so, you actually increase your
home business success rate by 100%?
*E - ESTABLISHING YOUR BUSINESS.
This stage refers to the actual nitty-gritty of setting up your
home business. This time, you are done with conceptualization
and you are ready to get into action. You are now implementing
the plan that you have prepared. Here are several steps that
will help you establish your home business and achieve home
business success:
4) Work on the legal requirements of your home business.
For your venture to be a legal business entity, you need to work
on certain formalities. These include registering your business
name, applying for a business permit/license, setting up a
taxation system, and other paperwork. In this step, you also
formulate a compensation plan for your employees.
5) Devise a marketing plan.
How do you create exposure for your products and/or services?
Formulate a creative, innovative marketing plan. Consider the
following factors/concerns:
>Your target market. Clearly define your target market. This
will help you decide which advertising and promotion strategies
would be more appropriate to draw in your prospective
clients/customers.
>Your products/services. Of course, your advertising and
promotion techniques will greatly depend on the type of
products/services that you sell/offer. Make sure your strategies
will "sell" your products/services. If you are offering graphic
designing services and you give out poorly-made flyers, you will
surely attract no clients at all.
>Your resources. You cannot aspire for grand and complicated
advertisements if you are limited by financial constraints. You
can, however, maximize whatever resources are available to you
to effectively promote your product. Take advantage of the
Internet. By using e-mail, blogging, forums, etc., you can
spread the word about your business in a flash!
>Your uniqueness. "Same-old, same-old" will give you no gold.
You can still utilize the most common advertising/promotion
strategies, but give them a twist. Think of the most creative
ways to catch --- and hold! --- your customers' attention. Make
offers they can't resist.
6) Formulate a Daily Method of Operation (DMO).
Make sure that your Daily Method of Operation is practicable,
realistic, and goal-oriented. Set specific things to be done
during specific hours. Set your priorities for each day. Make
sure that such tasks can really be done and that they are done
for the purpose of reaching your goals.
7) Manage your time effectively.
Although you practically have time in your own hands and you are
your own boss, it does not mean that you can sit back and relax
all you want. In fact, you must be more cautious about spending
your time because your home business success depends on you ---
the time and efforts that you commit to your venture.
*P - POWERING UP.
Your home business is already established based on your plan.
Can you now just relax and watch the cash flowing in? Of course
not! Maintaining a successful home business entails exactly that
--- "maintenance." You need to continue working for your home
business success. Here are some steps to power up your home
business:
8) Aim for your personal development.
How do you develop your personality and how can this help you
achieve home business success? Consider the following ways:
>Be educated. Continue learning about your business, as well as
about yourself. Participate in meaningful seminars and
workshops. Read a lot, especially the stories of successful
people. See what you can learn from any situation that you get
into. Make each day a learning experience.
>Be motivated. Read inspirational stories. Listen to
motivational news.
>Be sociable. Of course, you need to interact with other people;
otherwise, you cannot do business with them. But besides that
and more so, you need to socialize with other people and learn
from them. Exchange tips with them. Learn from their mistakes
and be inspired by their triumphs.
>Be an inspiration. Aim for your personal growth and inspire
others. If you want to see positive changes in your home
business or your financial life, you should first strive to
achieve inner growth. Grow from within and develop the without
as well.
9) Develop the desirable or must-have traits for home business
success.
In connection with step number 8, here are other traits that you
should develop for you to achieve success in your home business:
>The 3 P's - Patience, Persistence/Perseverance, Passion
>The 3 D's - Desire, Discipline, Determination
>The 3 C's - Courage, Confidence, Consistency
10) Take care of your health.
This looks too simple, but it is very important in any business
endeavor and many people tend to take it for granted. How can
you work on your business and attain success if your physical
being is poor? Eat a balanced diet. Exercise regularly. Monitor
your stress level. Stay physically fit and enjoy your home
business feat!
11) Have a balanced life.
Your home business success will not be as meaningful if you do
not have success in your personal life. Do not surrender all of
yourself to your business. Even Bill Gates takes a week of rest
and solitude every month. Have that needed rest. Spend quality
time with your loved ones. You will see that as you rejuvenate
yourself, you will be more productive and even more prepared to
face the various challenges that your home business may pose.
Take time to enjoy life, for that, indeed, is the very purpose
of your financial success!
12) Have the right mindset.
Do your best and believe that you can and will succeed. Never
give up. If Thomas Alva Edison quit when he failed after
thousands of trials, we wouldn't be enjoying the benefits of the
electric light bulb today. As the great inventor aptly put it:
"Many of life's failures are done by people who did not realize
how close they were to success when they gave up."
Yes, you can venture into a home business and enjoy your life.
Just follow the "12 Steps To Home Business Success"!
About the author:
Daegan Smith the owner of
Net MLM Articles and the leader of the fastest growing team
of successful home business enterpernuers on the net. Find out
how we're creating financial freedom all across the globe and
how to get in on the action FREE =>http://www.comlev.com