Conservative estimates show that there are between 20,000 and 35,000 new home based businesses started each and every day. Those numbers are truly astounding. What is even more shocking is that more than 95% of these new home based businesses will fail, and most will fail within just 90 days. But, do not be discouraged, because for those 5% who manage to achieve their goals, the home based business is absolutely the fastest path to a six figure income. This article will provide you with some sound principles to follow so that you can become one of the 5% who makes it.
KEY #1: Business is Business. Many people get caught up in the dream of working from home and walking away from their JOB, but they forget that it is still a business and that you can't treat it like a hobby and expect to get paid like it's a business. Failure to follow sound business principals is the single biggest reason most home based businesses fail. First and foremost is that you need a business plan. It doesn't have to be a huge formal document, but you do have to have a game plan with very specific targets in mind. Answer these questions: How much can you commit to your budget? How do you intend to market? How much do you intend to spend on training? What need are you filling in the marketplace?
KEY #2: See your outcome. What do I mean by that? I mean visualize what you're going to achieve. Picture yourself already at that level of success. How will your life be different? How will your day to day routine be different? How will your vacations be different? How will your family life be different? I'm not talking about "dreaming" here, I'm talking about a commitment of what you are going to achieve and visually defining it for yourself. If you can't see the destination of where you're going, how do you expect to get there? What's the first thing a pilot does when they step into the plane - they know their outcome, they know where it is that they are going. How could it possibly work any other way?
KEY #3: Set realistic goals. Lofty goals are great to keep you shooting for the stars, but don't confuse goals with dreams. Set goals that you can achieve. Allow yourself the small successes. Don't set goals so high that you end up feeling you have failed by not achieving them.
KEY #4: Turn your goals into Tasks. Now that you have a list of achievable goals, analyze them and turn them into a set of tasks that will be necessary to achieve those goals. Sounds simple, right? It is, but you've got to do it
KEY #5: Schedule your Tasks. If you don't put those tasks onto a schedule of time (with due dates) it will just become an overwhelming "to-do" list that makes you feel like you never get anything done. Instead, take those items and block off time on your agenda and schedule them out.
KEY #6: Spend your money wisely. So what do I mean by that? I mean, spend your money on the things that can make a difference in your bottom line - how much you make. Do you know what the single best investment you can make? Invest in yourself. As you grow in your abilities so will your pay check. Think about it, all of the other vendors in your company sell the same product, to the same target audience - what can you do to get an edge? Invest in yourself because you are the one variable in the success equation that you can 100% control - that's a wise investment.
KEY #7: The 80/20 Rule. Understanding the 80/20 rule is a real gem to success. I highly suggest you do some reading on the subject. Here's a simple example. Take the action that makes you money (making calls, for example) and spend 80% of your time on that task. If you only have 10 hours a week to work on your business, 8 hours should be spent on making calls (in this example). That means that you only have 2 hours left for "everything else". Effective business entrepreneurs understand and practice this principle religiously.
KEY #8: Time Management. Lack of organization leads to frustration and that leads to you joining one of the 95% who end up quitting. The real key to time management is not letting it manage you, but scheduling specific tasks on your agenda and focusing on them and only them at that time. In today's electronic world we easily get distracted by the phone, the email, etc Successful business people know how to effectively manage their time.
So, what's the bottom line? The bottom line is that, first and foremost, you will get out of your home based business what you put into it. It is a business, after all, not a lottery ticket. However, with determination and commitment, it can be the fastest and most easily achieved path to financial success.
KEY #1: Business is Business. Many people get caught up in the dream of working from home and walking away from their JOB, but they forget that it is still a business and that you can't treat it like a hobby and expect to get paid like it's a business. Failure to follow sound business principals is the single biggest reason most home based businesses fail. First and foremost is that you need a business plan. It doesn't have to be a huge formal document, but you do have to have a game plan with very specific targets in mind. Answer these questions: How much can you commit to your budget? How do you intend to market? How much do you intend to spend on training? What need are you filling in the marketplace?
KEY #2: See your outcome. What do I mean by that? I mean visualize what you're going to achieve. Picture yourself already at that level of success. How will your life be different? How will your day to day routine be different? How will your vacations be different? How will your family life be different? I'm not talking about "dreaming" here, I'm talking about a commitment of what you are going to achieve and visually defining it for yourself. If you can't see the destination of where you're going, how do you expect to get there? What's the first thing a pilot does when they step into the plane - they know their outcome, they know where it is that they are going. How could it possibly work any other way?
KEY #3: Set realistic goals. Lofty goals are great to keep you shooting for the stars, but don't confuse goals with dreams. Set goals that you can achieve. Allow yourself the small successes. Don't set goals so high that you end up feeling you have failed by not achieving them.
KEY #4: Turn your goals into Tasks. Now that you have a list of achievable goals, analyze them and turn them into a set of tasks that will be necessary to achieve those goals. Sounds simple, right? It is, but you've got to do it
KEY #5: Schedule your Tasks. If you don't put those tasks onto a schedule of time (with due dates) it will just become an overwhelming "to-do" list that makes you feel like you never get anything done. Instead, take those items and block off time on your agenda and schedule them out.
KEY #6: Spend your money wisely. So what do I mean by that? I mean, spend your money on the things that can make a difference in your bottom line - how much you make. Do you know what the single best investment you can make? Invest in yourself. As you grow in your abilities so will your pay check. Think about it, all of the other vendors in your company sell the same product, to the same target audience - what can you do to get an edge? Invest in yourself because you are the one variable in the success equation that you can 100% control - that's a wise investment.
KEY #7: The 80/20 Rule. Understanding the 80/20 rule is a real gem to success. I highly suggest you do some reading on the subject. Here's a simple example. Take the action that makes you money (making calls, for example) and spend 80% of your time on that task. If you only have 10 hours a week to work on your business, 8 hours should be spent on making calls (in this example). That means that you only have 2 hours left for "everything else". Effective business entrepreneurs understand and practice this principle religiously.
KEY #8: Time Management. Lack of organization leads to frustration and that leads to you joining one of the 95% who end up quitting. The real key to time management is not letting it manage you, but scheduling specific tasks on your agenda and focusing on them and only them at that time. In today's electronic world we easily get distracted by the phone, the email, etc Successful business people know how to effectively manage their time.
So, what's the bottom line? The bottom line is that, first and foremost, you will get out of your home based business what you put into it. It is a business, after all, not a lottery ticket. However, with determination and commitment, it can be the fastest and most easily achieved path to financial success.
About the Author:
Troy Broussard is a successful Online Internet Marketer and has built a six figure income in just six short months online. To find out more about Troy Broussard or his M.O.R. Vacations travel company, please visit his M.O.R. Vacations travel site and get a copy of your free report.
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