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May
13

5 Deadly Mistakes That Will Kill Your Home Based Business

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The challenges to operating a successful home based business are many. First, one most select an appropriate business model. No easy task when so many options exist. Next comes the challenge of juggling household activities and functions with business related tasks. In addition to these rather obvious challenges, this article will reveal 5 deadly mistakes that a home based business owner simply cannot afford to make.

Marketing is an integral component of any business. Unfortunately, many home based business owners are ignorant about the costs of various marketing options. They tend to experiment with several marketing options with limited success. The dangerous aspect to this experimentation revolves around the fact that when the “dust settles”, the business owner may have spent a substantial sum of money. More than they expected, at the very least. The first big mistake home based business owners make is not setting a marketing budget. As the results of one’s marketing are determined, the budget can change. An initial budget is an absolute must!

With the need to establish cash flow being critical, owners tend to think short term. The second big mistake is failing to provide enough value to create a long term customer. Owners should strive to OVER deliver value to the customer. Competition is so fierce in the marketplace that unless a company is willing to go the “extra mile” for every customer, they face the possibility of losing customers to the competition.

The 3rd deadly mistake home based business owners make is failing to network and become part of the community. Taking the time to get to know members of the immediate business community can reap HUGE dividends in “word of mouth” advertising. A business owner who becomes a trusted resource to the community can expect to see a flood of referred customers!The “rule of thumb” is to give back more than you take. So, it is a necessary part of a successful business to join networking clubs and civic associations.

Trust and credibility are integral parts of any successful business. Home based business owners frequently overlook ways to build their company’s image. One of the most effective ways to achieve credibility is to incorporate testimonials from happy customers in marketing materials. Because home based businesses are not traditional “brick and mortar” businesses, it is even more important to create trust.

Finally, lack of planning will kill a home based business. You must have a clear vision of what you would like your business to be in the future. It is important to outline the steps that will be necessary to fulfill that vision. It is CRITICAL that you are passionate about the goals of your business, because it is that passion that will enable you to persevere. And, persevere you MUST! Learn to expect challenges, and meet them head on.

As you plan the steps involved in building your business, identify the core activities that you will perform daily. Make SURE, that you delegate enough time for these activities. If you have challenges with time management and lack of focus, consider downloading my complimentary ebook, “The Alligator Syndrome”, where I provide step-by-step instructions for maximizing personal productivity.

Because, when all is said and done, the more productive you are in your business, the more money you will make!

To download “The Alligator Syndrome for FREE¬†¬† GO HERE

Be sure and share these tips with your fellow solo business owners by “tweeting” them, and placing a link to them on your Facebook wall.

 

Comments

  1. Eddie says:

    I had some success by networking at the “Meet-up” group functions here in Atlanta. The really cater to solo business owners who want to network specifically for business.
    Shoot me an email when you get a chance, Michael

    • Mike says:

      Yeah Eddie, I’ve attended several “Meet-ups” here in Houston, and I totally agree with you. The sole purpose of the group is to promote the businesses in the group. I have gotten some good referrals from “Meet-ups”. Thanks for stopping by, Eddie!
      p.s. did you get my email?

  2. My biggest problem with working out of my house are that all my friends have “real jobs”, and they can’t deal with someone who doesn’t have a schedule that is convenient for them. They are just going to have to deal with it!

    • Mike says:

      Unfortunately, people who have j.o.b.s. find it difficult to relate to home based professionals. Some are jealous that we make our own hours. It can be helpful to take the time to explain to them what you do as far as running your business. Come back often, Cynthia, and thanks for your valuable input!

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