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Financial Resources - have you considered whether you have sufficient resources to fund your home based business in its initial stages? Some home based businesses can take years to be really profitable; your own resources must see you through that period. If there was a crisis, would your friends or relatives assist you financially? As Robert Kiyosaki says in his bestselling book, Rich Dad, Poor Dad, you may have to become a transitioning entrepreneur'. That means you have to consider the probability of doing your day job and your home based business part-time until you start being successful.
Family - does your family like your idea about starting a home based business and share your vision? In the early stages, you will have to work long hours and your family may well get to feel neglected. Are they aware of this? One of the biggest reasons people fail in a home based business is because of what Rene & Mike Yarnell call the rejection rocket'. The rejection rocket' is when your spouse and or your family think you have, lost your marbles', and been, conned into handing over good money'. The best way to avoid this is to have your family go through the same introduction to your home based business you did. If this was a DVD watch the DVD together, ask them what they think? If you can, have your Sponsor ready to help you answer any detailed questions about the business. If you have demanding children it may get difficult for you to split your time between them and your work. Family support is critical to the success of your business.
Workspace and Communication Line You will need to free up space the family understands is where you run your home based business. It can just be a corner of a bedroom or living room. If there are lots of distractions like pets, children, friends dropping by etc., the need for a separate office space to work in becomes critical. Consider converting your garage space for your new home based business. You will also need a dedicated communication line. This means when that phone rings you know it is business not family or friends. If you can couple it with an internet connection then this will make keeping a record of you business costs much simpler.
Personality - Are you a self-starter? Can you develop the will to work with no supervision? Remember this is your home based business; there will be no boss on your tail making you meet your goals. The opposite may happen, your Sponsor may give up on you if they think you are not committed. A home based business is by definition isolating. Are you ok with this? Some people love the isolation and peace, others crave human interaction it's why they went to work. You will have to handle stressful situations on your own. To make your home based business a success is your responsibility. Are you able to handle that additional responsibility?
Operating your home based business is very different from working for someone else. You need the motivation and enthusiasm to keep going. Persistence is the key to success. The reason 97% of home based businesses fail is because they stop before they succeed. As Og Mandino says in his bestselling book, The Greatest Salesman In The World, no one knows how many steps it takes to success and it could be just round the corner and you will not know it until you see it.
As I have said one of the biggest aspects to running a home based business is the isolation. If you are an extrovert this may seem like a very different place to you. You may need to consider scheduling your work hours so you get time each day for social activity of some kind. Recognizing this early can stop things such as depression seriously impacting on the success of you business.
Video advertising is also a good method of marketing if you are a natural extrovert because your natural enthusiasm will come over in the video so consider using YouTube and other video sites. But be sure you understand the rules about how to indirectly promote your business by actually promoting yourself as someone to work with rather than your product.
You are solely responsible for the success or failure of your business. Unlike a day job, there is no ability to discuss various courses of action with workmates. If your opportunity does have training calls and team calls (as do all mine) this is a big plus. It provides a support network; many opportunities have Forums where you can swap good practice with others in the same opportunity. Alternatively joining a social network like Facebook if your opportunity has no Forum can really help. There are hundreds of groups in Facebook related to home based businesses you can join. Bottom line though, you must have that entrepreneurial instinct to run with things and do it, your way'.
Added to your home responsibilities, you now have the responsibilities of your home based business. You must carry out both equally efficiently. If you are also still in a day job you cannot let that suffer because of your home based business, so time management is critical.
Do not take the decision to begin a home based business on impulse. To be successful you have to stay the course. A patient, careful, and systematic approach is vital when making a decision that will affect you as well as your family. This is what is known as due diligence'. Ask your Sponsor probing questions about the opportunity and if they cannot answer them to your satisfaction, trust you gut'. Your gut instinct' is rarely wrong. I like to think of my gut instinct' as my line into the wisdom of the Universe and it has not let me down yet.
Here are some tips that might help you maintain a balance between your personal and career life:
Prioritize Things
Avoid Procrastination
Take Frequent Breaks
A home based business can be, and is, a rewarding opportunity to become truly wealthy and financially free. Those who succeed are the ones who go in with their eyes wide open prepared to give it their all. Hopefully this article has given you an insight into what is needed to succeed in a home based business.
Good points, I agree with the part about frequent breaks. Working straight form 9-5 is very ineffective, you are much more effective when you take short but frequent breaks--I can attest to that.
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