Why Home Businesses Crash and Burn
Why Home Businesses Crash and Burn
Why Home Businesses Crash and BurnHome businesses are becoming more and more popular with time as people struggle to make ends meet. Based on the Economic Policy Institute, 8.4 million people lost their jobs in the recession and there is an average of about 6 jobseekers per job opening. As a result, many have turned to the idea of starting a home business. Being your own boss, having financial and time freedom and just being able to spend more time with your family are some of the benefits home businesses can offer to entrepreneurs.
But now let's think, how many people do you know have started a home based business and told you that it's the most wonderful thing they have ever done?! I personally don't know many. When I ask my friends about their home businesses that's where they tell me they've quit or just don't put any time into it anymore because of such and such. Whatever their excuses are, I'm going to tell you right now the principal REAL REASONS why a home business can crumble.
(1) UNREALISTIC EXPECTATIONS: When people begin a home based business somehow they picture it in their heads differently to what it really takes to put it together. Let's start by saying that they are blinded by a wonderland of financial stability and freedom. The money is not going to just pour down from the sky for just accepting the challenge. When you are starting your own business you must do some research on how to start a business from experts who have perfected the matter in order for you to determine if this is the right type of business for you and risks you will be exposed to once you begin. Check statistics based on the type of business you will operate so that you have a better idea on what to expect on income, clients and stability. Make sure you have the time your type of business demands in order for it to be prosperous and get the results you seek.
(2) UNMOTIVATION AND GIVING UP: Because of the unrealistic expectations, people become unmotivated as soon as they don't get the results they planned. A home business comes with tons of hard work in which are your responsibility to get done. Many entrepreneurs work their home business on their own so generally they run Sales, Marketing and Customer Service all by themselves. People become overwhelmed by all of this and start to have second thoughts on the matter. You must think about the investment you made to start your home business and the sacrifices it took to save for that investment. Keep focused on the reasons of what motivated you to start it in the first place.
(3) TIME MANAGEMENT: Personally I believe this is the #1 reason why a home business fails. Where's your boss? Well, even though owning a home business means you are your own boss, with no supervisors, you have all the freedom in the world now, you're results will be the image of the time and effort you put into it. Now you can't really expect to get wonderful results and tons of clients sitting on the couch watching TV. It is critical that your time is allocated correctly and in line with your goals. Most people are not disciplined enough on their own to follow a schedule but if you really don't want to lose your investment you must put your mind to it and make the time to work it.
(4) UNORGANIZATION: Even mega corporations can fall to the ground if they rely on an unorganized board of directors. When you start to grow your business it is vital you employ good structure within. Prioritize your workloads and allocate your time in the right areas and daily routines. Make a daily schedule so you don't miss important appointments with your clients and write down a note on any important points you don't want to forget. Make a list of the things you want to accomplish every day.
Don't bite off more than you can chew!!! Take it step by step and start from the bottom. Targeting a small amount of clients at a time equals a personalized service which is priceless when your clients refer friends and family for your good service. It helps you focus and is much less stressful.
(5) LACK OF INTEREST: As time goes by you begin to forget your motivation on your home business. You dedicate less time and every day that passes by without working on it is a day closer to giving up and losing it all. Draw a plan that includes the amount of time you will dedicate to your business daily, marketing strategies and potential customers to target. Do a little research every day and make it your goal to become an expert at what you do. Don't leave what you started even more when you have made an investment to begin that business.
Starting a business is a very serious matter. It takes time, sacrifices and a lot of risks in order to be successful. Don't allow your business to fall to the ground.
To your Success!!!
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