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Avoiding Home Business Failures by: Srinivasan R.G. |
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It’s been said that 80% of all small business dies within the first 3 years. And the rest are somehow struggling along with meager revenues. Only a handful is successful. Home based business has an even shorter lifespan. Every enthusiastic home based venture starts out with a big promise, a lot of excitement and enthusiasm. |
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However at the
first signs of trouble or a slow take off the people become panicky.
Having been accustomed to regular pay check, when the money does not
roll in week after week and the bank balance hits the low digits, there
is a sense of panic and the exciting home business gets trashed. My own experience tells me this happens just when you are through with organizing, setting up and the difficult transition period of reaching out to the customers, you decide to wind up the business in favor of a job. Now here are a few tips to persevere and make a success of your home business. Plan in advance your finances for running your family for a minimum period of 6 months. Plan every aspect of your business – right from creating the product to final shipments - on paper. Don’t leave out anything. This is what is called a business plan. Make it elaborate and group each aspect under a heading and subheading. Home workers need to set a disciplined work schedule. Having no bosses around or compulsions of commuting may make you take things easy and relaxed. At least for the first 6 month work as if you are in employment and put in the required hours. You can relax and cut down on working hours when you start earning enough. Don’t
procrastinate or put things off for tomorrow. Action is one major
ingredient for success. If you need to do something do it today. Do it
now. You
may suddenly find yourself alone without the social support of
colleagues and friends. Even persons you considered your best friends
may avoid you if they feel you are in trouble. That is OK. You get to
know who’s who in times of adversity. Learn to depend on yourself than
outside support. |
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Be prepared to
take the temporary pain and denials. Robert Kiyosaki of ‘Rich Dad Poor
Dad’ fame and his wife slept in their car for a few months and lived in
a basement of a friends house for many more months to achieve what they
set out - their financial freedom. Believe in yourself and keep going even if the going gets tough. The rewards far outweigh the pains and temporary sufferings. Remember the darkest hour is just before the dawn breaks out and sun rises. About the author: R.G. Srinivasan is a Managerial professional, Writer and Author. He writes a regular blog on home-business resources aailable at http://www.home-businessresources.blogspot.comwith online marketing tips, resources, opportunities and online promotional strategies. |
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Copyright 2007 © Financial Review and Information All reserved |
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