We are all aware of the home business boom, but many of us ask ourselves what is all the hype about?! The thought of corporation downsizing, merging and relocating truly makes the idea a lot more digestible for many. Especially since most of the population have no job guarantees. Your job could be gone tomorrow in fact and your family might be in jeopardy as well as your whole financial future. There is no doubt that we all need to be more concerned about our future, but is home business ownership right for you?
Being your own boss, working around your family and being in charge of your own hours, income and holidays is an attractive idea. Also the most appealing aspect for many is the Lifestyle qualities we gain by running a successful home business! However, I have learned that not everyone should run his or her own business. How come many people running businesses are not successful, happy or fulfilled while others absolutely love it? The fact is that it all comes down to proper planning and having realistic expectations! Most people drop out within their first 2 years in business, because they simply expect the impossible to happen overnight. Did you know that most humans over-estimate what they can achieve in the short term (1-2 years) and under-estimate what they can achieve in the long term 5+ years? Any proper business model does take time to build, as we have to learn new tasks and acquire a new mindset of being self-employed rather than showing up for a boss and getting paid. Often enough when we grow as a business person, our business grows with us.
For many people starting their own home business is the best decision that they will ever make. They have done their homework, by properly researching their concept/product and have organised financial back-up. They understand that to make money they first have to invest into themselves and their business. From the time they start their business they are positioned for success. Yet for others, the decision to become self-employed is a complete disaster.
Statistics show that 90% of businesses cease within 10 years. You can increase your chances of success by using an established business model through a Franchise or Multi Level Marketing plan. Be aware of pyramid schemes that simply don’t have a product to sell but remunerate you for recruiting only! They are highly illegal and I suggest that if you suspect a scam then turn toward a government body which can help you with your research. BBB in the USA is a place where you can do some background research on companies. For many however ‘business ownership’ means more work for less pay! People who work their business diligently will eventually prosper. “You have to sow the seeds prior to harvesting”. It’s that simple!
Multi Level Marketing has proven to be the perfect vehicle to allow me to be successful in my own home business. I actively promote goal setting (both short and long term) within my team. We then work together to formulate a plan of action for a Daily Method of Operation (DMO) to ensure that they are undertaking the required level of activity to the get the results they desire.
By executing that same plan for 90 days they will gain momentum which in turn if kept up consistently will lead to success. Regardless of whether you are in MLM or a more traditional business, the secret to success is planning. Planning can indeed be boring and time consuming but it is worth every effort. As they say “Failing to plan is planning to fail”. Having said that, the best of plans will not result in success, if you don’t work the plan!
The benefits of working from home are huge and everybody’s motivation is different for choosing a home based business. But it is not a decision to be taken lightly if you are serious about changing your future! Before you embark on any business venture you need to do your research, organise your finances, plan your goals and activities, have realistic expectations and take a good, hard look at yourself. Evaluate your strengths and weaknesses and understand your personality type. Are you disciplined enough to get up every day and commit to doing whatever it takes to reach your goals? Are you willing to work harder on yourself than you ever will on your business? Are you willing to reinvest short term profits back into your business in order to gain long term rewards?
If you can honestly answer YES to these questions- Congratulations you have the makings of a successful home business owner (and I would love to talk to you!). If you are not quite sure – I suggest you look for an opportunity that you can start part-time and see if you “have what it takes” while still retaining the income of your current job. If you answered NO to the above questions, there are benefits to being an employee, and I suggest you “Keep your J.O.B.”!