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Are you making one of these mistakes in your new home based business venture? For a successful home based business watch out for these common problems.
Mindset: Hobby vs. Business
Are you running your business like a “business” or like a “hobby”? You’ve got to change your mindset to look at your business like a business. Get your business license and get setup right.
Take time to organize yourself and set clear goals. Setup an accounting system. Write a business plan (even a short one) and include your goals. Block out time daily to work both “on” and “in” your business.
If you make a commitment you’ve got to keep it. Be reliable and consistent.
Be professional. Have clear policies on your website including shipping, return, refunds, and any other issues that come up.
Focus: Craft/Service Only vs. The Big Picture
You may be excellent at the crafts you create, ideas you turn into products, or services you deliver. Running a business requires a bigger picture perspective though. You’ll need to study marketing and promotion to learn how to get those crafts, ideas, and services to the right people who want them.
Don’t plan time only to create your products or deliver your services. Block out time to plan, improve, and market your business, too.
Contacts: Building a List From the Beginning
Many new work at home moms don’t realize how important and valuable their list is! Start building your mailing list as soon as your website is up and running. By collecting names and email addresses of those who are interested in your products or services, you’ll always have a list of people you can market to who are already interested.
Finances: Not Investing in Your Business
Many work at home moms begin a business without much money to invest. You can build a business without large investments, if you’re willing to put in the time and effort to get it moving. But you’ll find that as you invest more, you’ll grow faster. So, learn to invest in yourself and your business to move forward faster.
Start with small investments if you need to such as your own domain name, professional (not free) website hosting, and helpful business books. As you learn things, implement them right away. As your business brings in more revenue you can afford to invest more back into your business in bigger ways (like a business coach, mastermind group, or more advertising).
Expectations: Expecting Immediate Cash
Building a business isn’t a “snap your fingers” or “click your heels” project. Most businesses take at least a few months to get off the ground and generating positive cash flow. Keep learning new marketing strategies, work your marketing plan and get out there and be bold about getting your business noticed.
Don’t get discouraged if you’re not making big money overnight. You’ll have to put in effort and time to get things going. Have faith!
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CinchCast
Twitter: thewahwife
says:
These are always the top things I tell people. Go into it 100% from Day One.
Angie – The Work at Home Wife\’s last blog ..What Do You Mean I Own a Business Blogging
Twitter: MichelleShaeffr
says:
That’s a great way to sum it up – just go all in, 100%!
A list is so important. By building your tribe now you are making sure that you are connecting with people that already love you. It’s a great point. It’s so much easier to sell to people that know you are awesome.
Twitter: dressingmytruth
says:
Awesome, awesome advice!! This is one of those posts you should retweet over and over again, and post on Ezine Articles and do a teleclass on…
Jeanine
Jeanine Byers Hoag\’s last blog ..The Healing System that Changed My Life!
Twitter: MichelleShaeffr
says:
LOL Things I wish I’d known 10 years ago. If I started that list, it could get pretty long. :)
Twitter: MichelleShaeffr
says:
Exactly!
Twitter: melaniekissell
says:
Sounds like the voice of experience talkin’ here!
Excellent advice, Michelle. There are so many moms out there with buckets full of talent who would love to bring those talents online and earn some money.
However, I think many moms get disillusioned about what it really takes to own and manage a business. It’s not always a picnic. As far as expectations go, I let my target audience know that it can, realistically, take about two years before you’re seeing decent profits and rewards from all your hard work.
You’ve made a good point about marketing. It’s one thing to know your craft and another thing to know how to market yourself – two horses of very different colors! :)
Melanie
Melanie Kissell\’s last blog ..If You Don’t Have The Money Of Tim Ferris
Twitter: MichelleShaeffr
says:
That’s it, Melanie. There are SO many talented women out there, and with the right perspective and help getting started they can succeed. Just got to avoid some of these mistakes and realize it’s a long term project.
Found you through AC, I really like this article – GREAT JOB!!
Twitter: MichelleShaeffr
says:
Thanks, Elizabeth.