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What Does It Take To Build A Successful Home-Based Business
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What does it take to build a successful home-based business? Here are four tips to help you succeed.
Owning a home-based business has become the ideal situation for stay at home parents and for Entrepreneurs who don’t want the overhead that comes with running a traditional business. Unlike having a job, where if you show up you get paid, being a successful home-based business owner will require you to take some key steps. What does it take to build a successful home-based business? In this blog post, I share four tips to help you succeed.
Save your money. Running a home-based business will require that you have some amount of working capital to get started. A home-based business typically requires a nominal fee to get started ($100 to $1,000); however, you will have other expenses such as: website fees, business cards, marketing materials, professional development, which you must be prepared for.
Having money saved, will not only come in handy for your business expenses but it will help in those initial months when you are working to make your home-based business profitable. To save money, spend less than you earn and always pay yourself first.
Get to work. A few years ago, after being asked to attend a presentation by a friend, I decided to join a direct selling company. I was intrigued with the fact that direct sales also known as network marketing; would allow me to forgo the 40 year retirement plan for a 10 year plan. I didn’t want to work for 40 years, 40 hours a week and then retire on 40% of my income. Rather, I could see myself devoting 10 years to building a home-based business earning residual income, where I’m not only paid on my efforts but the efforts of everyone in my organization.
Initially, I got off to a slow start. Three months after I started my business, I still hadn’t made any progress. I allowed life, work, family, friends and excuses to get in the way of my building my home-based business. Until I realized, success comes to those who work for it. If you want to have a successful home-based business, you have to get to work. Make a plan of how many hours each week you will devote to building your business, the tasks you will perform each week and stick to it.
Enjoy the process. It is often said that “Success is a journey, not a destination.” Success comes after hours, days, weeks, months and for some people years of hard work. The path to success maybe challenging, frustrating and plagued with numerous failures. So if you don’t enjoy the process, the end result won’t make the journey worth it or your desires may never materialize because you will give up.
In order to enjoy the process, you must first pick something that you are passionate about. Secondly, learn to accept that everything that happens throughout your life is meant to add value to you.
Build a business for the long-term. Don’t be surprised if after 30 days of working to build your home-based business you are not generating 50 leads a day and don’t have 50 customers. You must be willing and committed to investing your time and energy for the long-term.
This past week, I attended a webinar, hosted by Eric Worre. Eric has made millions of dollars in the network marketing industry and he shared his thoughts on the benefits of building a business for the long-term, based on his 20-plus years of experience.
- After 1 year of having a home-based business you should become confident and profitable.
- After 3 years of having a home-based business you should be able to replace your current income.
- After 5 years of having a home-based business you should have doubled or tripled your previous income.
- After 7 years of having a home-based business you should have total financial and time freedom.
If you are a parent, looking to start a home-based business to spend more time with your family or if you are an entrepreneur looking to start a home-based business because it has less risk than a traditional business, my goal is to help you increase your chances of success by following these four tips.
ABOUT THE AUTHOR: Yaisa Hagood is a network marketing leader and home-based business entrepreneur. She is the founder of Asiay Development, Inc., a consulting firm that helps people generate multiple streams of income from home. Yaisa has also been an Adjunct Faculty member for the University of Phoenix where she taught undergraduate marketing and communication courses. A single-mom living with Lupus and Kidney disease, Yaisa is on a mission to educate and empower others. To learn strategies to explode your home-based business, check out Yaisa’s Training For Network Marketers Blog.
I think you are absolutely right about building a business for the long-term. I think a lot of people can get very discouraged in the beginning when things to happen as fast or as big as they had hoped. But being patient and continuing to work at it will pay off in the long term. Slow and steady wins the race! Thank you for the great article.
This is a rock solid article Yaisa filled with golden nuggets. It is so true what Kristy Pool wrote about ” slow and steady wins the race” I would like to add to that and say
” success is not a race but a marathon”. Thanks again for sharing such time sensitive information.
Christian
Thank you for your comment and kind words Kristy. It is sad but so many people today have a “lottery mentality.” They want success to come quick and easy. Which is why so few people achieve success. Your statement is so true “…being patient and continuing to work at it will pay off in the longer term.”
Thanks for your comment Christian. I too like Kristy’s phrase “slow and steady wins the race.” Success is a progressive and continuous process. Your reference to a “marathon” is also important. Marathon runners do intensive training to prepare. Similarly, whatever ones business he or she must constantly train to improve and develop.
I really enjoyed your article. It is so true that many people want instant results, there are some that can obtain quickly but the majority need to be constant with their efforts. I love the industry! Many times, wifes even bring home the dad from his normal job. Now, this gives more quality time as a family and spending with the ones you love the most.
Thanks for you comment Debbie. When I had my daughter nine years ago, I wanted to find an option where I could work from home. Initally, I refused to pursue network marketing for the sales aspect – which there is no matter what anyone says. But like you, I’ve grown to love the industry. As I get older there is nothing more important than family time.
Yaisa,
I enjoyed your article. However one thing that I would suggest is that if someone is going to start a home based business, they make sure that they are cut out to work from home. Even though they may choose the network marketing industry, working from home can be lonely and if they are not the motivated type, their efforts could become frustrating and discouraging. Building a home based business is hard work and women do need to realize that it is work, not just working when you want to. You have to build the business in order to sit back and reap the benefits.
Thanks for your comment Shelley and in some respects, I totally agree with you. After having my daughter, I stopped teaching at a local college and decided to teach online, which I found to be very lonely. Also, I do consulting work where I don’t have much interaction with my clients on a regular basis. However, what I love about Network Marketing is that although I am working from home – it is a “people business.” For me, there is not a day that goes by where I am not either talking to a team member, a customer or prospecting. Also, I typically have a PBR (Private Business Reception) once a week sometimes more depending on the needs of my team. In my opinion, in Network Marketing if you’re not communicating with others then you are not building a successful business.
Good tips Yaisa. That’s one good thing about having a web-based business too is that if you want to stay thrifty, the one cost that is really necessary is the domain name. Free hosting is pretty adequate for me at this point.
Neal that was one thing I didn’t do. I went all out when I started my home business. My first year I spent far too much money. I am glad you are doing things the economical way. Thank you for reading my post and commenting.
great business is a homebased business…. I agree with you…. I hope i can start my own home business soon…
Bethany,
Thanks for reading my post and commenting. When you are ready to start your homebased business this website is an excellent resource. I wish you much success in your future ventures.