So, you have decided to venture into a home business --- where you work for yourself and greatly reap the fruits of your labor. However, there are some bad news and good news that you should be aware of.
BAD NEWS: Studies show that 80-90% of home businesses fail.
GOOD NEWS: Your business can be among the 10-20% that actually succeed!
How? By following the "12 Steps To Home Business Success." And you can do that with PEP!
*P - PREPARING/PLANNING EXTENSIVELY
When you do decide to venture into a home business, the very next thing to do is prepare for it. Prepare a business plan. This will be the very foundation of your business. You can do this by following these steps:
1) Start with the basics.
What type of business would you like to get into? Would you be selling products, would you be offering services, or would you like to try both? In any case, you must decide on which particular product and/or service you would want to focus.
Have difficulty deciding? Here's a simple but sure-fire tip: Focus on what you know and enjoy.
If you have a talent in writing and editing, you can venture into an editorial services business. Are you into graphic arts? Can you design/layout brochures, business cards, newsletters, etc. using your computer? Then you can get into desktop publishing.
Do you know how Bill Gates, the richest man in the world, reached the pinnacle of success? He decided to venture into the one thing that he loved --- computers.
So, whatever type of business and whatever product or service you decide to start with, always make sure that you are familiar with it and that you have passion for it. The first will save you time, the second will keep you motivated.
When you are already decided about the type of venture you want, think of a name for your business. Make sure that it is unique, easy to remember, and professional. Of course, also make sure that it is significantly related to your business.
2) Gather your resources.
You cannot put up a business without a capital. This includes the monetary or financial capital, material capital (supplies, gadgets, etc.), and manpower. Do you think you are prepared to invest all this into your business?
3) Draw out your goals and set your mind into them.
Set general goals and specific ones. Formulate short-term goals and long-term ones. What do you aspire to achieve in one month, three months, six months, one year?
Visualize your goals. Have a vivid image of each goal in your mind. How do you see yourself a year or two from now?
Have a list of your goals on hand. Read your list regularly. Did you know that by merely doing so, you actually increase your home business success rate by 100%?
*E - ESTABLISHING YOUR BUSINESS.
This stage refers to the actual nitty-gritty of setting up your home business. This time, you are done with conceptualization and you are ready to get into action. You are now implementing the plan that you have prepared. Here are several steps that will help you establish your home business and achieve home business success:
4) Work on the legal requirements of your home business.
For your venture to be a legal business entity, you need to work on certain formalities. These include registering your business name, applying for a business permit/license, setting up a taxation system, and other paperwork. In this step, you also formulate a compensation plan for your employees.
5) Devise a marketing plan.
How do you create exposure for your products and/or services? Formulate a creative, innovative marketing plan. Consider the following factors/concerns:
Your target market. Clearly define your target market. This will help you decide which advertising and promotion strategies would be more appropriate to draw in your prospective clients/customers.
Your products/services. Of course, your advertising and promotion techniques will greatly depend on the type of products/services that you sell/offer. Make sure your strategies will "sell" your products/services. If you are offering graphic designing services and you give out poorly-made flyers, you will surely attract no clients at all.
Your resources. You cannot aspire for grand and complicated advertisements if you are limited by financial constraints. You can, however, maximize whatever resources are available to you to effectively promote your product. Take advantage of the Internet. By using e-mail, blogging, forums, etc., you can spread the word about your business in a flash!
Your uniqueness. "Same-old, same-old" will give you no gold. You can still utilize the most common advertising/promotion strategies, but give them a twist. Think of the most creative ways to catch --- and hold! --- your customers' attention. Make offers they can't resist.
6) Formulate a Daily Method of Operation (DMO).
Make sure that your Daily Method of Operation is practicable, realistic, and goal-oriented. Set specific things to be done during specific hours. Set your priorities for each day. Make sure that such tasks can really be done and that they are done for the purpose of reaching your goals.
7) Manage your time effectively.
Although you practically have time in your own hands and you are your own boss, it does not mean that you can sit back and relax all you want. In fact, you must be more cautious about spending your time because your home business success depends on you --- the time and efforts that you commit to your venture.
*P - POWERING UP.
Your home business is already established based on your plan. Can you now just relax and watch the cash flowing in? Of course not! Maintaining a successful home business entails exactly that --- "maintenance." You need to continue working for your home business success. Here are some steps to power up your home business:
8) Aim for your personal development.
How do you develop your personality and how can this help you achieve home business success? Consider the following ways:
Be educated. Continue learning about your business, as well as about yourself. Participate in meaningful seminars and workshops. Read a lot, especially the stories of successful people. See what you can learn from any situation that you get into. Make each day a learning experience.
Be motivated. Read inspirational stories. Listen to motivational news.
Be sociable. Of course, you need to interact with other people; otherwise, you cannot do business with them. But besides that and more so, you need to socialize with other people and learn from them. Exchange tips with them. Learn from their mistakes and be inspired by their triumphs.
Be an inspiration. Aim for your personal growth and inspire others. If you want to see positive changes in your home business or your financial life, you should first strive to achieve inner growth. Grow from within and develop the without as well.
9) Develop the desirable or must-have traits for home business success.
In connection with step number 8, here are other traits that you should develop for you to achieve success in your home business:
The 3 P's - Patience, Persistence/Perseverance, Passion
The 3 D's - Desire, Discipline, Determination
The 3 C's - Courage, Confidence, Consistency
10) Take care of your health.
This looks too simple, but it is very important in any business endeavor and many people tend to take it for granted. How can you work on your business and attain success if your physical being is poor? Eat a balanced diet. Exercise regularly. Monitor your stress level. Stay physically fit and enjoy your home business feat!
11) Have a balanced life.
Your home business success will not be as meaningful if you do not have success in your personal life. Do not surrender all of yourself to your business. Even Bill Gates takes a week of rest and solitude every month. Have that needed rest. Spend quality time with your loved ones. You will see that as you rejuvenate yourself, you will be more productive and even more prepared to face the various challenges that your home business may pose. Take time to enjoy life, for that, indeed, is the very purpose of your financial success!
12) Have the right mindset.
Do your best and believe that you can and will succeed. Never give up. If Thomas Alva Edison quit when he failed after thousands of trials, we wouldn't be enjoying the benefits of the electric light bulb today. As the great inventor aptly put it: "Many of life's failures are done by people who did not realize how close they were to success when they gave up."
Yes, you can venture into a home business and enjoy your life. Just follow the "12 Steps To Home Business Success"!
12 Steps To Recovery
Having too much debt is a terrible thing. Being in debt lowers your standard of living which is always ironic considering that we always create debt by buying things that we thought would raise our standard of living.
So what you need to know is how to get out of debt now, and the sooner the better.
Most people will tell you to make a plan of how you intend to get rid of your debt quickly. Well no doubt you already know you want to pay off your debts, but if you have no idea how to do this then the advice is worthless.
The following is a list of 12 simple solutions that, if used immediately, will help you to become debt-free.
1. Cut up your credit cards.
You've probably heard this advice before. But remember that “credit” is another word for “debt.” So cut those cards up now. No excuses. If you really feel helpless without a plastic card in your wallet then get a debit card instead.
2. Keep financial records.
Don't wait till your next bank statement comes along and scares you. Keep your own written records of what you spend every day. This will help you to keep in control of your spending.
3. Downshift.
The less you buy the faster you can pay off your debts. Also the less you buy, the less you need to work to earn more to buy the things in the first place. Look for web sites that help you spend less such as selfsufficientish.com or cheapskates.com.au.
4. Eat more naturally.
Fresh food is so much cheaper than buying ready-made meals and other processed foods. It's also healthier and less fattening. If you are not sure what to do with your ingredients, type them into the Google search box with a comma in between each one and Google will find recipes for you.
5. Don't buy pets.
As delightful as they are, pets can be very expensive. Just having one dog will costs hundreds every year in food and thousands in vet's bills for tick treatments, worm treatments, annual vaccinations, illness, dental care… and the list goes on and on. And it's also expensive to kennel a dog when you go on holiday.
6. Use your library.
Books are great. You can learn a lot from them or lose yourself in a riveting novel. But books can also be expensive. So use your library and borrow books for free.
7. Don't eat out.
Cafés and restaurants can be expensive. Even cheap meals cost a lot if eaten regularly. Spending $50 a week on a restaurant meal once a week is $2,500 a year. Even having a harmless coffee every day can cost over $1,000 a year. So make eating (and drinking) out a treat now and again and not a regular occurrence.
8. Take away the take-aways.
Gather together all your take away menus that you have stashed in a kitchen drawer and throw them away. Home cooking is far healthier and a lot less expensive.
9. Eat seasonally.
Fruit and vegetables are far cheaper to buy when in season. So don't go buying expensive tropical fruits from another country when your country is in winter. Wait till summer and then buy the cheaper version from closer to home.
10. Buy used.
It's always much cheaper to buy things second hand rather than new. Electrical items should always be bought new (it's safer and you get a warranty) but clothes, toys, furniture and everything else can be bought at bargain prices. (But only buy things you REALLY need.)
11. Furniture restoration.
Cleaning up and restoring old furniture can not only save you money, but can also be very rewarding if you can buy an old, cheap piece of furniture and work on it till it looks like new, it gives you a flowing feeling of job satisfaction. Your library will be full of useful books on this subject or your local college may have courses.
12. Learn to sew.
Being able to repair clothing or upholstery can a time saver as well as a money saver. It's far quicker to repair something than to have to go out and find a new one. So learn a few sewing techniques or see if there is a local upholstery course being run in your neighbourhood. A stitch in time really does save.
So there you have it. Follow the above 12 strategies and you are guaranteed to become debt free.
And then the next step is to get on the road to wealth.
Ruth Barringham has sinced written about articles on various topics from Real Estate, Work From Home and Finances. Learn how to be cashed up, wealthy and laughing quickly and easily at GettingRichSlowly.net. Here you'll find all different kinds of ways to get out of debt, save m. Ruth Barringham's top article generates over 22200 views. Bookmark Ruth Barringham to your Favourites.
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