In this new gig economy, you’ve heard that people can find financial independence and success working from home. The good news is that it is one hundred percent true. The bad news is that there are a lot of ways to mess it up. Here are five tips to make sure you’re starting your home business with the greatest chance of long-term success. The first tip is the easiest because you don’t have to do any research or talk to anyone else.
Tip #1: Do an honest self-assessment
All too often, people like the idea of a certain home-based business and see only the venture-specific details. Ignoring your own strengths and weaknesses is a surefire way to doom the business before it starts. Before evaluating the possible profits from that future business, look at yourself. Honestly ask yourself the following questions and write the answers down. Your goal is a business that fits the person you describe when you complete these questions. Good luck!
- What do I really enjoy doing? This isn’t just about leisure activities. Think about how you find happiness. If you really love driving and meeting new people then that opens different doors than if you love dogs and the outdoors.
- What do I really dislike doing? When you answer this question, try to imagine what activities would disqualify an opportunity regardless of the money involved. Those deal-breakers need to be clear to you before you start shopping for that home-based business.
- What am I really good at doing? If you have a talent for numbers and the attention to detail needed for spreadsheets, that is very different than if you easily memorize poems and songs. A great way to approach this question is to consider things that usually earn you compliments.
- What am I really bad at doing? If you can’t sit through a half hour of television or just can’t be comfortable making to-do lists, then capture these weaknesses. Honestly consider what activities just don’t easily come together for you.
Tip #2: Make sure you’ve searched the field
Do you know how many home businesses exist today? Whatever number you’ve thought of, it’s more. Whether it’s a cleaning service, a cosmetics firm, a bookkeeping service, being a baker, recycling services, or being a DJ… the list just goes on and on. Spend the time to really look and see what’s out there. Just because your friend is doing it or you saw an ad about it in a magazine doesn’t mean that’s the best choice for you. You must put time and attention into a “discovery phase,” where your only goal is to learn about all the different possibilities that are available. This isn’t an evaluation of the businesses, just identification.
Tip #3: Find the people who will make sure you’re successful
Who are the right relationships for this endeavor? Where can you meet them? What networking groups, in the real world and online, will connect you to the kind of people who will support you in this endeavor? Mentorship is well recognized as an important part of an entrepreneur’s success, so don’t ignore it. If you live in a big city, a simple internet search will provide a treasure trove of organizations where you can shake hands with people who can answer questions about your future opportunity.
Tip #4: Think through balance ahead of time
The most common reason people seek to start a home business is to find financial security as part of a balanced life. That means it’s important you crunch the numbers and look for any hidden requirements. Balance is tricky because you cannot touch every important part of your life every single hour. But some people believe they can accomplish balance on a daily basis while others think of it more as a weekly or monthly requirement. There’s no wrong way to look at balance over time except to not look at it at all. Consider how you will accomplish the balance you strive for with this new home business.
Tip #5: Focus!
You’ve made your decision, now don’t get distracted. Don’t let the noise get through. You’re starting a business which means you’re promising yourself at least twelve months of noise cancellation. If it’s not truly important to your work/life balance, then say no. What matters? Who matters? Do you know why? Stay true. If you’re not getting the results you wanted right away, don’t give up. Focus! Here’s the secret every long-term business owner has lived through: there’s a moment in every meaningful endeavor when it doesn’t appear worth staying all the way through. That’s why so many people quit and that’s why society values a person who can be counted on to go the distance. That’s why everyone knows the next part of the phrase “When the going gets tough.”
The time is now to start focusing and these five tips are a great first step. Do a favor for that future business owner who looks a lot like you (but with a few more grey hairs) and work through this helpful exercise today!
