According to business reports, home businesses record the same failure rates as small businesses. As such, about 20% fail in the first year, an average of 50% shut down by the fifth year, and a good 65% close within ten years. That means only about 25% make it past the tenth year. And while a big part of this failure can be tied to cash flow issues, lack of a market, and poor marketing, much of it stems from low productivity, driven by lost productive hours. So, how can entrepreneurs address this risk? Well, it all comes down to making simple yet practical changes that address the major setbacks faced in the home business.
Making the Most of Your Time
In any business, success hinges on making optimal use of the available resources. Airlines, for example, do this by ensuring that their aircraft are in optimal condition and that their technicians have the know-how to operate, maintain, and repair them. And through services such as those offered by Magnetic Group, on which you can find more information here, airlines can ensure that their most vital resources are always in good condition.
For home entrepreneurs, the most important resource is time, and if you can stay on top of productivity in an 8-hour workday, your business can not only survive but also thrive. So, how do you do this?
Structure Your Work Blocks
Truth be told, working from home comes with an array of interruptions. Perhaps your children walk into your workspace as you are working. Or your pets demand your attention when you are fulfilling orders. Maybe you cannot help but wander into the kitchen now and then to make a snack.
While entertaining these interruptions may not seem harmful, it actually hurts your performance. That is because each time you switch from one task to another, you incur a switching cost, and it takes your brain a while to refocus on the new task, which affects your ability to complete tasks on time.
To avoid this switching cost, scientists advocate for creating a work schedule with structured 90-minute working blocks and short breaks in between. For example, you can have three blocks before lunch and two after, bringing your total productive work time to 7.5 hours and leaving you enough time to have lunch and catch up on social tasks after work. Of course, how you structure your day will highly depend on your energy levels, sleep chronotype, and other responsibilities you may have.
Structuring your tasks is also important, as it allows you to work on one thing at a time rather than juggling multiple things at once, which can lead to mental fatigue.
Have a Dedicated Workspace
Do you have a particular workstation in your home, or do you choose what feels right for that day? According to research, an average of 35% of people working from home have a home office or separate room where they work. The rest, about 65%, use shared spaces such as kitchens, dining tables, and beds. Does it matter where you work?
Findings show that the lack of a dedicated workspace reduces productivity in an 8-hour workday by creating unclear boundaries between work and home, setting you up for distractions. But why is this the case? Well, our brains tend to associate physical spaces with specific tasks. For example, if you use your living room to watch movies, you will have a hard time working in it, as your brain will associate the space with relaxation.
The best way to create home and work boundaries, thus, lies in setting up a dedicated workstation. It can even be as simple as a desk in the corner of your bedroom that you use specifically for work. The minute you set up there, your brain will immediately switch into focus, enabling you to make the most of your structured work blocks.
Find a Home-Based Business to Start-Up >>> Hundreds of Business Listings.
