Today's estimates show that there are 35,000 or more home based businesses being launched each and every day in the US. Those are very big numbers. But here is what is even more shocking - 95% of them will not survive, most not even making it 90 days. The good news though is that the quickest way to financial independence is through home based business and becoming one of those 5% success stories. So read further and learn some sound principals to make it into that 5% club.
KEY #1: Focus on the Business. Now that sounds simple, right? But most who fail in this industry fail because they don't treat their business like a business. This is not a hobby. People will not just join up with you because you're a great person. You have to have a game plan in place - a budget, advertising, marketing, product research, training. In short, you have to treat this exactly like what it is - a business venture. As a former Executive Director of Technology making high six figures, I can tell you I would have never risen to that level by not treating my job seriously and committing to it 100%.
KEY #2: Try Not - Do! Okay those of you who are movie buffs will know that that quote comes from Yoda in Star Wars. Is my "geek" side showing through? Sorry, but this is absolutely fundamental to you achieving success. Don't try to be successful, BE successful. Does Donald Trump try? Or does he achieve? Do you really think that he just "gives his best shot"? Read about Donald, study him - you will find that he is relentlessly committed to succeeding in any endeavor he pursues. Here is how I recommend you approach your business. Imagine that you could not fail - how committed would you be? If you knew that you knew that in one year you would be successful, wouldn't you stick it out? Relentless pursuit and commitment will take you there.
KEY #3: Set realistic goals. Here's what I mean. Yes you should dream big, but you shouldn't set goals that are so grandiose that you feel like a failure when you can't achieve them. Instead, set a goal that is attainable and realistic. Set yourself up for success and grow that success over time. Turn one sale in the next two weeks, into 1 sale a week, into sponsoring 3 to 5 people per week, into 30 a month, etc Start small and grow with constant commitment and massive action.
KEY #4: Transform Goals into Tasks. Goals are good, but we have to make them "actionable tasks". So, reduce those goals into a step by step list of tasks that you need to accomplish.
KEY #5: Transform your Tasks into a Plan. This is absolutely critical. The difference between a dream and a goal is that goals are defined and have a plan to achieve them. You must take these tasks and schedule them onto your agenda - allocate time to work on them, set due dates. Remember Key #1 - treat this like a business. If you were working for IBM and you had a $30,000 budget to achieve your goal, how would you define that plan?
KEY #6: Invest in You. You don't have to get carried away here, but every little step you take to improve your abilities will impact your bottom line. Find the areas that you need to improve on and begin to invest on a daily basis in those areas. When I say invest, I'm not necessarily saying to spend money. You can invest time as well and there are a tremendous amount of free resources available if you search them out.
KEY #7: The 80/20 Rule. Understanding the 80/20 rule is a real gem to success. I highly suggest you do some reading on the subject. Here's a simple example. Take the action that makes you money (making calls, for example) and spend 80% of your time on that task. If you only have 10 hours a week to work on your business, 8 hours should be spent on making calls (in this example). That means that you only have 2 hours left for "everything else". Effective business entrepreneurs understand and practice this principle religiously.
KEY #8: Manage your Time. Yep, I know everyone says this, right? Maybe there is a reason why everyone says it? Time management is not making a task list. In fact, Task Lists can actually be counterproductive because they can become so overwhelming that they can "depress" you. Instead, schedule your time. Block off time on your agenda for a specific task and only do that one task during that time. If the phone rings or email comes in, ignore it and stay focused on what it is you need to complete.
So the bottom line is that you will reap what you sow in your home business - just like any other endeavor in life. The difference is that rather than creating success for someone else's company or product, you can be creating success for yourself and creating a life of freedom and independence along the way.
KEY #1: Focus on the Business. Now that sounds simple, right? But most who fail in this industry fail because they don't treat their business like a business. This is not a hobby. People will not just join up with you because you're a great person. You have to have a game plan in place - a budget, advertising, marketing, product research, training. In short, you have to treat this exactly like what it is - a business venture. As a former Executive Director of Technology making high six figures, I can tell you I would have never risen to that level by not treating my job seriously and committing to it 100%.
KEY #2: Try Not - Do! Okay those of you who are movie buffs will know that that quote comes from Yoda in Star Wars. Is my "geek" side showing through? Sorry, but this is absolutely fundamental to you achieving success. Don't try to be successful, BE successful. Does Donald Trump try? Or does he achieve? Do you really think that he just "gives his best shot"? Read about Donald, study him - you will find that he is relentlessly committed to succeeding in any endeavor he pursues. Here is how I recommend you approach your business. Imagine that you could not fail - how committed would you be? If you knew that you knew that in one year you would be successful, wouldn't you stick it out? Relentless pursuit and commitment will take you there.
KEY #3: Set realistic goals. Here's what I mean. Yes you should dream big, but you shouldn't set goals that are so grandiose that you feel like a failure when you can't achieve them. Instead, set a goal that is attainable and realistic. Set yourself up for success and grow that success over time. Turn one sale in the next two weeks, into 1 sale a week, into sponsoring 3 to 5 people per week, into 30 a month, etc Start small and grow with constant commitment and massive action.
KEY #4: Transform Goals into Tasks. Goals are good, but we have to make them "actionable tasks". So, reduce those goals into a step by step list of tasks that you need to accomplish.
KEY #5: Transform your Tasks into a Plan. This is absolutely critical. The difference between a dream and a goal is that goals are defined and have a plan to achieve them. You must take these tasks and schedule them onto your agenda - allocate time to work on them, set due dates. Remember Key #1 - treat this like a business. If you were working for IBM and you had a $30,000 budget to achieve your goal, how would you define that plan?
KEY #6: Invest in You. You don't have to get carried away here, but every little step you take to improve your abilities will impact your bottom line. Find the areas that you need to improve on and begin to invest on a daily basis in those areas. When I say invest, I'm not necessarily saying to spend money. You can invest time as well and there are a tremendous amount of free resources available if you search them out.
KEY #7: The 80/20 Rule. Understanding the 80/20 rule is a real gem to success. I highly suggest you do some reading on the subject. Here's a simple example. Take the action that makes you money (making calls, for example) and spend 80% of your time on that task. If you only have 10 hours a week to work on your business, 8 hours should be spent on making calls (in this example). That means that you only have 2 hours left for "everything else". Effective business entrepreneurs understand and practice this principle religiously.
KEY #8: Manage your Time. Yep, I know everyone says this, right? Maybe there is a reason why everyone says it? Time management is not making a task list. In fact, Task Lists can actually be counterproductive because they can become so overwhelming that they can "depress" you. Instead, schedule your time. Block off time on your agenda for a specific task and only do that one task during that time. If the phone rings or email comes in, ignore it and stay focused on what it is you need to complete.
So the bottom line is that you will reap what you sow in your home business - just like any other endeavor in life. The difference is that rather than creating success for someone else's company or product, you can be creating success for yourself and creating a life of freedom and independence along the way.
About the Author:
Troy Broussard is a successful Online Internet Marketer and has built a six figure income in just six short months online. To discover more about Troy Broussard or his Mor Vacations travel company, please visit his Mor Vacations travel site and claim your free report.
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