Mor Vacations - 8 Keys to Success
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: It is a business - right? Just because you run your business from home does not mean that it should be run as if it were a hobby. The single biggest reason that home based businesses fail is that they are not run like a business. If you have never owned your own business before, then do some research. No, you are not trying to blow the doors off WalMart, but that does not mean that you do not have to have a solid business plan in place. I am not saying you have to have a formal, 35 page document suitable to obtain outside financing. You do, however, have to put a reasonable effort into creating a plan for your business. Some questions you need to answer: What will your marketing plan and budget be? Who is your target audience? What need are you filling?
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: Keep your Goals Attainable. Many people fail because they set themselves up for failure from the beginning. They make their first goal to make $10k a month and then when they only make $200 their first month have a big let down! Now each product is different and has different price points, commissions, profit, etc but set a goal that is realistic. If you make a $500 commission on each sale, make your first goal to make $1000 your first month. Then when you achieve that success, expand your goals.
KEY #4: Turn your goals into Tasks. Now that you have a list of achievable goals, analyze them and turn them into a set of tasks that will be necessary to achieve those goals. Sounds simple, right? It is, but you’ve got to do it
KEY #5: Make a plan from your Tasks. Now take those tasks and put them on a timeline - map out a plan. You see this is the key between a goal and a dream. A goal has a plan associated with how to achieve it - a dream is merely a desire or a wish.
KEY #6: Spend your money wisely. So what do I mean by that? I mean, spend your money on the things that can make a difference in your bottom line - how much you make. Do you know what the single best investment you can make? Invest in yourself. As you grow in your abilities so will your pay check. Think about it, all of the other vendors in your company sell the same product, to the same target audience - what can you do to get an edge? Invest in yourself because you are the one variable in the success equation that you can 100% control - that’s a wise investment.
KEY #7: Learn the 80/20 Rule. Simply put, spend 80% of your time working on the 20% of your business that is most important. For most all of you this means spending 80% of your time creating new business - new sales. Your sales will drive your profit and ultimately determine your success, so don’t get so bogged down with all of the minutia of running the business to the point of not having a business to run! It is so easy to allow yourself to become distracted by email, by errands, by details that have very little impact on the bottom line. Focus on what drives revenue and spend at least 80% of your time on it. Yes, you’ll make some mistakes, but if you don’t concentrate on business expansion first, the rest will become pointless.
KEY #8: Schedule your Time. Okay, I know, you don’t like this one. You’re saying, hey the reason I wanted to start a home based business was so that I didn’t have to punch the clock anymore. I understand, really I do. But here’s the thing, a bunch of tasks on a task list that is not scheduled and in your appointment book becomes nothing more than a “wish list”. It is human nature. We make great big task lists, then because we can’t get it all done (was it really even feasible to think we would?) we become frustrated that we’re not getting anywhere and our productivity suffers even more. But, by scheduling your task and allocating time to them, you quickly discover that there is only so much you can get done and you are forced to prioritize your tasks. What’s more, by keeping your schedule you will get far more done that you ever would have just following a “wish list” - oops, I mean, “task list”.
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.
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