You can also subscribe to the Tea Break Marketing Podcast on Stitcher“Is Your Home Business Really Viable?”
Before starting a home based business you need to set out a strategy that will define what it is you want to do and what goals you need in order to achieve your home based business success. I separate want & need because they are not always the same and if not fully investigated can lead to launch delays or complete indecision on how to progress.
In this episode I will break down couple of the key elements to get us started.
– What do you want to do or are you good at & What do you need.
Generally what you want to do is something that your good at and typically this will be a hobby. Or it may be your day job where you think you could provide a better service or product (just watch out for any restrictions in your employment terms and conditions regarding patents etc). And what you need. This will include security for your family and a better lifestyle.
Often explained as two parallel roads that eventually intersect. The convergence is the point at which you can get started. The beauty in this analogy is that you can decide where & when in your career timeline, the crossover point.
– How much time can/do you devote to your business.
Strange as it may seem this is one of the fundamental reasons home based businesses fail. People start with great intentions and passion but fail to sustain the necessary input until your business gets traction. I call this the distraction phase, by being at home there are so many other distractions that prevent you focussing on what you should be doing. This could be getting up later in the day, grabbing a quick TV show with a coffee or doing some household chores when you should be concentrating on your business. They creep up on you and before you know it, your stuck and all of this is noise will contribute to your lack of motivation, customer attraction & engagement, then ultimate failure or at the very least severe damage to you business.
So how do you minimise these distractions. “Set Routines” It’s that simple.
It starts with the time you get up. In your previous life let’s say your a normal 9-5 worker. You would get up at the same time, shower the same amount of time, have breakfast and be on the commute to be at your work place suitably early to start work. Do your daily grind and head home, have your evening meal, spend time with the family, then of to bed. All to repeat the following day. In a home business you should do the exact same, even down to dressing appropriately for your “job” because when you boil it down that is what it is.
Unlike Mark Zuckerberg whose wardrobe contains numerous same colour t-shirts and hoodies and to paraphrase with his comment he does not have to think about what to wear as it distracts him from serving his community. This might be true for him and his business model, but for home workers can be more distracting because you will continue to dress more and more casually as time goes on, and whether you think it or not, it will impact on how your business will be perceived by your market because you will be come more relaxed in when you will be doing your business stuff.
Set your hours & breaks just like you did as your past self and if possible convert a room or work area for that purpose alone.
These are the building blocks of your routines and will stand you in great stead.
Before reaching this point it is assumed you have already defined your business niche. If not have a listen to Tea Break Marketing Podcast episode 031, How to Find Your Business Niche.
The internet has been a huge boon to the sky rocketing of home based businesses. Majority of which are online services. One of my clients produces artisan knitted products that traditionally would be for friends and family. The internet has made her family much bigger. To help her manage this she has an online store on Etsy which is a popular portal for craft type work.
The difficulty with such business owners is they have the experience in making a product or providing a service but little or no knowledge of how to market that product or service to a wider audience.
With several billion people on this planet you don’t need to have a massive customer base to leverage a decent revenue. Just take Pat Flynn, and out of work architect so a particular niche in helping others pass a specific green build qualification and launched a course to meet that need. He has gone on to provide several other products and has become one of the industry leaders on the internet. One part I am extremely proud about is that he posts his monthly earnings on his website which are often north of $100K. So shows that doing it right can be financially rewarding and more importantly for him to spend quality time with his family.
Can you make similar amounts? Sure! but you need to work extremely hard, at it, day in day out for many months. Keeping a routine means that you focus on the task at hand at the time it needs to done, without distractions. The routine also keeps your family on-side and supporting you in your venture.
Hopefully I have peaked your curiosity on starting a home business.
I love helping small business get started and have provided guidance & support for many companies, so if it is something that you would like me to help you with, drop me an email on the link below and lets have a chat.
Contributing Source: Paul MunroMentions in this Podcast:
TbMP 031 How to find your business niche
Marc Zuckerberg – Grey T-Shirt article
Pat Flynn – Smart Passive Income
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