Starting a home business is a challenge and task that is not easy to achieve. It seems as if it would be easier to run your own business and not have a boss. In some respects it is, and in others’, it is not.
To be a successful entrepreneur 3 qualities are needed: determination, discipline and assertiveness.
10 years ago I decided to quit my day job at a bank and start working for myself. I am a very spontaneous person, and back then I was definitely not that organized. I had just finished my degree for business management and thought that I knew all there was to starting a business. I was not an expert in any way, but I did have one thing going for me….determination.
My son was 5 years old and starting kindergarten. I wanted to be able to take him to school and pick him up. For that dream to be possible I had to be able to work my own hours.
It was hard work, and it took several years to actually get my head above water. I set goals for daily, weekly, and monthly achievement. I had reached my main goal of flexible hours and during my son’s elementary years I was able to drop him off each morning and pick him up.
If 2014 is your year that you want to start a home business I say go for it! It will never be a better time.
1. Have a plan.
Don’t go into business for yourself without some sort of a plan. It doesn’t have to be anything super detailed, but having a map for direction will help in challenging times.
2. Be prepared to work harder than if you worked for an employer.
Some months it will be great and your business will be booming. Other months will be slow and unexplainable. It is what you do in the months that are booming that will help during the slow times.
Read, read and read. During the down times read books on how to make the business better and TRY everything. Entrepreneurship is not for the weak. It takes tenacity and discipline.
3. Do not go into debt.
Going into debt is not necessary and should be avoided. If the business that you want to open requires capital then use your savings or put together a plan to start the business as soon as the savings is accumulated. Most businesses fail with in the first 5 years. To be as successful as possible during the hard times then make sure that it is financially stable.
Are you going to start a catering business? A cleaning business? How many others’ are in the area? What will you charge? What will be your part in the business? How will you deal with complaints? These questions are all valid when starting a business. Find out about as much of the competition as possible. Also, if there is not a lot of money to start the business investigate the SBA website and ask around to other business owners’ about their success.
People love to talk about themselves and their business.
5. Set working hours.
If you do not set working hours, then you will be working all of the time and burnout. If you want to work from 8-12 pm and then go market your business from 12-4, write it down for that day. Each day will be different and no two will be the same.
If being an entrepreneur is your dream then put it into motion!
This post can also be found at life in balance linky party.