5 Factors That Will Make Or Break Your Home Based Businesses

Have a plan.

You’re a business owner. Let’s say you need money to expand your business. So, you go to a bank to get a loan. The bank’s loan officer asks for a comprehensive business plan before they can lend you money. The plan clearly defines how your business operates, how much growth potential exists, and a timeframe of how long it will take for the business to become profitable and repay the loan.  

The bank wants to see your business plan so they can understand your business better. Do you see how helpful it would be just to have a business plan laid out for your home based businesses? Planning works because it documents your actions, earmarks your goals and holds you accountable.

Follow your passion.

If there’s something you’re passionate about, then there’s a way to make money from it online. That's also how to determine your "niche." Your niche is whatever you're passionate about. If you're passionate about "helping people", great. How can you help people indirectly though? Because the internet and technology will be your only vehicle for helping people online. So, how can you best communicate your solutions that people can carry out on their own?

Manage your time.

No one is looking over your shoulder when you work for yourself. So, what’s to prevent you from sneaking off to do other things because you’re the boss? Maybe an accountability partner would help? There are some amazing productivity apps that track tasks and keep schedule. Although work is important, so is connection. Remind yourself with one of those productivity apps to carve out time for quality time and play.

Define your work space.

It sounds easy and fun designing a workspace that’s enjoyable to work in. But the reality is life gets messy and we work where and when we can. Using free cloud based services helps you work from anywhere you have a signal. That really helps entrepreneurs get things done on the run. At minimum, a home based office should have internet, printer, smartphone charging stations and an atmosphere that inspires ideas. If you need a place away from home temporarily, look into coworking spaces. They're reasonably priced commercial office suites available in most urban areas and you're likely to make some new networking connections. 

See it through.

95% of home business opportunities fail because people don’t see things through entirely. There will be roadblocks, of course. There’s no magic bullet solutions. Only actionable steps that we can take each day. That's why it's important to find your passion first. Passion gives us courage to break through roadblocks so we get the experience we need. Creating an online work from home business is the ideal freedom. Perseverance will make you realize it.