Kim Rhodes
You've read the ads or seen the infomercials. "Build a six or
seven figure income while lounging in your pajamas in your work
at home business." For many people who hear this, their scam
detector goes up and they become defensive. Why? Because they
have heard countless horror stories of people who have lost
their shirt trying to create a business from home.
However, the truth is there are thousands of home based
entrepreneurs around the country who have cracked the code,
created their place in the world and taking it to the bank. So
how did they do it? Why do some people struggle and never ever
break even while others create outrageously successful homebased
careers?
There are certain habits which I believe are consistent with all
of these enterprises. Here are seven habits or traits when
implemented work to insure an outrageously profitable venture.
1. Find a hungry target market and look for a product or service
to meet their needs. I am surprised how many frustrated
entrepreneurs miss this. What often happens is someone gets
excited, hit by an entrepreneurial seizure and tries to start a
business with a product or service and feels it will sell simply
because of their emotional attachment. Keep your mind open when
looking at home based business income opportunities. However,
make sure someone wants to buy whatever you have to sell before
you jump in.
Don't get me wrong you want to have a passion for what you do.
However, if you love 8 track tapes it might be a problem. And
depending on your age you might be thinking, "What's an 8 track
tape?" Get my point? However, if you find a group of people who
are hungry for what you have is like shooting fish in a bucket.
When you find a group that has a problem they want solved they
will pay you to do it.
2. Understand nothing happens until a sale is made. I am amazed
at how many budding entrepreneurs say they hate sales. This is
unfortunate because everything else in a business is an expense.
If you don't have sales coming in the door eventually the doors
will close.
Sales and marketing if done correctly is the engine to a
company's success. The key is to add value to the customer at
every opportunity. One of the vital things to remember is the
first time you obtain a client is the most expensive. But the
real wealth is built when you have the opportunity to sell to a
customer over and over again. Some companies even take a loss to
get the customer in the pipeline because they realize the real
money is on the back end and the true profit is in the lifetime
value of the customer.
3. Develop a strong team. One of the traits that will accelerate
the success of any business is the leverage generated by the
help of others.
Robert Kiyosaki Author of Rich Dad Poor Dad says, "Business and
investing are team sports." The average investor or
small-business person loses financially because they do not have
a team. Instead of a team they act as individuals who are
trampled by very smart teams."
While you are building a home based business you don't want to
do it alone. There are only 24 hours a day and you can't do
everything. You want to look for opportunities to outsource all
non revenue generating activities. Successful proprietors don't
waste a lot of time on filing and organizing.
4. Focus on the business not just working in the business. What
separates you from being able to create a company that provides
you with great income and lifestyle versus one that you are
chained to the doors is a matter of focus. Successful
entrepreneurs focus on the big picture.
I'm saddened when people say, "No one can do what I do." This
might be true however it presents a great challenge. You are now
a slave to your business. The business no longer serves you. The
goal must be to take "you" out of as much of your business as
possible.
Look for ways to remove you, automate and systemize the process.
One of the ways to do this is to use the leverage of technology.
You might want to use a website that allows people to order your
product or service 24/7. Or you might write a book which can be
sold while you are sleep. Get the picture.
5. A highly successful home based business has a central theme
or mission. Many home based businesses never reach success
because they are trying to do too many things at the same time.
You might be saying, "But I want to create multiple streams of
income."
The problem with multiple streams of income can be a nightmare
if approached incorrectly. New entrepreneurs often make the
mistake of trying to create several profit centers from non
aligned businesses. For example, you will find people who try to
start real estate, network marketing and internet marketing all
at the same time.
The reason you will almost never have success with this strategy
is you can not build momentum. Each business has a totally
different business model and you can't leverage the energy of
one to another.
However, the successful home based entrepreneur understands the
law of momentum. For example, if you were an author one of your
products would be the book. However, you could spin that product
into an empire by leveraging it into an e-book, tape set,
work-book, seminar, boot camp and coaching program.
Do you see the power of having one central product or theme and
how you can leap frog to success? You want to be focused and
committed to a central theme. Once you have success you can add
another stream of income. This trait is one of hidden keys to
success.
6. Resilient and quick to adapt to change. This is one of the
distinct advantage solo-entrepreneurs have over large companies.
Often time's large corporations invest thousands of dollars in a
project and even when they know it's not working they are slow
to change. In Corporate America this may not kill a business
because one mistake is just a cog in the wheel.
However, in small business your ability to change on a dime
allows you test things and when things work you do it with
massive all out action. And when something is not what working
you simply let it go, test something else and move forward.
7. Commit to continual education. Now, I am not talking about
another degree or certificate. There are plenty of people with
plaques on their walls that aren't able to create the income and
lifestyle they want. However, I love the quote by one of the
leading experts in self-development. Jim Rohn says, "Formal
education will make you a living; self education will make you a
fortune."
Personal development and specialized knowledge often is the
difference between a fledgling operation and one that has an
outrageously bottom line. Why? Because successful people know
that the best investment they can make is in self.
Make sure that you are always staying ahead of the curve and
immerse yourself in your area of expertise. You can do this by
attending seminars, tele-classes, boot camps or participating in
coaching programs.
Do you want to build wealth from home? Cut your learning curve
by modeling one or all of these traits from successful home
based businesses. You will find when you model those who have
had success you will too if you embody the same traits. Start
today and you will be on your way to outrageous success.