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 home based 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.