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 cannot 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.