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9 Mistakes Most Home Business Owners Make

9 Mistakes Most Home Business Owners Make

Are you a home business owner or thinking about working for yourself and starting a home based business? If so, then you have to read the following mistakes that most home business owners make. These mistakes can cause many home businesses to fail within the first year.

1. They Treat Their Job As A Hobby

Most people who want to start a home business are looking for an escape of the daily grind. Of course the idea is awesome, but you need to keep in mind that a home business still takes a lot of work. If you are going to treat your home based business as a hobby, then you might as well keep your day job, because you won’t be making a lot of money to cover your bills.

Examples of treating business like a hobby:

– Sleeping in instead of waking up on time.
– Not completing all of the scheduled tasks.
– Going out with friends during set work hours.

2. They Don’t Dress For Success

There are so many people who say how great their home business is because they get to work in their pajamas. Sounds awesome, right? Wrong! Dressing up for success and putting on clothing that you would wear to an outside of home job set the tone for the day. Pajamas and messy hair set the tone of lounging and not being productive.

If your body and mind are in a relaxed state, then it’s likely that you won’t complete your tasks. No work means no pay, so get dressed for success.

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3. They Don’t Set Hours Of Operation

For most people, it’s hard to keep up with daily tasks and chores. Throw a home business into the mix and the schedule gets extremely crazy. Not setting hours of operation is the biggest mistake a home business owner can make.

Instead of randomly working throughout the day, take a look at your schedule and figure out how many hours you can work per week. Then, divide those hours into the number of days of the week that you are planning to do your work. Once you’ve figured out how many hours per day you are working, set specific time frames. If you have blocked off 8am to 1pm, then do not do anything else but focus on your work during that time slot. Of course, schedule your break time as well. Try to take about 10-20 minutes every hour to sit back, relax, take a restroom break or drink some water.

Tip: set your alarm for the time you start and finish work, as well as for all of your breaks in between.

4. They Don’t Set Goals

When a business owner doesn’t set any goals, a home business is doomed to fail. Goals help business owners be focused on tasks. Without goals, they are in the dark about how to run the business, what to do next, and how to reach their full potential.

Every home business owner should set short and long term goals. The short term goals will help to understand exactly what needs to be done each day/week and long term goals will give home business owners a vision and a passion to work towards something great.

Examples of specific short term goals: 

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– Write 2 blog posts per week.
– Share business with five new people per week.
– Sell X amount of products per day.
– Interact with customers on social media daily.
– Read 10 pages per day.

Examples of specific long term goals:

– Earn X amount of money this year.
– Add X people to my mailing list this year.
– Read 10 personal development books this year.

5. They Don’t Separate Work Time And Family Time

If you are a family man or woman, then setting work time and family time is extremely important. There is time for work, there is time for play, and there is time for family. Not separating these different times can lead to a lot of stress and discontent, both for you and for them.

Your family has to understand that when you are scheduled to work, you have to work. Share your schedule with them, so they know exactly when your working hours are. Similarly, when your working hours are over, don’t go running to your computer or making business phone calls.

6. They Don’t Provide Value

Many businesses fail because they constantly advertise, but don’t provide any value. Of course a big part of any business is to advertise and sell products, but in many cases it’s even more important to provide value to the customers.

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Customers are looking for answers to their problems. They are seeking someone to relate to them and show them how their problem can be solved.

Here are a few of ways you can provide value to your customers: 

– Give away a free e-book.
– Shoot a series of “how to” videos and give them away for free.
– Post something useful or inspirational to your blog or Facebook page.
– Ask questions and then answer them in timely manner.

7. They Don’t Grow A Social Network

Any business without a social network is likely not to survive for too long. A good social network is the bread and butter of a home business. A lot of new business owners are scared to get into social media because it’s a new frontier for them.

The more people you know and can share your product information with, the faster your business will grow. The best way to get to know people is to get on one or a few of the social media websites like Facebook, Google Plus, LinkedIn, Twitter and Pinterest. You can even give out your social media profile information to local people, so they can add you or friend you online.

You wouldn’t call all of your customers to remind them about sales, to give them coupons, or provide them with value on daily basis. Yet, you can easily do all of these things if you are connected to them on a social network, which means more sales for you.

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Adding all of your contacts to an autoresponder, such as Aweber, will increase your reach even more because you will be able to deliver your messages straight your customer’s mailboxes.

8. They Don’t Create A Business Website

Although not all home businesses will fail without a website, it’s very hard to grow a business without one local place where all of your your products and services can be previewed. A website can bring new customers who live outside of your town, outside of state, and even outside of your country.

A business website can give you the following advantages:

– Display your products and services.
– Help customers find you on a social network.
– Provide value through blog posts.
– Give away your digital products.
– Capture your customers’ email addresses.
– One local place to send everyone to for more information.
– Access to non-local population.
– A website can work for you 24/7, even while you are sleeping.

9. They Don’t Keep Track Of Their Expenses

Last, but not least, business owner who don’t track their expenses usually fail at running a home business. A lot of people put way too much money into a business, but don’t cover all of their costs by selling products and services. Knowing how much money goes out and comes in is crucial to sustaining a profitable business.

Additionally, every home business owner can write off business expenses. If you don’t keep track of how much you are spending, you may be losing tax money at the end of the year. There are a number of different software and apps out there that you can use to track all of your expenses. Simply type “business expense tracker” into Google and you will be able to find different options that will fit your budget or even be free.

Featured photo credit: elegant business multitasking multimedia man using devices at home via shutterstock.com

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Last Updated on January 24, 2020

10 Good Habits To Have in Life To Be More Successful

10 Good Habits To Have in Life To Be More Successful

Habits are behaviors and patterns that you showcase by default. They enable you to carry out crucial activities like taking a shower, brushing your teeth, getting prepared for work.

Interestingly, you follow this routine every day without considering them. Your unconscious habits create room for your brain to perform more advanced activities like problem-solving and choosing what book to read.

Everyone has habits, and several of those habits are activated every day. I would classify them into three groups:

  • The first category includes the habits that you hardly notice as they have become a major part of your life- such as brushing teeth or wearing clothes.
  • The second category comprises good habits to have to be more successful-like eating healthily, exercising your body and reading books.
  • The last group consists of those habits that are harmful-like procrastinating, smoking or overeating.

Habits are fundamental to becoming successful in life — or probably ending up a failure. Yet, as significant as habits are, some lack the knowledge of their capabilities.

Habits are default activities that you engage in without giving an afterthought. They are automatic behavioral or mental activities. They help you carry out some actions without exerting too much energy. They simplify your life.

Several people aspire to break bad habits. For instance, some people diet to stop overeating. They exercise to reduce obesity. Habits can hinder or impact your performance and productivity.

That’s why I would share 10 good habits to have to be more successful in life.

1. Begin Your Day with Meditation

I recommend mindful meditation early in the morning. This practice helps you to be in the present moment. Consequently, it enables you to be mindful of challenging situations during the day.

Different stressors may trigger as you go through the day; meditation helps you to remain calm before taking on the challenges.

Personally, it helps me to devise strategies and think about ideas. Meditation is a good habit to have if you want to be connected to what’s significant in your life.

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2. Be Grateful for What You Have

Sometimes, you waste time thinking of what’s not enough. You become immersed in those daunting challenges. However, challenges justify the presence of hope. When you have life, you have expectations. You will be free from challenges when you are six feet under. The only strategy you have to stop focusing on your problems is to focus on what you have.

Gratitude is a time-tested pathway to success, health, and happiness. It redirects your focus to what you have from what you lack. Here’s what James Clear does every day,[1]

“I say one thing I’m grateful for each day when I sit down to eat dinner.”

3. Smile

Can you pause and smile before you continue reading this?

Now here is what just happened based on research conducted by the Association for Psychological Science; you set a pace for living a happier life when you smile. A genuine smile or what’s called a Duchenne smile is a good habit to have if you want to find spiritual, emotional and mental peace of mind.[2]

Smiling induces the release of molecules that function towards fighting stress. The physiological state of your body determines the state of your mind. When you slouch or frown, your mind takes cues relating to unhappiness and depression. But, once you adjust yourself by putting up a smile, you begin to feel a new level of excitement and vibrancy.

Can you smile again?

4. Start Your Day with a Healthy Breakfast

Starting your day with a healthy breakfast is a good habit to have and forms a crucial part of your life. Nevertheless, about 31 million Americans skip their breakfast each day.[3]

If you are fed up hearing that breakfast is a crucial component of your day, you are only fighting the truth. If you want to become more successful, you need to ‘break your fast’ with healthy foods every morning.

This habit is not difficult to form if you usually rush out the door every single morning. You can wake up earlier to fix yourself a meal so you don’t break down during the day.

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Get inspired by these 20 Healthy Breakfast Choices That Will Save You Time.

5. Exercise Daily

One of the good habits to have is to exercise your body and muscles every day. You don’t have to run a marathon or lift a weight. You only need to engage in less strenuous activities that oxygenate your blood and inject endorphins in your body.

Jack Dorsey, the CEO of Twitter, classified exercise as a good habit to maximize his already jam-packed schedule.[4] He said,

‘I wake up by 5, meditate for 30 minutes, seven-minute workout times three, make coffee, and check-in.’

He said on Product Hunt that he follows this routine every day as it gives him a steady-state that empowers him to be more productive.

6. Manage Your Time as You Manage Your Finance

Another good habit is the act of managing your time effectively. This goes a long way to impact your achievement.

Time management is what separates the successful from the rest of the world as we all possess the same amount of time. How you leverage time determines your potential to succeed in life.

So how do you manage your time effectively?

Here’s Jack Dorsey’s recommendation in one of the Techonomy events;

“I accomplish effective time management by theming my days and practicing self-discipline. These themes help me handle distractions and interactions. If a request or task does not align with the theme for that day, I don’t do it. This sets a cadence for everyone in the company to deliver and evaluate their progress”.

And this is Dorsey’s weekly theme:[5]

  • Monday – Management
  • Tuesdays – Product
  • Wednesday – Marketing and growth
  • Thursdays – Developers and partnerships
  • Fridays – Culture and recruiting
  • Saturdays – Taking off
  • Sundays – Reflection, feedback, strategy, and preparing for Monday

No wonder he was able to run two companies when others were struggling with one job.

7. Set Daily Goals with Intentions

Everyone has goals. It may relate to business or personal life. The truth is, we’re all tending towards a particular direction or another. Nevertheless, while long-term goals can offer you direction, it’s your daily goals that you establish that help you develop short-term goals that are essential for your success.

Long-term goals may not give you the motivation you need to keep on. But when you implement your short-term milestones daily, you become fired up, and you can overcome the challenges that come with taking on bigger tasks.

Here’s the main truth:Successful people don’t set goals without establishing their intentions. According to Jennifer Cohen of Forbes,[6]

“What helps you to achieve your desired expectation is ensuring intentions accompany your daily goals.”

Be intentional about your daily goals!

8. Seek Inspiration

It is usually difficult to be inspired for a considerable length of time. Sometimes, you become discouraged and feel like giving up on your goals when things are not working out as intended.

A practical approach to stay on top of the situation is to inspire yourself each day. When you wake up in the morning after meditation, watch some motivational videos, and let the story of great leaders inspire you.

Establish what Anthony Robbins called the ‘hour of power.’ Determine how many minutes you spend but make it count. Inspiration is the fuel for achievement because when you can conceive it in your mind, you can accomplish it.

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Michal Solowow, an investor and the founder of Mitex, a construction company puts it this way,[7]

“The problems I encounter in everyday life motivates me to find solutions. This is a self-propelling mechanism. becoming a billionaire was never a motivating factor.”

9. Save Steadily, Invest with All Prudence

I can exhaust the good habits to have without talking about saving and investing. Most times, you overlook the significance of saving for the future when you are living in your present moment. According to CNBC, a $1000 emergency will propel several Americans into debt.[8]

However, it is not enough to save, and you must invest your fund and be wise with it. If you pay attention to this now, you will set yourself for a life of success in the future. Ensure you save at least six months in your emergency account so you can be prepared for any future emergency.

10. Budget and Track Your Spendings

Benjamin Franklin warned of taking the precaution of little expenses. He said,

“A small leak sinks a great ship.”

It is easy to discard little expenses, but the truth is they always add up. This happens when you fail to budget.

Budgeting is a good habit to have, which can impact your financial life significantly. The money you spend on extravagant lifestyles can be saved and invested in your future.

The Bottom Line

Endeavor to cultivate these good habits to have to become more successful as you journey through life. The quicker you cultivate them, the faster you achieve your goals.

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Featured photo credit: Andrijana Bozic via unsplash.com

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