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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 May 26, 2020

Top 10 Reasons Why People Don’t Reach Their Goals

Top 10 Reasons Why People Don’t Reach Their Goals

With everything that happens around us, it is sometimes difficult to reach our goals. This is compounded if you have any of the reasons on the list below.

Luckily, in addition to the top 10 reasons why people don’t reach their goals, I’ve included a quick fix for each of them. So let’s get to it.

1. Creating Vague Goals

When you don’t know where you are going, it is really hard to get there. Many people set themselves up for failure when they set goals that are unclear. “I want to lose weight” sounds like a great goal but the people who set this kind of goal will never reach it. It is not because the people are not motivated or disciplined but because the goal is too general. Do you want to lose 5 lbs or 50 lbs?

Quick Fix:  Set SMART goals by being Specific, making sure they are Measurable, Achievable and Realistic, and last but not least — give yourself a Time deadline. If you want to go one step further, you may want to read The Missing Letter in Your Smart Goals.

2. Lacking a Higher Purpose

Goals can be set on any topic imaginable but if you don’t have a higher purpose, it makes it is easy to give up once the initial motivation and excitement wears off. Understanding how your goal is relevant to you allows you to persevere even when the going gets tough.

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Quick Fix: When setting your SMART goal, ask yourself how the goal is relevant to your life and what you want to achieve.

3. Procrastinating

Even when you have SMART goals that are relevant to your purpose, if you don’t get started, you’ll never achieve your goal. One of the most dangerous phrases is “I’ll do it later.”

Quick Fix: Make sure the goal has been broken down into manageable pieces and then start right away. Here are 11 Practical Ways to Stop Procrastination.

4. Not Taking Responsibility

Things will go wrong. That’s a fact of life. When something comes up and you don’t achieve your goal, who do you blame? Your boss who kept you at work late so you couldn’t work on your book or maybe the horrible weather that stopped you from going to the gym. If it’s not your fault, there is nothing you can do, right?

Quick Fix: Own up to not reaching your goals. When you take responsibility, you’ll become resourceful knowing that you have control over the attainment of your goals.

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5. Listening to People Who Discourage You

When you go for your goals, especially the big ones that really count and fit in with your purpose in life, it is inevitable that people will discourage you. There are many reasons for this: concern, jealousy, ignorance, etc. How many goals have already been given up on because other people decided they were not worth pursuing?

Quick Fix: This one is easy. As long as you know the purpose for your goal, ignore the naysayers. You can take what they are saying into consideration but make sure you make the final choice.

6. Starting Too Many Projects

I’m a starter. That sounds like a good thing but not when you start too many things, you don’t end up finishing many of them. This usually stems from the fear of missing out (FOMO) or being someone who has many ideas.

Quick Fix: Understand that you have a limited amount of time and that you can’t do everything. To deal with FOMO, realize that by not finishing, you are missing out on all the opportunities that open up when you finish the projects you are working on.

7. Being Negative

If you think you’re not going to make it, then you’re probably not going to make it. If you don’t believe you’re going to reach your goal, then when you fail, it is expected which makes it easy to stop trying. When you are optimistic and a setback occurs, you focus your energy on finding solutions because you truly believe there is one. If you believe that you suffer from bad luck, check out this article.

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Quick Fix: Consider the idea that optimism and pessimism are both expectations of the future. Each are equally likely to be true but which belief will help you lead a happier more fulfilled life? Instead of wasting your energy on complaining, spend that energy on learning.

8. Being Selfish

There are people out there that think it is silly to help others. They believe in taking and not giving. They are misers with their time, money and knowledge and are only interested in opportunities where they stand to benefit. Most big goals require the help of others and it is very difficult to help people who only care about taking.

Quick Fix: Serve others first. Always look for ways to add value to other people.

9. Surrounding Yourself with People Who Don’t Reach Their Goals

You are who you associate with. This may be hard to swallow for some people and there are always exceptions to the rule but for the most part, we act in accordance with the people around us. This comes from the strong ad natural desire to belong and to be accepted (think of all the dumb things you did in high school just to fit in).

Quick Fix: Associate with people who always reach their goals.

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10. Watching Too Much TV

Not all TV is bad but if you are watching TV then most likely you are not doing anything to move one step closer to your goal. The problem with TV these days is that it is captivating. There are programs for all interests and hobbies and the shows keep getting better and better. Those who watch alot of TV usually don’t reach their goals and perhaps people watch TV because they don’t have any goals.

Quick Fix: Shut off the TV. Cancel the cable. Pick up a book that will help you move one step closer to your goal. Here are 6 Steps to Remove TV from your Life.

Do you have anything to add? What do you think are the reasons why people don’t reach their goals and what are your thought about the 10 reasons we have listed here. Feel free to give your own effective quick fixes for the different reasons in the comments section below.

Featured photo credit: Kyle Glenn via unsplash.com

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