Advertising
Advertising

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.

Advertising

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: 

Advertising

– 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.

Advertising

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.

Advertising

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

More by this author

40 Incredible Home Life Hacks That Will Simplify Your Life 7 Monday Morning Habits Of Highly Successful People 9 Mistakes Most Home Business Owners Make

Trending in Productivity

1 15 Simple Things You Can Do To Turn Your Life Around 2 10 Things You Can Do Now to Change Your Life Forever 3 How to Set Short Term Goals for a Successful Life 4 Is Avoiding Difficult Tasks And Doing Easy Tasks First Less Productive? 5 5 Tips To Stop Feeling Overwhelmed And Overcome Procrastination

Read Next

Advertising
Advertising
Advertising

Last Updated on August 10, 2020

15 Simple Things You Can Do To Turn Your Life Around

15 Simple Things You Can Do To Turn Your Life Around

Life can be difficult. It can seem like nothing goes your way and the world is against you. The world can be a very cruel and lonely place. But there are things that you can do to begin turning your life around.

Whether you’re in a job you hate, struggling with a loss, or just not on the path you expected, only you hold the key to turning your life around. Here are 15 simple things you can do to turn your life around.

1. Read Daily

Reading lets you escape to a different place within your mind. It can be relaxing and calming. And it helps stimulate brain activity and keeps you sharp.

Reading daily can help you spend time away from the problems of the day and allow you to escape into a world of endless possibilities. Changing your perspective can help you turn around your life, and reading is a great place to start.

Here’re some recommendations: 20 All-Time Best Motivational Books to Inspire You

Advertising

2. Put Your Goals in Writing

When thoughts are banging around in our heads, they can easily slip away. Walk from one room to another and you forget what you were doing!

Make sure your goals are concrete and written down. This will help you stay accountable to yourself and is the first step in completing your goal. By writing it on a piece of paper, you must put in the thought of how you should word it, what exactly you want to accomplish, and will make you consider if it’s truly worth it.

3. Prune Your Relationships

Too often, relationships can be destructive. This is often looked at through the scope of romantic relationships, but also consider life-long friends, family, and acquaintances. Are the people you spend time with bringing you down? Are they helping you achieve your goals or hindering? It can be difficult, but pruning your relationships can be the quickest catalyst in turning your life around.

4. Make New Friends

Don’t underestimate how a new person or group of friends in your life can change your outlook. Be open to meeting new people, both at work and in your personal life.

5. Get Healthy

When you feel great, good things seem to come your way. Working out helps you feel better about yourself and can help change your outlook on life. Eating right can help you have the energy to do more. Getting healthy can improve your entire outlook on life and help turn your life around.

Advertising

6. Start Saving

For many, financial struggle can weigh heavy and be the cause of many problems. Without a change of job or career, changing your financial situation will take time and effort. Start saving with each paycheck to help build toward your future. Even if it’s a small amount each check, consistency in saving can help you change your path in the future.

7. Start a Business

Working for others can be tough. You may be underemployed, under-utilized, and under-appreciated. Starting a business can help you take control of your financial future.

Understand that you don’t have to quit your current job to start a business. Find something you love and have skills at and do it in your free time. If you’re in creative services, freelance. If you’re great at carpentry, build tables to sell. If you are a talented painter or crafty, start an Etsy store.

You may find that your side passion business can turn into more. Or, if you have the opportunity and skills, take the plunge and go all in. Working for yourself is challenging, but a great opportunity to change your life.

Here’re some tips for you: How to Start a Small Business with Little to No Money

Advertising

8. Find Opportunities to Help Others

Helping others can change your outlook and help turn your life around. Changing the way you think about the world can play a part. But helping others can also open up doors you never had available. Being a good person can help you get out of a funk and can be the catalyst for change.

9. Learn a New Skill

When you have more skills, additional opportunities will be presented. If you’re tired of your blue collar job, take classes to learn computer skills. If you’re struggling to move up in your company, find a skill that makes you more valuable. And if you want financial freedom, learn a skill that can help you change your life. Knowledge is power.

10. Stop Watching TV

Watching TV can keep you distracted and take up a lot of time. Cutting out the time you spend watching TV and replacing it with more productive activities can help you accomplish more and stay focused.

11. Listen to Inspirational Content

You can learn much about yourself from others. Find inspirational and educational content that matches your needs and give it a listen. You may find that the advice from others in similar situations can give you the boost you need to change your life.

12. Stop Complaining

Negative thoughts and talk can turn people against you and make your outlook grim. Stop complaining so much and make the best out of your situation.

Advertising

13. Find or Rekindle Your Passion

Doing what you love can change your entire outlook on life. When you’re doing things you hate, you can be more stressed and make life much harder than it needs to be. Find things you’re passionate about and rekindle the love for what you enjoyed in the past. Doing what you love can turn your life around and make each day more rewarding.

14. Take a Vacation (or Staycation)

Sometimes, hitting the reset button is all it takes to improve your situation. Taking a vacation, or staycation, is a great way to get away from the stress of the daily grind and recharge your battery. A vacation can give you the perspective you need to change your life.

15. Re-evaluate Your Attitude

How you view the world will often reflect in how you treat yourself. Re-evaluate your attitude and ensure that you’re doing all you can to make the most out of every situation. A change in how you view your situation can often be the push that helps you change your life for the better.

More Tips to Help You Change Your Life

Featured photo credit: Conner Ching via unsplash.com

Read Next