Starting A Home Based Business: Practical Steps To Insure Success

So you have made the decision to give entrepreneurism a go by starting a home based business, now what? A truthful answer requires a bit of self-evaluation. Before you take on the task, you must first begin by making a decision. Here lies the pivotal point between success and failure; therefore, I will pose one recommendation that I strongly encourage you to consider.

BEGIN WITH THE END IN MIND!

Starting a home business requires vision and dedication. As the architect of your business, have a solid grasp on your definition of success, as it will prove useful at the end of your business day. Goals and goal setting are very important when entering into any business venture, more so when it is to be your livelihood. If you are looking to put your best foot forward, insure that your goals are well thought out, and meet the following criteria. 

  • Your goals must be achievable
  • Your goals must allow for measurable success within a reasonable period of time. 

Why is this important? Simply stated, goal achievement feels great and lends for strong mental encouragement. Always look forward to celebrating your victories no matter how small, you’ll be glad you did. 

As well, it is important to have realistic entrepreneurial business expectations. Accept that along the way, set backs may occur; however, don’t let that stop your drive! Never allow yourself to fall into a negative mindset as it drains positive energy. Coach John Wooden once said “Defeat is often only a temporary situation, it’s giving into it that makes it permanent”.  That quote should resound throughout your new business venture as an entrepreneur. As success will be measured by your goal achievement, set yourself up properly by practicing a few key points.

Set your work schedule and stick to it. 

  • Your home based business will require operating hours which should not be compromised. This is your daily job so be sure you are putting in the time necessary, within reason, to achieve your objectives. 

Share your business plan and objectives with your family and close friends. 

  • Informing your family and close friends of your business venture will help to build a support base, and will provide upfront damage control during those overly focused days. 

Set up a bank account for your new business and never utilize it for personal use.

  • Setting up a business account really locks in the reality of owning your own business and should be a very exciting process. Creating a business account will also help to insure that your professional and personal finances remain separate. This also helps to simplify monthly accounting, budget tracking, and year end tax preparation. 

Set your pay scale & payday, and draw a salary consistently. 

  • Nothing says job well done better than a pay check. As an entrepreneur, drawing a salary provides an important mental achievement as a business owner. Look forward to your salary and celebrate it as a victory each month.

Make sure that you take your days off! 

  • Balance is key in the entrepreneurial world. After all, you set out to by your own boss to enhance your lifestyle, not cramp it. Days off should never be compromised. Working from home can easily create a disconnection from the outside world if there is no balance. Get away and enjoy the fruits of your labor, you’ll be glad you did.

Last in closing and most important, do what you love, and love what you do. Being an entrepreneur is not entirely about financial freedom, having more toys, or public stature. At the end of the day, if you are not happy with what you are doing, you will undoubtably lose interest and your entrepreneurial experience will meet it’s demise. 

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