Everyone experiences the dream of being successful. Today’s Internet beckons would be entrepreneurs and lends itself to their success. However, any Work At Home Online Entrepreneur will tell you that to be successful you must do your homework. There are many times that would be entrepreneurs jump in with both feet, and then realize that they are not making money. Often times, it comes as a shock to them and they even wonder how they could fail and so quickly. In order to be a successful Work At Home Online Entrepreneur, you will need to avoid these very common mistakes:
1 Failing to do Market Research. Many Work At Home Online Entrepreneurs who are successful will tell you that if you do not do a thorough examination of what your business will require of you, you are sure to fail miserably. Who are your customers going to be anyway? Are you able to effectively market to and fulfill your customer’s needs from a home office?
2 Passivity. By definition, passivity is having a lack of initiative. If you are the kind of person who thinks that they can put a plan in place and then do nothing to ensure that the plan is in action, again, you will fail miserably. A Work At Home Entrepreneur will need to be a one man show for as long as it takes to get a business off the ground and running smoothly before they consider hiring help.
3 Poor Time Management. If you can’t work without someone over your shoulder to prompt you to complete tasks, its likely that being a Work At Home Entrepreneur is not for you.
4 Not Considering Your Business To Be Serious. If you do not treat your new business as seriously as you considered your past office job, you will be unlikely to obtain, as well as keep customers.
5 Ignoring the 80/20 Philosophy. 80 percent of your business will likely come from 20 percent of your customer base. It also costs twice as much to obtain a new customer than it does to retain a current one. Focus on repeat customers until you are able to market to new ones.
6 Promoting Infrequently. Promotion is NOT an unnecessary expense. It is an investment in the future of your business. When done properly it can be inexpensive and the rewards bountiful.
7 Spending Carelessly. Do not be free with expenditures. Buy smart and save capital for expenses that will truly benefit your business.
8 Not Spending When Necessary. Need a lawyer to look over a contract? How will you mail those marketing brochures if you do not have stamps? Spend wisely but do not miss out on growth opportunities because you didn’t want to spend when you needed to.
9 Not Asking For Help. Don’t expect questions to answer themselves in time. Don’t expect problems to solve themselves. If you are not sure about something, don’t let working at home keep you isolated from the answers or help you need. Reach out, and ask for help.
10 Not Having a Back Up Plan. Face it, times will be tough. Markets fall with out warning. People stop spending, businesses fail because of it. Have a back up plan for tough times and you will weather the storm and be there when customers start spending again