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Feb 26, 2018

3 Common Mistakes Home Business Owners Make

Photo by Christin Hume on Unsplash

After returning from our 3 year posting in Italy, I decided to become an entrepreneur and work from home so that I could have time flexibility around my kid’s schedule. It sounded like the perfect business, but there was one problem, I had no idea how I was going to replace my previous corporate job income!

The success certainly didn’t come without struggles. There were times I wanted to give up, quit and take a job, but when I weighed the pros and cons, it came back to my original intention. That meant, I had to work really hard on the right mindset and banish my limiting beliefs, if I was going to make this ‘perfect business’ happen.

Effort only fully releases its reward after a person refuses to quit. ~ Napoleon Hill

If you’re a home business owner like me, you know that we face a different set of challenges than other business owners. Even though these challenges do come with amazing opportunities, we do need to know how to deal with them in order to be successful.

These are three common mistakes that needed to be addressed so that I could get better results.  Do they resonate with you as a home business owner?

Lacking Long-Term Vision

Running a successful home-based business requires long-term vision. If you don’t know what your goals are and how to reach them, you will spend a lot of time just trying to figure things out.

However, by asking yourself what you want to accomplish and where you want your business to be in one, five or even 10 years, you can begin to develop long-term vision. Think about what you want your business to look like, without worrying about challenges yet, and define your goals. Then, you’ll be able to create a strategy that gets you where you want to be.

As you work to develop and grow your business, make sure everything you do contributes to these larger goals. Don’t get sidetracked with projects or tasks that won’t bring value to your business.

Treating the Business as a Business

It’s easy to fall into the trap of viewing your business as a side project, a hobby or as a casual plan. This is one of the biggest mistakes new business owners make. If you want your business to be successful, you need to treat it like a business.

What does this mean? It means committing to it every day, making savvy decisions, investing time and money into your business and doing things with purpose. You need to do what is best for your business and view these kinds of decisions as a business owner.

One major way to do this is to track your efforts and watch results. Make note of what you are doing and what results you are seeing from your actions. This is a simple way to find ways to become more effective and grow your business.

As you focus on your business, don’t treat the projects, tasks, work and goals lightly. It can be easy to postpone deadlines, treat projects casually and fall short of putting your all into things. But, when you don’t treat your business as a business, it won’t operate like one or bring the results you are looking for.

When you treat your own business seriously, others will too. Putting time and effort into things like creating a website, networking and promoting your services will help you build a brand that others respect. When people take your business seriously, you will land clients and make a bigger profit.

Carving out Time on The Calendar

Running your own business takes time. Whether you are starting a business full time or as a side business, you will need to dedicate some time to your business.

It can be challenging to find this time when you are working at home, but when you carve out some time to focus on your business and work toward your goals, your business will be much more successful.

In fact, carving out time just for your business is one way you can make sure you are treating it as a business. I recommend that you use a calendar and actually mark out times you will spend working. Depending on the size of your business and what you want to accomplish, this could be a few days a week or full-time hours.

When you purposefully set aside time to work, you will be more productive. You’ll meet your business goals, move forward with projects and your business will flourish.

So, don’t wait any longer.

Develop the long-term vision. Treat your business like a business. Carve out time for your business.

As you do these things, your business will grow and you’ll find even more opportunities that will help you be successful.

If you want to find ways to make your home business more successful, drop me a line.  I’d love to help.  

From my very first day as an entrepreneur, I’ve felt the only mission worth pursuing in business is to make people’s lives better. ~ Richard Branson


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