Can you believe that in the United States more than 35,000 people are starting their own home based business every day? Yes, that's right, each and every day - and that market is exploding as our economy is tanking. Not surprisingly though, most will not succeed. Industry historic data shows than only 5% of those will be successful. You can increase your odds dramatically if you know what to do and partner with someone who can show you the path to success. Read below for my outline of some of the key ingredients to joining that 5% club.
KEY #1: Focus on the Business. Now that sounds simple, right? But most who fail in this industry fail because they don't treat their business like a business. This is not a hobby. People will not just join up with you because you're a great person. You have to have a game plan in place - a budget, advertising, marketing, product research, training. In short, you have to treat this exactly like what it is - a business venture. As a former Executive Director of Technology making high six figures, I can tell you I would have never risen to that level by not treating my job seriously and committing to it 100%.
KEY #2: Try Not - Do! Okay those of you who are movie buffs will know that that quote comes from Yoda in Star Wars. Is my "geek" side showing through? Sorry, but this is absolutely fundamental to you achieving success. Don't try to be successful, BE successful. Does Donald Trump try? Or does he achieve? Do you really think that he just "gives his best shot"? Read about Donald, study him - you will find that he is relentlessly committed to succeeding in any endeavor he pursues. Here is how I recommend you approach your business. Imagine that you could not fail - how committed would you be? If you knew that you knew that in one year you would be successful, wouldn't you stick it out? Relentless pursuit and commitment will take you there.
KEY #3: Set realistic goals. Lofty goals are great to keep you shooting for the stars, but don't confuse goals with dreams. Set goals that you can achieve. Allow yourself the small successes. Don't set goals so high that you end up feeling you have failed by not achieving them.
KEY #4: Turn your goals into Tasks. Now that you have a list of achievable goals, analyze them and turn them into a set of tasks that will be necessary to achieve those goals. Sounds simple, right? It is, but you've got to do it
KEY #5: Make a plan from your Tasks. Now take those tasks and put them on a timeline - map out a plan. You see this is the key between a goal and a dream. A goal has a plan associated with how to achieve it - a dream is merely a desire or a wish.
KEY #6: Spend your money wisely. So what do I mean by that? I mean, spend your money on the things that can make a difference in your bottom line - how much you make. Do you know what the single best investment you can make? Invest in yourself. As you grow in your abilities so will your pay check. Think about it, all of the other vendors in your company sell the same product, to the same target audience - what can you do to get an edge? Invest in yourself because you are the one variable in the success equation that you can 100% control - that's a wise investment.
KEY #7: Understanding the 80/20 Rule. Spend 80% of your time on the 20% of your tasks that are the most successful in making you money. As you build a team of sales people below you, you will have to spend 80% of your training time working with those 20% who are the most effective. You have to learn to discern between what makes you money and what doesn't and focus 80% of your time on what makes you money.
KEY #8: Manage your Time. Yep, I know everyone says this, right? Maybe there is a reason why everyone says it? Time management is not making a task list. In fact, Task Lists can actually be counterproductive because they can become so overwhelming that they can "depress" you. Instead, schedule your time. Block off time on your agenda for a specific task and only do that one task during that time. If the phone rings or email comes in, ignore it and stay focused on what it is you need to complete.
The bottom line is that there is no magic pill to be instantly successful. A home based business is just like anything else in life - we get out of it what we put into it. If you run it like a hobby, then don't be surprised when it pays you like a hobby. If however you commit to running a well planned and executed business, it just may provide you with the financial freedom you desire. - 15336
KEY #1: Focus on the Business. Now that sounds simple, right? But most who fail in this industry fail because they don't treat their business like a business. This is not a hobby. People will not just join up with you because you're a great person. You have to have a game plan in place - a budget, advertising, marketing, product research, training. In short, you have to treat this exactly like what it is - a business venture. As a former Executive Director of Technology making high six figures, I can tell you I would have never risen to that level by not treating my job seriously and committing to it 100%.
KEY #2: Try Not - Do! Okay those of you who are movie buffs will know that that quote comes from Yoda in Star Wars. Is my "geek" side showing through? Sorry, but this is absolutely fundamental to you achieving success. Don't try to be successful, BE successful. Does Donald Trump try? Or does he achieve? Do you really think that he just "gives his best shot"? Read about Donald, study him - you will find that he is relentlessly committed to succeeding in any endeavor he pursues. Here is how I recommend you approach your business. Imagine that you could not fail - how committed would you be? If you knew that you knew that in one year you would be successful, wouldn't you stick it out? Relentless pursuit and commitment will take you there.
KEY #3: Set realistic goals. Lofty goals are great to keep you shooting for the stars, but don't confuse goals with dreams. Set goals that you can achieve. Allow yourself the small successes. Don't set goals so high that you end up feeling you have failed by not achieving them.
KEY #4: Turn your goals into Tasks. Now that you have a list of achievable goals, analyze them and turn them into a set of tasks that will be necessary to achieve those goals. Sounds simple, right? It is, but you've got to do it
KEY #5: Make a plan from your Tasks. Now take those tasks and put them on a timeline - map out a plan. You see this is the key between a goal and a dream. A goal has a plan associated with how to achieve it - a dream is merely a desire or a wish.
KEY #6: Spend your money wisely. So what do I mean by that? I mean, spend your money on the things that can make a difference in your bottom line - how much you make. Do you know what the single best investment you can make? Invest in yourself. As you grow in your abilities so will your pay check. Think about it, all of the other vendors in your company sell the same product, to the same target audience - what can you do to get an edge? Invest in yourself because you are the one variable in the success equation that you can 100% control - that's a wise investment.
KEY #7: Understanding the 80/20 Rule. Spend 80% of your time on the 20% of your tasks that are the most successful in making you money. As you build a team of sales people below you, you will have to spend 80% of your training time working with those 20% who are the most effective. You have to learn to discern between what makes you money and what doesn't and focus 80% of your time on what makes you money.
KEY #8: Manage your Time. Yep, I know everyone says this, right? Maybe there is a reason why everyone says it? Time management is not making a task list. In fact, Task Lists can actually be counterproductive because they can become so overwhelming that they can "depress" you. Instead, schedule your time. Block off time on your agenda for a specific task and only do that one task during that time. If the phone rings or email comes in, ignore it and stay focused on what it is you need to complete.
The bottom line is that there is no magic pill to be instantly successful. A home based business is just like anything else in life - we get out of it what we put into it. If you run it like a hobby, then don't be surprised when it pays you like a hobby. If however you commit to running a well planned and executed business, it just may provide you with the financial freedom you desire. - 15336
About the Author:
Troy Broussard is a successful Online Internet Marketer and has built a six figure income in just six short months online. To discover more about Troy Broussard or his M.O.R. Vacations travel company, please visit his M.O.R. Vacations travel site and download your free eBook.
