1. Something For Nothing Syndrome
Let me be perfectly honest with you, there is no such thing as something for nothing, but you already knew that didnt you. Then why are there so many home based business and success programs being sold by way of TV info-commercials, ads in magazines, newspapers, and the especially the Internet? I personally think that we would all like to think that there is a shortcut to success but deep inside we all know that is success is earned. Success would not be success if you could simply purchase a home based business system for $49.95 that is completely automated and all you do is collect the money, yet I have personally seen thousands of internet sites and info commercials claiming they have a fully automated system, plug in and you will be wealthy by just paying your $49.95, presto you're an instant success, no real efforts required, they even guarantee it.
2. Not Understanding Capital & ROI
Capital is the money required to start and operate your business. Remember Rule 1, there is never something for nothing. Understanding how much capital is going to be required to start and operate your business until profits are realized is an important factor in the success of any business. Once your capital needs are identified you can begin to calculate your ROI Return on Investmentor should we say Return on Capital. So for example, if your business will require $20,000.00 to start and operate until profits come in and that business will generate $100,000.00 net profit the first year then you would have achieved a complete capital payback and a 400% return on capital first year.
3. Listening To The Wrong People
When evaluating a home based business system look at the training and support, make sure the individuals doing the training are at a high personal level of success in that business. Most companies have customer support teams that are just hourly employees reading information from manuals. They are not qualified to teach you how to reach the level of success you are looking for, or worse yet you can only e-mail your questions or complaints to them. You should look for a home based business system that allows for the top income earners within that system to be the trainers. This way you are learning from the people who are getting results. Ask yourself, will I have the telephone numbers of the people with whom I will be doing business, will I have access to the top income earners on a daily bases if necessary.
4. Marketing, Marketing and Marketing
You can have the best products in the entire world or provide the best service in your industry, but unless people know about your products or service, you will be out of business. There are many ways to market your business and they can be very simple and inexpensive or they can be complicated and very expensive. Repeat business is essential to a successful business and marketing system.
5. Poor Environment Management
Working from home offers many benefits such as no commute and no day care costs, etc. The flip side of this coin is that distractions can exist that you do not find in an office setting, such as crying children, barking dogs, the television, you get the idea. The trick is to balance your environment.
6. Having A Closed Mind
7. Poor Product or Service Selection
8. Fear of Rejection
Fear of rejection is usually caused by low self-esteem and the lack of self-confidence. A business can not be profitable without sales.
9. No Leverage
Leverage is the only way you will create real wealth in your life. A business owner leverages his time by hiring employees, these employees leverage his time. This is why service businesses where you do the work have no leverage without employees or someone else doing the labor. A manufacturer that uses distributors is an example of leverage. A franchise that sells its system and collects a portion of profits is leverage.
10. Inadequate Planning
Creating a plan to achieve your goals is paramount. This should include a DMO, Daily Method of Operations. Focus efforts can produce the best results just like the magnifying glass focuses the suns rays and creates fire, your efforts can be focused for best results. Having a precised plan with measurements is imperative, for example to say your goal is to improve sales, is a goal without a measure. Instead say your goal is to increase sales 30% in the next 90 days, this is an example of a goal with measure and a completion date. You can clearly measure if you have reached your goal as well as track its progress along the say. Set your DMO and follow it while consulting your goals on a daily basis and make sure you are doing all necessary to meet your objectives. Managing your time is important but focused effort and balance will propel you to success, dont forget to relax and have fun. By focusing your time, you will surely get better results in all areas of your life.
Source by ezinearticles.com
Let me be perfectly honest with you, there is no such thing as something for nothing, but you already knew that didnt you. Then why are there so many home based business and success programs being sold by way of TV info-commercials, ads in magazines, newspapers, and the especially the Internet? I personally think that we would all like to think that there is a shortcut to success but deep inside we all know that is success is earned. Success would not be success if you could simply purchase a home based business system for $49.95 that is completely automated and all you do is collect the money, yet I have personally seen thousands of internet sites and info commercials claiming they have a fully automated system, plug in and you will be wealthy by just paying your $49.95, presto you're an instant success, no real efforts required, they even guarantee it.
2. Not Understanding Capital & ROI
Capital is the money required to start and operate your business. Remember Rule 1, there is never something for nothing. Understanding how much capital is going to be required to start and operate your business until profits are realized is an important factor in the success of any business. Once your capital needs are identified you can begin to calculate your ROI Return on Investmentor should we say Return on Capital. So for example, if your business will require $20,000.00 to start and operate until profits come in and that business will generate $100,000.00 net profit the first year then you would have achieved a complete capital payback and a 400% return on capital first year.
3. Listening To The Wrong People
When evaluating a home based business system look at the training and support, make sure the individuals doing the training are at a high personal level of success in that business. Most companies have customer support teams that are just hourly employees reading information from manuals. They are not qualified to teach you how to reach the level of success you are looking for, or worse yet you can only e-mail your questions or complaints to them. You should look for a home based business system that allows for the top income earners within that system to be the trainers. This way you are learning from the people who are getting results. Ask yourself, will I have the telephone numbers of the people with whom I will be doing business, will I have access to the top income earners on a daily bases if necessary.
4. Marketing, Marketing and Marketing
You can have the best products in the entire world or provide the best service in your industry, but unless people know about your products or service, you will be out of business. There are many ways to market your business and they can be very simple and inexpensive or they can be complicated and very expensive. Repeat business is essential to a successful business and marketing system.
5. Poor Environment Management
Working from home offers many benefits such as no commute and no day care costs, etc. The flip side of this coin is that distractions can exist that you do not find in an office setting, such as crying children, barking dogs, the television, you get the idea. The trick is to balance your environment.
6. Having A Closed Mind
7. Poor Product or Service Selection
8. Fear of Rejection
Fear of rejection is usually caused by low self-esteem and the lack of self-confidence. A business can not be profitable without sales.
9. No Leverage
Leverage is the only way you will create real wealth in your life. A business owner leverages his time by hiring employees, these employees leverage his time. This is why service businesses where you do the work have no leverage without employees or someone else doing the labor. A manufacturer that uses distributors is an example of leverage. A franchise that sells its system and collects a portion of profits is leverage.
10. Inadequate Planning
Creating a plan to achieve your goals is paramount. This should include a DMO, Daily Method of Operations. Focus efforts can produce the best results just like the magnifying glass focuses the suns rays and creates fire, your efforts can be focused for best results. Having a precised plan with measurements is imperative, for example to say your goal is to improve sales, is a goal without a measure. Instead say your goal is to increase sales 30% in the next 90 days, this is an example of a goal with measure and a completion date. You can clearly measure if you have reached your goal as well as track its progress along the say. Set your DMO and follow it while consulting your goals on a daily basis and make sure you are doing all necessary to meet your objectives. Managing your time is important but focused effort and balance will propel you to success, dont forget to relax and have fun. By focusing your time, you will surely get better results in all areas of your life.
Source by ezinearticles.com
1 comments:
nice posting
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