If You Want to Be a Winner Change Your Planning For Success Philosophy
Hello Entrepreneurs
Today I am talking about some house keeping that we should keep in mind when starting out to build successful home based business.
Here are some general start-up tips for a Successful Home Based Business.
Here’s the first tip is really a word of caution. It is easy to think that because your home based business can bypass the lease or construction aspects of starting a business, and the overhead costs of
- Furnishings
- Maintenance
- Landscaping
- Utilities
- And so on….
It does not mean that you can skip over some other processes also.
That attitude will instead of leading you down the road to a successful home based business, could do the opposite and lead to financial business disaster.
Having an entrepreneurial mind-set and great ideas are brilliant assets for a successful home based business but other things are very important too.
Market Research
Market Research and careful planning are vitally important to the success of your home based business.
Business Plan
A business plan is a must and it must include details of the products and or services your business will offer.
The type of business equipment you will need and the costs and what you will need for the next five years.
It should also include information on the competition in your chosen niche.
You will also need to include how your new home based business will be successful in competing in this market space, such as what makes you unique and how you can improve on what is already out there.
You can find out more about creating your Great Business Plan Training HERE
Legal Requirements
A successful home based business should make sure that all the legal requirements are met and set-up.
It is important to know what you need to do in order to run your home based business legally. If you don’t know, then it is important that you learn what is required in your area.
One of the first things that new home based entrepreneurs should do is to learn the legal penalties and liabilities of the various business types along with the business tax requirements.
Many entrepreneurs often lack the crucial home based business skills such as:
- Advertising
- Marketing
- Accounting
For example.
An accountant can advise on the various options that will benefit your business.
If you are going to have walk in clients or customers then you will need to have adequate insurance that will cover you for protection against theft or natural disasters.
You will also be required to have liability insurance that will protect you against financial devastating situations and customer injury should you have walk-in clients.
Bottom Line
What I am trying to say is that to have a successful home based business you are going to make sure that you have a plan from the get go.
Take some time to build a plan around your goals.
Remember there is no such thing as too much preparation.
You want to build a successful home based business here at Wealthy Affiliate, RIGHT, so make sure that you start out in the right way.
Just keeping it real.
Here’s to making it happen
See you at the Top
Thank you for reading
Jennifer
PS: I would really appreciate your liking and sharing this post. Thank You.
Recent Comments
20
Really nice and useful post!
It's so true. We should not be afraid to take the time to build a solid foundation for our business. It is true that sometimes we can be so motivated and in a hurry to see results that we can make the mistake of rushing ourselves without real preparation. Which could give our business a neglected and not very proffessional image. Doing things step by step without getting into the water without a safety net is the best way.
Ingrid
Thank you Ingrid for your comment and feedback much appreciated
Well said.
Have a great week
Jennifer
You could ask your questions within the community I am sure that someone will be able to help you.
A good post Jennifer. Too many people still think it is going to fall into their lap once they have a website.
Derek
Thank you Derek for your comment much appreciated
Yes and these things need to get done for anyone that is serious about building a successful home based business.
Have a great weekend
Jennifer
Good article, but one item I DISAGREE with is:
"There is no such thing as too much preparation."
Simply put, "Some people overthink and over prepare so much that they never take action."
I found this to be one of my worst habits.
Allen. I have also done this over thinking thing. I wasted 2 years before going premium here, I kept chewing things over and lost 2 years 🤔 Mike
Thank you Allan for your comment and feedback much appreciated
Yes you can over think things and never get anything done.
But I was really referring to setting up an home based business and making sure that all the legal requirements are met.
Have a great weekend
Jennifer
Great points about planning Jennifer. I know I am the worst at planning ahead, but I am working on that and you gave me more great ideas to plan toward success.
Thanks Again
Ray
Thank you Ray for your comment much appreciated.
I am so glad that you found this post helpful
Have a great weekend
Jennifer
Hi Jenny,
Very helpful post.
You know most of us here are more or less focusing on earning. And the main focus is to create a web presence through the websites they create.
And with planning, you are absolutely correct. For every business to operate, be it a walk-in business or a home-based business, there must always be a plan.
The business plan provides a guideline or a direction on how this business will operate.
Anyway, you've said it all and that's great.
All the best.
Cheers Jay!
Jasper
Thank you Jasper for your comment and feedback much appreciated
Yes the business plan does not have in book form just a guideline like you mentioned.
Have a great day
Jennifer
See more comments
Hello Jennifer!
Ein guter Plan ist für jeden von uns wichtig.
Alles Gute und viel Erfolg
wünscht dir alfred dvorak
aus dem Burgenland