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. Here's what I mean. Yes you should dream big, but you shouldn't set goals that are so grandiose that you feel like a failure when you can't achieve them. Instead, set a goal that is attainable and realistic. Set yourself up for success and grow that success over time. Turn one sale in the next two weeks, into 1 sale a week, into sponsoring 3 to 5 people per week, into 30 a month, etc Start small and grow with constant commitment and massive action.
KEY #4: Transform Goals into Tasks. Goals are good, but we have to make them "actionable tasks". So, reduce those goals into a step by step list of tasks that you need to accomplish.
KEY #5: Schedule your Tasks. If you don't put those tasks onto a schedule of time (with due dates) it will just become an overwhelming "to-do" list that makes you feel like you never get anything done. Instead, take those items and block off time on your agenda and schedule them out.
KEY #6: Invest in You. You don't have to get carried away here, but every little step you take to improve your abilities will impact your bottom line. Find the areas that you need to improve on and begin to invest on a daily basis in those areas. When I say invest, I'm not necessarily saying to spend money. You can invest time as well and there are a tremendous amount of free resources available if you search them out.
KEY #7: The 80/20 Rule. Understanding the 80/20 rule is a real gem to success. I highly suggest you do some reading on the subject. Here's a simple example. Take the action that makes you money (making calls, for example) and spend 80% of your time on that task. If you only have 10 hours a week to work on your business, 8 hours should be spent on making calls (in this example). That means that you only have 2 hours left for "everything else". Effective business entrepreneurs understand and practice this principle religiously.
KEY #8: Time Management. Lack of organization leads to frustration and that leads to you joining one of the 95% who end up quitting. The real key to time management is not letting it manage you, but scheduling specific tasks on your agenda and focusing on them and only them at that time. In today's electronic world we easily get distracted by the phone, the email, etc Successful business people know how to effectively manage their time.
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.
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. Here's what I mean. Yes you should dream big, but you shouldn't set goals that are so grandiose that you feel like a failure when you can't achieve them. Instead, set a goal that is attainable and realistic. Set yourself up for success and grow that success over time. Turn one sale in the next two weeks, into 1 sale a week, into sponsoring 3 to 5 people per week, into 30 a month, etc Start small and grow with constant commitment and massive action.
KEY #4: Transform Goals into Tasks. Goals are good, but we have to make them "actionable tasks". So, reduce those goals into a step by step list of tasks that you need to accomplish.
KEY #5: Schedule your Tasks. If you don't put those tasks onto a schedule of time (with due dates) it will just become an overwhelming "to-do" list that makes you feel like you never get anything done. Instead, take those items and block off time on your agenda and schedule them out.
KEY #6: Invest in You. You don't have to get carried away here, but every little step you take to improve your abilities will impact your bottom line. Find the areas that you need to improve on and begin to invest on a daily basis in those areas. When I say invest, I'm not necessarily saying to spend money. You can invest time as well and there are a tremendous amount of free resources available if you search them out.
KEY #7: The 80/20 Rule. Understanding the 80/20 rule is a real gem to success. I highly suggest you do some reading on the subject. Here's a simple example. Take the action that makes you money (making calls, for example) and spend 80% of your time on that task. If you only have 10 hours a week to work on your business, 8 hours should be spent on making calls (in this example). That means that you only have 2 hours left for "everything else". Effective business entrepreneurs understand and practice this principle religiously.
KEY #8: Time Management. Lack of organization leads to frustration and that leads to you joining one of the 95% who end up quitting. The real key to time management is not letting it manage you, but scheduling specific tasks on your agenda and focusing on them and only them at that time. In today's electronic world we easily get distracted by the phone, the email, etc Successful business people know how to effectively manage their time.
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.
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 business, please visit his M.O.R. Vacations travel site and claim your free report.
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