4 Pitfalls To Avoid When Starting A Home Based Business

by Pam on July 18, 2013

tips for starting a home based businessDo you know why most home based businesses fail? The main reason is because the person running the business doesn’t understand the right way to go about doing it. What you need to keep in mind is that there are many pitfalls that you should avoid and I am going to tell you about the four most important ones.

Before I get to the four pitfalls, it is imperative that you have your business idea already in your head. Now, you don’t need it all perfected just yet, but learning about the pitfalls prior to coming up with the idea will only make things harder.

4 Pitfalls to Avoid

Working Without A Schedule – If you think you can work from home and not have a working schedule, then you are going to have a really tough time. The thing you need to understand is that you don’t have to work that much, but you always need to work around the same time. Even if this is only 30 minutes, it is better than nothing.   By creating a routine that you can follow, you will work more efficiently and feel more productive at the end of each day.

Not Separating Money – One common pitfall that you must avoid is mixing your personal money with that of your business. If you can’t keep your money separate, then the odds of you spending more than you have are much more likely. The trick is to open up another checking and savings account and make sure you use it for only business related expenses.  Do this right away, even before your first customer cuts you a check.  Keeping things separate will reduce confusion as well, and it will be much easier for you to do your business books and your taxes.

Thinking You Can’t Fail – Trust me, you can fail and if you don’t think so, then you will. Just know that you will fail at many things, it is how you overcome those failures that will dictate how far your business goes.  Most business owners have learned through their many failures, and many are successful only after going through a painful learning process.  Don’t expect to be the exception, as you likely will follow the path of many others who have gone before you.

Hiring Out Too Soon – If you want to hire out some of the work, then do so but make sure it is not too soon. A lot of people make this mistake and that is one thing that I want you to avoid as much as possible.   Although it would be nice to have the extra help, sometimes the added cost of paying an employee can be overwhelming for a start up business.  Think things through clearly before you take the plunge.

When it comes to starting a home based business you must take your time and put in a lot of effort. Just know that you can’t create a million dollar business in a day, but we know that with patience, discipline, and hard work, many people become successful business owners, and you can be one, too.

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