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7 Mistakes to Avoid When Starting Your Home Business

By Meaghan Montrose

1. Doubting yourself.

First and foremost you need to believe in yourself in order to have a successful business. If you think you will fail, then you will fail. To be successful you need to be positive and believe in yourself. If you don’t think you are a success, how can you expect any clients to have confidence in you?

2. Considering your business to be JUST a side thing.

You can’t start your business and go in half-way. Running a successful business requires a full commitment. You need to make the decision and stick to it. If you are going to start a business it will require time, effort, and commitment. The business needs to become a priority in your life, not merely something you work on when you feel like it.

3. Being unprofessional.

Just because you start your own business and become your own boss does not mean you can give up on professionalism. You still need to think of this as work and should incorporate good practices from the workplace. Although your hours can now be more flexible, it doesn’t mean you can blow off work whenever you want. You need to remember to treat your employees as people who are responsible for the success of your business, not as friends. Be prepared, courteous, and prompt when meeting with clients or business partners. The way you present yourself reflects your company. If you are unorganized, rambling, or overly friendly you will not be showcasing your business well.

4. Procrastination and tardiness in communication with others.

This reason for failure is really #3b. It goes along with the idea of being unprofessional. This applies to contacting current and potential clients as well as business associates. You want to return phone calls and emails as soon as possible. You want your clients and partners to feel as though they are very important to you. If you make them wait, they will find something better and take their business elsewhere.

5. Putting all your eggs in one basket.

You are setting yourself up for disaster if you start a business and do not have enough money to survive. It is not a good idea to quit your job in the hopes that this business will instantly work out. This will ultimately bring failure because at the start you will likely not be bringing in enough money and this will lead to constant pressure and stress which will eventually force you to stop. Before you take on your business venture you have to be sure you have a nest egg to rely on, a back-up plan if things don’t work out, a feasible budget, and timeline for trying.

6. Choosing something too unique.

Your business needs to be based on a product or service that people will want. You do want to find something without too much competition, but at the same time the product or service can’t be too unique. There needs to be a market, people looking for this product/service, otherwise you won’t sell anything.

7. Not trying.

All business ventures have some risk associated with it. However, you can’t succeed if you don’t give it a shot. Just make sure it will not make or break your life. (Refer to reason #5)

Topics: Money and Business Advice, Starting/Running Your Tutoring Business, Work from Home | 7 Comments »

7 Responses to “7 Mistakes to Avoid When Starting Your Home Business”

  1. 7 Mistakes to Avoid When Writing a Business Plan | Business Plans for Dummies Says:

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  4. pradanang Says:

    great post, well it’s easy to said it than realized it…

  5. Helene Says:

    Thanks for your submission to The Work at Home Family. This is good information to help us stay focused.

  6. Annette Says:

    I’ve found that it seems like starting a business is the easy part. It takes real courage and determination to commit to work the business it day in and day out beyond full time hours to keep it growing/running. Great motivating list of reminders.

  7. Merchant Capital Says:

    Really a great and informative post.. Thanks.. Running a successful business really requires a full commitment.