How Most Home Businesses Fail
I’m sure we’ve all heard it a thousand times… “Most small businesses fail within the first year.” That doesn’t have to be true, but in some cases it absolutely is. Why?? Well, some people either make the wrong decisions or just don’t know what they are doing when they start up a small business – through no fault of their own – but then they don’t invest the time and/or money into valuable training or even business coaching! Here’s how most home businesses fail and how to stay off of that path yourself.
Owning your own business means you are your own boss, and while that is usually a great reason to start your own business, there are certainly a couple downfalls. You may find yourself waking up some mornings and not having the motivation to get any work done. Since you are the “boss,” you can take off whatever day you want to take off, right? WRONG! You need to get up every day and grind; keep pushing toward your goals if you want your business to flourish!
So many businesses have been left in the dust, simply because they can’t (or won’t!) keep up with the times. If there is a new social media platform that you can use to market your product you should absolutely take advantage of it before your competitor does. Not adapting also means not changing where you need to change; for example, if your latest product isn’t doing so great, you’ve got to be willing to pull it from the market, refine it, and relaunch it. If you aren’t constantly growing and adapting, your business becomes stagnant and so does your income. Boo hiss, nobody wants that, right?! 😉
Starting a home business isn’t a get rich quick scheme. You have to put in a lot of hard work, consistently, to see a return on your investment. Once it finally takes off and you’re making good money, you need to be putting some of that money back into your business somehow. Whether it’s upgrading your current products, improving your website, or purchasing better equipment, you should always be putting a percentage of your revenue back into your business if you want to stay relevant and on top of your game.
Keeping a business afloat can be tough. Keeping a HOME business afloat can be even tougher. When all you have to rely on is yourself, your drive, and your motivation, there are things that must be done to ensure you keep a strong foothold on the competition and your relevancy.
Shoutout to all my fellow home business owners who may be reading this!! Chime in below and let’s hear what your biggest lessons so far have been, when it comes to being a home business badass!