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Will Your Home Business Succeed Or Fail?

You may operate a home business selling services or products, but no matter which kind of business you're in, there's always a question in the back of your mind: will my home business succeed or fail, or do I have the motivation it takes to keep it afloat?

Whichever type of home business you have, it's important that you know ways that you can keep your business going during slack times and/or economic downturns. If cash flow is a problem in your business, you should be sure to make certain that your money management techniques are on target and well refined.

Some of the things you can do to make sure your business will survive in the 21st century is to avoid impulse expenditures. There are many reasons for impulse spending, even as it applies to business. We may fall under the persuasive spell of a salesperson who has talked us into buying things we don't need. Maybe we simply made impulsive purchases because we had a little extra money, or perhaps to keep up the appearance of prosperity. Then you realize a few days later that you've committed some of your business funds to products or services that are not necessary for the success of your business.

"It is not because things are difficult that we do not dare, it is because we do not dare that they are difficult". -- Seneca

Here are some tips to help you avoid these impulse purchases and make certain your business succeeds:

1. You can help control impulse purchases by requiring two (or more) signatures on all company checks over a set amount. This will give you time to seriously consider whether or not you really need the product or service you are about to buy.

2. If you are vulnerable, you can get yourself out of the grasp of an insistent salesperson if you explain that all purchasing decisions are contingent upon the approval of a second party. This so-called second party can be anyone - a partner or a department head or even a family member.

3. If you are the sole owner of your business, you won't need to worry about these impulse spending patterns because you normally have three days to cancel your purchase if you decide you don't need it or that you can't afford to spend the money. However, be sure that you don't skimp on services or products that you really need.

4. When business is slow, you must learn to say "no" to anyone, even friends, who are trying to sell you unnecessary items. When business is good, you will probably allow more vendors to


show you new equipment or new lines of so-called "new and improved" merchandise; otherwise, concentrate on your basic needs. However, take particular care that you are courteous so these vendors will consider you a friend.

5. If you commit yourself without investigating all details and charge ahead, you may be setting yourself up for failure. Be certain that you are prepared for all situations and emergencies that could arise. It pays in the long run - regardless of cost - to ask for professional advice before you start on any plan; it may prevent failure of your business. A business without a plan is like a boat without a rudder, you may be lucky and drift safely shore but most likely you'll end up on the rocks with 90% of other home business owners who fail because they don't have a plan and goals.

6. Another way to assure the success of your home business is to be sure of the direction your business is heading. You should be aware of your daily progress and monitor what your competitors are doing. Stay abreast of business trends and sales information for your particular industry.

Whether your home business succeeds or fails is dependent upon good money management, having decisive goals and a definitive plan on how you will achieve them. Also your motivation and the ability to foresee and solve any problems if and when they occur, is a deciding factor as you whether you succeed or fail.

Take the bull by the horns and decide now where you want to be at the end of the year, in two years time, in five years and set about following a precise plan of action to achieve your goals. Take daily action to ensure success; if you truly want to succeed you will take daily action, work hard and persevere.

"Through perseverance many people win success out of what seemed destined to be certain failure." -- Benjamin Disraeli

I recommend you read Napoleon Hill's 'Unlimited Success' and 'Think and Grow Rich' to develop your success mindset and motivate you to succeed.


Copyright © Ian Canaway

(Feel free to use this article online and in your email newsletters as long as you leave it intact and do not alter it in anyway. The by-line and resource box must remain in the article.)

Ian Canaway is a home business entrepreneur and the owner of http://www.asuccesfullhomebusiness4u.com and also a home business blog at http://www.ahomebusinessblog4u.blogspot.com ; providing high quality information and resources.

 

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  • 10 critical questions to ask before hiring a consultant

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  • 11 secrets to leadership in sales

  • 11 ways to elevate your sales

  • 3 steps to turning ok sales into unbelieveable results

  • 5 tips for savvy use of your home equity line of credit

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  • 7 explosive strategies to maximize your google adwords campaigns

  • 7 tips for product enhancement to increase your sales

  • 8 procedures to take control of sales and marketing

  • alarming marketing trend

  • are you still broke with 10 000 people in your downline

  • army ranger reveals how to control corporate stress

  • assumptions the hidden sales killer

  • astute pricing by sales representatives can expand profit

  • a new look for business in the future

  • a power technique for boosting sales

  • a profitable growth formula for sales managers

  • a real crm strategy or just tracking customers

  • bankers in denial

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  • building an email marketing list

  • businesses should specialise not generalise

  • business after the iraqi war

  • can a sales leaseback arrangement make investing in orlando investment more safe and reliable

  • cash flow management

  • cash flow profits and the cash conversion cycle

  • celebrating successes the power of compliments

  • characteristics of high performance teams

  • coaching for success

  • commodity sales prospecting ‹¨« how to stand out from your competitors

  • communicating value

  • conducting business through b2b e marketplaces

  • confessions of a reluctant saleswoman

  • create a positive upbeat can do workforce and dazzle the customer with your caring

  • creating your internet marketing plan

  • crm for beginners customer relationship management basics

  • crm sfa that accelerates sales the sales process integration approach

  • customer service and call center outsourcing whats the buzz

  • dialogue the four dialogic principles for successful communication

  • does your business need a toll free 800 number

  • doing business online private b2b exchanges

  • domain name and web hosting hell

  • dont shoot the sales team

  • do you feel overwhelmed running a web business try this

  • do you have a picture of your customer

  • do you need a personal assistant

  • easily slash your comms costs using web conferencing

  • education and outsourcing 2 ways to improve your business

  • einstein definition of insanity

  • entrepreneurship what does it really mean

  • financial services marketing insights a marketing compass

  • finding rest for the direct sales company mom

  • first the key to successful sales

  • five dirt cheap ways to increase sales in your cleaning business

  • five strategies to strengthen your companys financial management

  • five tips for analyzing an income statement

  • five top tips for a prosperous 2004

  • forecasting and surviving a layoff or downsizing

  • gaining business intelligence

  • get coached

  • good bye bobby knight and all the sales managers like you

  • grants loans free credit cards and credit repair the whole truth and nothing but the truth

  • hiring and retaining good employees

  • hiring the best sales athletes

  • how to beat the 80 20 rule in sales performance part 1

  • how to beat the 80 20 rule in sales performance part 2

  • how to build a repeat client base in automobile sales

  • how to create multiple revenue streams for your home business

  • how to create your own successful and profitable affiliate program

  • how to cut duty cost and increase profit as an importer

  • how to decrease profits without really trying

  • how to define your companys sales job part 1

  • how to define your companys sales job part 2

  • how to easily increase your profits

  • how to enhance quality in your business

  • how to find an investment advisor

  • how to get money back for your process and procedures investments

  • how to get rich with network marketing

  • how to identify a problem solver

  • how to improve your management procedures usability

  • how to increase sales with automation improvements

  • how to join the 5 of internet business real money making pros regardless of the products you sell

  • how to maximize account penetration and jump start sales

  • how to maximize sales by minimizing windshield time

  • how to meet quality standards with iso 9001

  • how to promote your home business with ebooks

  • how to start a business plan

  • how you can learn to be a better manager

  • hunters and gatherers are you serving both their needs

  • hurdles to cross cultural business communication

  • if it was easy everybody would do it

  • if one does not do any planning one is planning to fail

  • increase sales in your home business with these 10 simple ideas

  • increase your income through international trade

  • increase your influence increase your sales

  • increase your pipeline deploying the cost effective sales team

  • increase your sales by 30 using internet collaboration networks

  • increasing sales with customer interaction points

  • index

  • industry pro interview expanding your market reach for more sales

  • internet marketing vs forex currency trading

  • introducing a mystery shopping program employees

  • investors avoid these 5 common tax mistakes

  • iso 9001 compliant program steps to build

  • is it time to hit the reset button on your sales department

  • is your business profitable

  • is your company growing fast enough for you

  • keeping your sales team motivated

  • leadership lessons for sales managers

  • leveraging open source technology

  • like it or notyoure in sales

  • lone wolf lead wolf

  • looking for a direct sales party plan company do you know what questions to ask

  • making sales online is easy isnt it

  • making sales online is easy isn t it

  • managing your business cash flow

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  • menu driven business planning

  • money management

  • multiply your sales

  • networking 101

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  • no degree no problem

  • online success

  • only the weak ones quit

  • organization tips how to set up your database

  • outsourcing not just for big business

  • overcoming barriers to sales

  • overcoming sales objections for small business networks

  • overcoming small business networks sales objections

  • part 1 of 5 how pipe dreams can become realities

  • part 1 of 5 on the home business set up guide

  • part 2 of 5 how pipe dreams can become realities

  • part 2 of 5 on the home business set up guide

  • part 3 of 5 how pipe dreams can become realities

  • part 4 of 5 how pipe dreams can become realities

  • part 5 of 5 how pipe dreams can become realities

  • paypal dedication can leave your business exposed

  • phone interviews prepare to ace them

  • phone tips to get things done professional phone skills

  • planning to make a decision

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  • profitable growth is everyones business a book summary

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  • results of poor cross cultural awareness

  • riding the sales rollercoaster

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  • sales 201 learning tools of your trade

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  • sales leads how to generate quality sales leads through public speaking

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  • sales performance and motivation how to get your edge back

  • sales planning

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  • sales process the secret to closing more sales

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  • sales success the 5 steps

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