Posts from — April 2008

Have you ever heard that only a small part of ‘all’ Home-Based Business entrepreneurs achieve success? Do an online research on your favorite Search Engineand you will understand what I mean. In this article I’m going to show you the KEY to Home-Based Business entrepreneurs success; you’ll find out what makes an entrepreneur succesful in the home-based business field.

Below are five tips for home based business entrepreneurs:

1. It’s their mindset that brings success

Serious entrepreneurs have ‘programmed’ their mind to succeed no matter what. They don’t lack focus on their home-based business and let nobody stop their plans in achieving what they want. They know what they want and they have the DESIRE to succeed. If you don’t know exactly what you want when it comes your home-based business, think about it again and re-consider your plans, what you want to achieve, a get-rick-quick or a profitable, long term business.

2. It’s their start-up plan that brings success

Smart entrepreneurs know that it takes time to set-up and grow a profitable home-based business. They plan to succeed. They have a start-up plan that might fail but they never give up and start again with a better plan. Serious entrepreneurs know that it takes discipline andtime to build a strong and solid home-based business, which delivers ongoing income through many years to come.

3. It’s their initial RESEARCH that brings success

Smart and serious entrepreneurs know the importanceof market research. They know that in order, for a home-based business to succeed, they have to research their target market (their potential customers) and study their competitors. Research your target market and study your competitorsin order to have a long-term, profitable home-based business. Know what your customers want and give it to them.Keep an eye on your competitors, study their offer(s)and make sure you come up with a better deal thanthem.

4. It’s their marketing strategy that brings success

Study each successful entrepreneur in your marketingfield and you’ll notice how they market online / offline. Each of them have their own ‘unique’ marketing strategybut they use the same basic principles. Don’t re-invent the wheel. Use the main marketing conceptsthat are proven to work but try to improve and adjust themto your own situation. Make them work for your home-based business. Make your offer better and unique than your competitiors if you want to WIN in this business, or simply quit (I know that’s no what you really want!)

5. It’s their investment that brings success

Smart entrepreneurs know that the KEY is to work SMART, not hard. If you don’t have the required skills to develop a NEW marketing tactic for your home-based business why not hire a consultant who knows his stuff? If you have ‘enough’ money why not invest in someone who can help you grow your home-based business and give me something to work at too? What is more valuable to you, your time or your money?

A serious entrepreneur is ready to invest (both time and money). He knows that he will build a long-term successful business for him and the one he loves (friends, family, children, etc.) The final (or first?) STEP you need to take in order to succeed is to act (take ACTION!). Yes, put into practice what I have told you above (the 5 TIPS for Home-Based Business Entrepreneurs) and you’ll succeed, no matter what.

There are certain traits and skills that many successful online entrepreneurs have in common. Some mentioned in this article may seem simple, but don’t overlook their importance.

You may not personally be strong in all areas, but you can get by as long as you can delegate tasks that call for them to someone on your team that is.

* Good Communicator

Whether you are communicating by email, your web site, ICQ, web-based forums, or whatever, you (or someone in your organization) need to demonstrate good communication skills - especially good writing skills. Unfortunately, many online communications are very weak in this area. I’m not saying this to be critical, but to point out an area for improvement that we can benefit from by giving attention to.

Since we’re all human and prone to making mistakes, our communications may not be flawless, but the more clearly and accurately we get our message across - with fewer mistakes in spelling, punctuation, and grammar - the more likely our prospects will grasp our message and take the desired action, and the more professional image we will project.

However, that does NOT mean that we need to try to impress people with complex language. Research has shown that clear, simple language outsells complicated language.

* Calculated Risk-Taker

True entrepreneurs aren’t necessarily foolhardy gamblers or risk-takers, but tend to be willing to take carefully calculated risks after careful thought and planning (thereby reducing the risk). This is better than dragging one’s feet too long, suffering from “analysis paralysis,” wasting precious time over-analyzing things.

* More of a Doer Than a Dreamer

Having dreams and aspirations about becoming a successful entrepreneur is all well and good. The problem is, it is much easier to dream than it is to roll up our sleeves and get busy making those dreams come true. Only when we do more doing than dreaming will we ever become successful.

* Persistent

As I’ve watched new online ventures come and go, and others (including my own) come and GROW, I’ve noticed that persistence is a key ingredient missing from many failed ones. And some are right on the brink of success when they quit!

* Cautiously Optimistic

Rather than have a negative outlook on life (which will eventually by conveyed to prospects and customers) successful entrepreneurs usually tend to have a “can do” attitude, and to see opportunity where others only see problems.

* Goal Oriented

Entrepreneurs take a lot of satisfaction in setting and reaching business-related goals. This isn’t surprising, as all humans have a natural desire to find satisfaction in their accomplishments.

* Customer Oriented

Hit and run entrepreneurs don’t usually last, but those that focus on understanding and satisfying the wants, needs and buying trends of their customers tend to thrive.

* Passion for the Type of Business

Entrepreneurs aren’t just motivated by a desire to earn a living. They usually have such an interest in their line of business that it rarely seems like work to them. It helps them put in the long hours that getting a business up and running sometimes calls for.

* Flexible

Things change rapidly, especially online. The successful entrepreneur is willing to overcome mistakes, meet new challenges head-on, and adapt to change. Doing so can mean the difference between success and failure.

* Skilled at Marketing

In business, as the saying goes, “Everything is marketing.” The world can not and will not beat a path to your door to buy your “better mouse trap” if the world doesn’t know about it. Regardless of what business you’re in, marketing is the tool used to present the solutions that your products and services offer to the rest of the world.

As legendary promoter P.T. Barnum said: “Without promotion, something terrible happens - NOTHING!”

Like any other skill, your marketing can be improved through increased knowledge and practice. Invest in expanding your knowledge of marketing. Doing so can serve you well throughout your entrepreneurial career. Benjamin Franklin put it well, when he said: “An investment in knowledge always pays the best interest.”

Of course, there are lots of other skills and traits that successful Internet entrepreneurs have at their disposal, but the above list covers many of the most crucial ones. May it help you to also find success as an online entrepreneur.

Does the idea of running your own business sound exciting? Do you have a business up and running and want to take it to the next level? I’ve found that the answers to these 5 questions can make or break any endeavor. Of course there are lots of other areas that must be addressed, however these will get you moving in the right direction quickly.

Once you have these answers, you’ve created a basic and relatively painless Down and Dirty Business Plan?.

1. What problem do you solve?

You MUST begin here. If you don’t know what problem you solve, you don’t have a snowball’s chance. What real need do your potential customers/clients have that isn’t be fully addressed yet? Where’s their pain?

2. For whom do you solve it? or What is your niche?

In today’s economy, the best (many say the only) way to market your goods or services is to be very specific about targeting your potential customers. You can locate them, they can find you, and others can refer to you. This is scary for most entrepreneurs because it means saying “No” to some people. Let it go. It works!

3. Who’s your competition?

It’s time to become a stealth researcher. Who else is doing anything like what you’re doing? What’s their niche? How do they market? What do they charge? How long have they been in business? How are they unique?

4. How will you market your business?

Study your competition. What’s working for them? Model their success. Improve it. Think outside the box. Where does your niche hang out? Will you network, place ads in local papers, or do some PR? How about using Google pay per clicks?

5. Why you?

Why will your potential customers go to you instead of the competition? What makes you uniquely qualified to solve their problem(s)? Is there a specific solution you have that they don’t? Can you be more cost effective and/or efficient? Is your service unparalleled? If you don’t know why they’d choose you, your market won’t know why either!

Anyone who is serious about making some money is already very well aware of the fact that it takes some type of investment to make this happen. I’ve read a lot of copy that suggests one can build a business for free, if they are willing to spend an extra amount of time to compensate for their lack of financial backing.

At the risk of bursting a few bubbles, I’m going to put this myth into perspective right now. While it’s true a lot of hard work can make up for some weaknesses in your budget, the idea that anyone can build a prosperous business from the ground up with zero monetary investment is, at best, ridiculous.

I’m not saying this to discourage anyone. Quite the opposite, I’m trying to help people who are new to all this avoid months of frustration by giving them a dose of reality.

With the proper determination, you most certainly can succeed without spending a small fortune. However, there is simply no way to avoid putting at least some money into your projects if you truly expect them to grow and expand.

Maybe you don’t have a lot of money to spend right now, and that’s fine. There’s nothing wrong with looking for a few freebies in the beginning, but you should definitely start mapping out a plan to generate some operating funds for your networking business.

Sit down and draw up your current budget. Start with your total monthly income and deduct all your monthly expenses. Next, identify any excess spending that can be reduced or curtailed. You may even need to develop some ideas of how you can generate a little extra money throughout the month to help fund your business. An honest, organized approach to identifying your financial capabilities and limitations is essential for your success.

Some of the things you can do to increase the size of your advertising/operating budget include:

- Reduce some of the “frills” on your monthly cable bill (pay per view events, movie channels, etc.).

- Locate a few extra hours of offline work per week. This could be another part time job, or it could be a matter of picking up some “odd work” a few times per month.

- Reduce entertainment expenses. Consider eating out less, or saving money by catching the matinee show instead of the more expensive evening movie.

- Consolidate your credit card debt into a single card, thus lowering your monthly payment obligation.

- Take out a small business loan.

- Have a garage sale.

- Buy your essentials (toothpaste, razors, deodorant, etc.) at a “Dollar Store.” Thrift stores often retail the same merchandise sold at corporate stores for a fraction of the price.

These suggestions may sound silly to you, and that’s fine. We all set our own priorities. If your business is just a hobby, then you probably aren’t willing to go to extremes to insure its success. On the other hand, if the success of your business is paramount to your personal happiness, going the extra mile isn’t too much to ask.

Personally, I think of network marketing as my “ticket” to freedom and porsperity. With this attitude in heart and mind, I am more than willing to cut a few luxuries and funnel as much revenue as possible into the growth of my business.