Regardless of your definition of success, there are, oddly enough,
a great number of common characteristics that are shared by successful
businesspeople. You can place a check beside each characteristic that you feel
that you possess. This way, you can see how you stack up. Even if you don't
have all of these characteristics, don't fret. Most can be learned with
practice and by developing a winning attitude, especially if you set goals and
apply yourself, through strategic planning, to reach those goals in incremental
and measurable stages.
The Home Business Musts
Like any activity you pursue, there are certain musts that are required
to be successful in a chosen activity. To legally operate a vehicle on public
roadways, one must have a driver's license; to excel in sports, one must train
and practice; to retire comfortably, one must become an informed investor and
actively invest for retirement. If your goal is success in business, then the
formula is no different. There are certain musts that have to be fully
developed, implemented and managed for your business to succeed. There are many
business musts, but this article contains I believe to be some of the more
important musts that are required to start, operate and grow a profitable home
business.
1. Do what you enjoy.
What you get out of your business in the form of personal
satisfaction, financial gain, stability and enjoyment will be the sum of what
you put into your business. So if you don't enjoy what you're doing, in all
likelihood it's safe to assume that will be reflected in the success of your
business--or subsequent lack of success. In fact, if you don't enjoy what
you're doing, chances are you won't succeed.
2. Take what you do seriously.
You cannot expect to be effective and successful in business unless
you truly believe in your business and in the goods and services that you sell.
Far too many home business owners fail to take their own businesses seriously
enough, getting easily sidetracked and not staying motivated and keeping their
noses to the grindstone. They also fall prey to naysayers who don't take them
seriously because they don't work from an office building, office park,
storefront, or factory. Little do these skeptics, who rain on the home business
owner's parade, know is that the number of people working from home, and making
very good annual incomes, has grown by leaps and bounds in recent years.
3. Plan everything.
Planning every aspect of your home business is not only a must, but
also builds habits that every home business owner should develop, implement,
and maintain. The act of business planning is so important because it requires
you to analyze each business situation, research and compile data, and make
conclusions based mainly on the facts as revealed through the research. A business plan also serves a second function, which is having your goals and
how you will achieve them, on paper. You can use the plan that you create both
as map to take you from point A to Z and as a yardstick to measure the success
of each individual plan or segment within the plan.
4. Manage money wisely.
The lifeblood of any business enterprise is cash flow. You need it
to buy inventory, pay for services, promote and market your business, repair
and replace tools and equipment, and pay yourself so that you can continue to
work. Therefore, all home business owners must become wise money managers to
ensure that the cash keeps flowing and the bills get paid. There are two
aspects to wise money management.
1.
The money you
receive from clients in exchange for your goods and services you provide
(income)
2.
The money you spend
on inventory, supplies, wages and other items required to keep your business
operating. (expenses)
5. Ask for the sale.
A home business entrepreneur must always remember that marketing,
advertising, or promotional activities are completely worthless, regardless of
how clever, expensive, or perfectly targeted they are, unless one simple thing
is accomplished--ask for the sale. This is not to say that being a great
salesperson, advertising copywriting whiz or a public relations specialist
isn't a tremendous asset to your business. However, all of these skills will be
for naught if you do not actively ask people to buy what you are selling.
6. Remember it's all about the customer.
Your home business is not about the products or services that you
sell. Your home business is not about the prices that you charge for your goods
and services. Your home business is not about your competition and how to beat
them. Your business is all about your customers, or clients, period. After all,
your customers are the people that will ultimately decide if your business goes
boom or bust. Everything you do in business must be customer focused, including
your policies, warranties, payment options, operating hours, presentations,
advertising and promotional campaigns and website. In addition, you must know
who your customers are inside out and upside down.
7. Become a shameless self-promoter (without becoming obnoxious).
One of the greatest myths about personal or business success is
that eventually your business, personal abilities, products or services will
get discovered and be embraced by the masses that will beat a path to your door
to buy what you are selling. But how can this happen if no one knows who you
are, what you sell and why they should be buying?
Self-promotion is one of the most beneficial, yet most
underutilized, marketing tools that the majority of home business owners have
at their immediate disposal.
8. Project a positive business image.
You have but a passing moment to make a positive and memorable
impression on people with whom you intend to do business. Home business owners
must go out of their way and make a conscious effort to always project the most
professional business image possible. The majority of home business owners do
not have the advantage of elaborate offices or elegant storefronts and
showrooms to wow prospects and impress customers. Instead, they must rely on
imagination, creativity and attention to the smallest detail when creating and
maintaining a professional image for their home business.
9. Get to know your customers.
One of the biggest features and often the most significant
competitive edge the home based entrepreneur has over the larger competitors is
the he can offer personalized attention. Call it high-tech backlash if you
will, but customers are sick and tired of hearing that their information is somewhere
in the computer and must be retrieved, or told to push a dozen digits to
finally get to the right department only to end up with voice mail--from which
they never receive a return phone call.
The home business owner can actually answer phone calls, get to
know customers, provide personal attention and win over repeat business by
doing so. It's a researched fact that most business (80 percent) will come from
repeat customers rather than new customers. Therefore, along with trying to
draw newcomers, the more you can do to woo your regular customers, the better
off you will be in the long run and personalized attention is very much
appreciated and remembered in the modern high tech world.
10. Level the playing field with technology.
You should avoid getting overly caught up in the high-tech world,
but you should also know how to take advantage of using it. One of the most
amazing aspects of the internet is that a one or two person business operating
from a basement can have a superior website to a $50 million company, and
nobody knows the difference. Make sure you're keeping up with the high-tech
world as it suits your needs.. The best technology is that which helps you, not
that which impresses your neighbors.
11. Build a top-notch business team.
No one person can build a successful business alone. It's a task
that requires a team that is as committed as you to the business and its
success. Your business team may include family members, friends, suppliers,
business alliances, employees, sub-contractors, industry and business
associations, local government and the community. Of course the most important
team members will be your customers or clients. Any or all may have a say in
how your business will function and a stake in your business future.
12. Become known as an expert.
When you have a problem that needs to be solved, do you seek just
anyone's advice or do you seek an expert in the field to help solve your
particular problem? Obviously, you want the most accurate information and
assistance that you can get. You naturally seek an expert to help solve your
problem. You call a plumber when the hot water tank leaks, a real estate agent
when it's time to sell your home or a dentist when you have a toothache.
Therefore, it only stands to reason that the more you become known for your
expertise in your business, the more people will seek you out to tap into your
expertise, creating more selling and referral opportunities. In effect,
becoming known as an expert is another style of prospecting for new business,
just in reverse. Instead of finding new and qualified people to sell to, these
people seek you out for your expertise.
13. Create a competitive advantage.
A home business must have a clearly defined unique selling
proposition. This is nothing more than a fancy way of asking the vital question,
"Why will people choose to do business with you or purchase your product
or service instead of doing business with a competitor and buying his product
or service?" In other words, what one aspect or combination of aspects is
going to separate your business from your competition? Will it be better
service, a longer warranty, better selection, longer business hours, more
flexible payment options, lowest price, personalized service, better customer
service, better return and exchange policies or a combination of several of
these?
14. Invest in yourself.
Top entrepreneurs buy and read business and marketing books, magazines, reports, journals, newsletters, websites and
industry publications, knowing that these resources will improve their
understanding of business and marketing functions and skills. They join
business associations and clubs, and they network with other skilled business
people to learn their secrets of success and help define their own goals and
objectives. Top entrepreneurs attend business and marketing seminars, workshops
and training courses, even if they have already mastered the subject matter of
the event. They do this because they know that education is an ongoing process.
There are usually ways to do things better, in less time, with less effort. In
short, top entrepreneurs never stop investing in the most powerful, effective
and best business and marketing tool at their immediate disposal--themselves.
15. Be accessible.
We're living in a time when we all expect our fast food lunch at
the drive-thru window to be ready in mere minutes, our dry cleaning to be ready
for pick-up on the same day, our money to be available at the cash machine and
our pizza delivered in 30 minutes or it's free. You see the pattern
developing--you must make it as easy as you can for people to do business with
you, regardless of the home business you operate.
You must remain cognizant of the fact that few people will work
hard, go out of their way, or be inconvenienced just for the privilege of
giving you their hard-earned money. The shoe is always on the other foot.
Making it easy for people to do business with you means that you must be
accessible and knowledgeable about your products and services. You must be able
to provide customers with what they want, when they want it.
16. Build a rock-solid reputation.
A good reputation is unquestionably one of the home business owner's most tangible
and marketable assets. You can't simply buy a good reputation; it's something
that you earn by honoring your promises. If you promise to have the merchandise
in the customer's hands by Wednesday, you have no excuse not to have it there.
If you offer to repair something, you need to make good on your offer.
Consistency in what you offer is the other key factor. If you cannot come
through with the same level of service (and products) for clients on a regular
basis, they have no reason to trust you . . . and without trust, you won't have
a good reputation.
17. Sell benefits.
Pushing product features is for inexperienced or wannabe
entrepreneurs. Selling the benefits associated with owning and using the
products and services you carry is what sales professionals worldwide focus on
to create buying excitement and to sell, sell more, and sell more frequently to
their customers. Your advertising, sales presentations, printed marketing
materials, product packaging, website, newsletters, trade show exhibit and
signage are vital. Every time and every medium used to communicate with your
target audience must always be selling the benefits associated with owning your
product or using your service.
18. Get involved.
Always go out of your way to get involved in the community that
supports your business. You can do this in many ways, such as pitching in to
help local charities or the food bank, becoming involved in organizing
community events, and getting involved in local politics. You can join
associations and clubs that concentrate on programs and policies designed to
improve the local community. It's a fact that people like to do business with
people they know, like and respect, and with people who do things to help them
as members of the community.
19. Grab attention.
Small-business owners cannot waste time, money and energy on
promotional activities aimed at building awareness solely through long-term,
repeated exposure. If you do, chances are you will go broke long before this
goal is accomplished. Instead, every promotional activity you engage in, must
put money back in your pocket so that you can continue to grab more attention
and grow your business.
20. Master the art of negotiations.
The ability to negotiate effectively is unquestionably a skill that every home business owner must make
every effort to master. It's perhaps second in importance only to asking for
the sale in terms of home business musts. In business, negotiation skills are
used daily. Always remember that mastering the art of negotiation means that
your skills are so finely tuned that you can always orchestrate a win-win
situation. These win-win arrangements mean that everyone involved feels they
have won, which is really the basis for building long-term and profitable business
relationships.
21. Design Your workspace for success.
Carefully plan and design your home office workspace to ensure
maximum personal performance and productivity and, if necessary, to project
professionalism for visiting clients. If at all possible, resist the temptation
to turn a corner of the living room or your bedroom into your office. Ideally,
you'll want a separate room with a door that closes to keep business activities
in and family members out, at least during prime business and revenue generating
hours of the day. A den, spare bedroom, basement or converted garage are all
ideal candidates for your new home office. If this is not possible, you'll have
to find a means of converting a room with a partition or simply find hours to
do the bulk of your work when nobody else is home.
22. Get and stay organized.
The key to staying organized is not about which type of file you
have or whether you keep a stack or two of papers on your desk, but it's about
managing your business. It's about having systems in place to do things.
Therefore, you wan to establish a routine by which you can accomplish as much
as possible in a given workday, whether that's three hours for a part-time
business or seven or nine hours as a full-timer. In fact, you should develop systems
and routines for just about every single business activity. Small things such
as creating a to-do list at the end of each business day, or for the week, will
help keep you on top of important tasks to tackle. Creating a single calendar
to work from, not multiple sets for individual tasks or jobs, will also ensure
that jobs are completed on schedule and appointments kept. Incorporating family
and personal activities into your work calendar is also critical so that you
work and plan from a single calendar.
23. Take time off.
The temptation to work around the clock is very real for some home
business owners. After all, you don't have a manager telling you it's time to
go home because they can't afford the overtime pay. Every person working from
home must take time to establish a regular work schedule that includes time to
stretch your legs and take lunch breaks, plus some days off and scheduled
vacations. Create the schedule as soon as you have made the commitment to start
a home business. Of course, your schedule will have to be flexible. You should,
therefore, not fill every possible hour in the day. Give yourself a backup hour
or two. All work and no play makes you burn out very fast and grumpy customer
service is not what people want.
24. Limit the number of hats you wear.
It's difficult for most business owners not to take a hands-on
approach. They try to do as much as possible and tackle as many tasks as
possible in their business. The ability to multitask, in fact, is a common
trait shared by successful entrepreneurs. However, once in a while you have to
stand back and look beyond today to determine what's in the best interest of
your business and yourself over the long run. Most highly successful
entrepreneurs will tell you that from the time they started out, they knew what
they were good at and what tasks to delegate to others.
25. Follow-up constantly.
Constant contact, follow-up, and follow-through with customers,
prospects, and business alliances should be the mantra of every home business
owner, new or established. Constant and consistent follow-up enables you to
turn prospects into customers, increase the value of each sale and buying
frequency from existing customers, and build stronger business relationships
with suppliers and your core business team. Follow-up is especially important
with your existing customer base, as the real work begins after the sale. It's
easy to sell one product or service, but it takes work to retain customers and
keep them coming back.
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