Are you destined to succeed with your home based online business?
With a changing job market, more people are migrating to an entrepreneurial path, either by choice or lack of job opportunities. As most are not able to invest in a big business, they are more likely to join a home based business opportunity or dabble with a home based online business.
Is that you? Then read on…
Making that shift from employee to business owner can be easy if you prepare yourself for that journey. You must accept that there will be a learning curve that requires changing your mindset and tackling new skills that you might not have heard of before.
Another aspect to keep in mind is you have to invest some money to make money. You have to budget for business setup, marketing activities and outsourcing to the occasional contractors… expenses that you did not have to worry about as an employee.
Good News AND Bad News
The good news AND bad news is that most people give up too easily or they might never take any action at all.
It’s bad news, if YOU decide to be the non-action taker and sit and wait for your government or social services to find you a job or wait for the industry to turn around so you can apply for your dream job again.
But it’s great news, if you decide to start a home based online business journey AND stick to that path.
You see at the beginning the path is crowded. There are thousands of people signing up for online business courses, attending seminars and joining business opportunities.
But they usually stop there.
When it comes time to implement, they go out of their way to find excuses of why they did not complete their assignments or started that website or activated their ad account and started placing ads.
Or they might build a fancy website, source products from China, open an Amazon, eBay or other ecommerce account and expect that people will flock to their store and buy right away. They think that “if I build it, they will come.”
Or worst they might source and manufacture physical products or join a business opportunity that requires them to buy a certain amount of inventory each month to stay in the business and turn their homes into a storage facility full of products they can’t sell.
Many of the network marketing companies, especially those that promote cosmetics, home products, health supplements and toiletries expect you to have a certain amount of sales each month. If you don’t meet that target then you must order inventory to stay in the business. The downside is that most of these products have a limited shelf life and expiry date. So, you can’t hold on to that inventory hoping that one day someone will buy them.
You need to have a steady flow of customers and repeat customers to have a healthy business with a positive cash flow.
Having the right mindset and right business model, can help you implement faster and stick to your new entrepreneurial path long enough to reap the rewards.
Believe me! Having the freedom to work when and where you want is worth it!
Below are some tips I picked up from the top earners since starting my entrepreneurial path in 2013.
When you examine the top home based online business earners, you’ll find that their minds are wired differently. Some have the advantage of having started at an early age before they got conditioned to be an employee and follower, but others, like me, had to learn through trial and error at an older age.
If you are having a hard time thinking like a business owner, don’t beat yourself up. The current school system is still lacking when it comes to entrepreneurship. Most graduates are trained to be employees and are wired to believe that landing a good job is the ultimate goal.
I have had to make that shift since I started my journey in 2013, and I always have to remind myself and stay connected with other entrepreneurs through training and masterminds so I can stay focused. Otherwise most of my family and friends are employees who still don’t understand or are skeptical of the entrepreneurial path… exactly as the education system has taught them to be.
Here are three mindset tips I learned from top home based online business earners:
- They focus on cooperation and collaboration rather than competition by forming joint ventures and cross-promotion campaigns with other industry leaders. There are billions of people on the planet that need help and plenty of customers to go around. People buy from people. Instead of trying to be everything to everyone, focus on what makes you unique and how you can help people who are like you. By sticking to your values and unique selling proposition, the right clients will gravitate towards you. There is no need to go stealing from anyone else.
- They pay top dollars for coaching, mentors and accountability partners to show them shortcuts and keep them accountable. In the long run, it’s always more economical to pay a coach and mentor rather than learn the hard way through trial and error. Surround yourself by coaches and mentors. Your family and friends might not be able to support you with your entrepreneurial journey. On the contrary, because they love you, they might go out of their way to warn you of what could go wrong rather than encourage and support you to make changes they don’t currently know or understand.
- They’re lifelong learners. They never stop attending events, seminars and private masterminds and always promote the programs they use to others for a commission. As the famous quote goes… “If you’re the smartest person in the room, you’re in the wrong room.” The market is always changing. Which means you always must be learning and tweaking your business. Embrace the change and keep learning… even employees have to constantly upgrade their skills to stay relevant. It is the same in your business.
Your mindset is your operating system that helps you install and operate programs and delete any that are no longer needed. But just like a computer, an operating system alone is not enough. You need the right software, programs and tools to operate in order to deliver results. If you use a computer, then you know that software and programs are not created equal. Some can only perform simple tasks while others can execute multiple complex tasks at the same time.
The same thing applies to your home based online business model.
If your business can only deliver services, which is an exchange of time for money, then your income and operations will be hard and unpredictable. When you can’t work, you won’t make any money.
But if you have a business model that can generate “Multiple Sources of Income”, not only will you make more income, but your journey will get easier with time as you start generating more passive and residual income.
Here are some tips top home based online business earners rely on to increase their multiple sources of income:
- They go out of their way to build and grow a responsive prospects and clients list. They view their list of followers, subscribers and clients as their asset. With that asset they can build multiple businesses and have and audience that is ready to buy. Start, nurture and grow your lists now! Most of your site visitors will not buy right away. You need to build a relationship with them through regular interaction. Focus on building trust, and when they are ready to buy, they’ll buy from you.
- They focus on products with high profit margin, like information products that can be created once and sold repeatedly at minimum cost of duplication. When choosing products to sell, start with products that have high profit margins and zero shipping and fulfillment costs. Once you know what you are doing, you can expand to other offers that require more complex storage and fulfillment effort and expenses.
- They have a product ascension plan with a tiered product mix. When someone buys from them, they always have another more expensive offer to show them, knowing full well that repeat customers are the biggest moneymakers. When setting up your home based online business, make sure you have several offers to cater to your customers growing needs. When they are ready to buy again, they would much rather come back to you than go looking for a new vendor. But if you have nothing else to offer them, they will go look elsewhere.
- They outsource a large portion of their day-to-day activates and focus most of their attention on marketing and sales and other revenue generating actives like creating new information products or writing sales copy. When working on your home based online business, you will be tempted to save money and try to do everything yourself. Don’t, otherwise you will be stuck in a vicious cycle of learning and not enough time to implement. Focus on money making activities and outsource the rest.
If you’re starting your home based online business from scratch, save yourself time and money and incorporate these tips. If you already have a business, ask yourself, what changes do you need to make to become a top earner in your industry?
For more details on how you can incorporate the tips above can be found in my book “Pajama Paydays: How To Make The Internet Work For you”