home based business secrets revealed , by adsenselover.com
In this article, I'll give you my thoughts on what the biggest mistakes are with your home based business. Hopefully, even if you have not started one yet, that they will still benefit from this information. Please keep in mind that these are just my opinions and that everyone has their own methods to doing things. That being said, here are the top 5 mistakes I think people make when trying to start up a home based business:
1) Targeting too many geographical areas for sales- This is an easy mistake to make but it’s something many businesses newbies tend to do. One of the biggest mistakes people make when they first start up their home based business is to target too many geographical areas for sales. This can be as broad as targeting a general geographical area, or it can be as specific as targeting just one city in that same general area.
For example: Many people start a home based business selling products that are all over the place. These include vacations, sports and outdoor equipment, books and courses related to businesses or PC software, music CDs, and so on. The problem with this is once you start selling these items in your area, you have people coming to you directly and this means your advertising money may cut out once the initial demand starts slowing down in your marketplace.
The reason this is bad is because if you are looking for the biggest amount of sales quickly, then targeting too many geographical areas for sales will only bring about less sales. If you see this mistake happening in your business, then don't worry about it. At one point, there should be a point where you can narrow down your area to just 1 or 2 areas that are based around the type of goods and/or services that you are selling.
2) Hiring too many people- This is another mistake many newbies make with their home based business. Not only can this cause you financial problems, but it can also cause you to lose control of your business. One of the biggest mistakes people make when they first start up their home based business is to hire too many people in their company and/or when they try to start up an independent team within their company.
The reason this is bad is that it can bring on a lot of unnecessary problems. For example: You start up a home based business selling PC software, paying all the members of your team based on commission only and because you hire too many people, this causes problems with the way that everyone is doing their job within your team. If you find yourself in this situation, you should work to eliminate the people who aren't giving your business the quality results that you want.
3) Carrying too many suppliers- This is another mistake a newbie can make when they are starting out. Sometimes people hire too many independent suppliers to help them with their business. The reason this is bad is that the more independent people you deal with, then the more expensive it becomes for you to maintain a balanced portfolio of goods and services.
This is especially true if some of your suppliers make up most of your turnover. This will cause problems where some of your supplies may suddenly become very expensive in comparison to other products because of the large amount of suppliers that are in this industry. If you find yourself in this situation, then you should look to eliminate the suppliers who are causing you problems.
4) Not doing enough research on your competition- This is one of the most common mistakes that I see people make when they first start up their home based business. This is especially true when people are just starting out and don't have a ton of information about their market industry. Many newbies see that there are some other home based businesses in the same market as them and they will automatically assume that these other companies are doing everything wrong and that it's going to be easy for them to beat them out of the market.
However, that isn't how the world works. While there are some people who will do everything wrong, this isn't the case for everyone. Most other home based businesses are probably doing all of the same things that you are doing and you may not even be able to tell the difference in how they are selling their business to their customers. That is why you should always do your research and find out who your main competition is in your market industry before you start up a home based business.
5) Not planning for success- This is another common mistake that newbies make when they first start up their home based business. The reason this is bad is because if you don't plan for success, then it's only a matter of time before you work your way back to the bottom of the mountain with your business. A newbie makes this mistake when they are starting out with their business and they would like to sell a certain amount of products quickly.
It’s easy for newbies to sell their business when they first start up because what gets them excited about the business itself is that it can be sold for a good price if it's successful. However, what many people forget is that selling a successful business for a good price is not the same as making it successful in the first place. That is why when people first start out with their businesses, they should really plan for success or else it will only be a matter of time before they relapse back to where they are at now.
Those are some of the top 5 mistakes I think newbies make when they want to start up a home based business. However, there are many other mistakes that people make and you should always look out for these mistakes as well. Also, just because you don't make these mistakes doesn't mean you shouldn't watch out for other types of mistakes that others might make instead. If you do make these mistakes, then that's alright. As long as you fix them and move on with your business, then everything will work out fine in the end.
About The Author
Chris Harm is a professional blogger who has been helping people start up home based businesses since 2003. For more information on his programs, please take a minute to visit his website at http://www.2homebiz.com/free-training or read the details of his program at http://www.2homebiz.com/business-opportunities/affiliate-marketing-opportunity/.
Conclusion
If you are about to start a home based business, it is important to carefully plan for success. Otherwise, you will be repeating the mistakes of other newbies who went before you and this could cost you tremendously down the line. If you want to learn more about how not to make all of these mistakes, check out my home based business program at http://www.2homebiz.com/free-training!
About The Author
Chris Harm is a professional blogger who has been helping people start up home based businesses since 2003. For more information on his programs, please take a minute to visit his website at http://www.2homebiz.