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5 Essential Elements for Running a Successful Home Business

Running your own home-based business is not for everyone, but most people at some point in their life have given the idea some consideration. It provides many things that a regular job cannot, and if you run the business alongside your regular job, you can have the best of both worlds. The biggest challenge in running your own business is not in the actual running of it. Where most people struggle is in choosing what kind of business to run!

Most people I talk to that are exploring the idea of business ownership have a million ideas, and as a result, are completely overwhelmed by where to start and what to focus on. We cover the steps to get you through that in our Develop your SmallBiz program.

With that being said, there are still important aspects of any business that need to be dealt with effectively in order for your business to become successful.

Take care of these things to help create the success you want for your business:

Enjoy what you do. If you find yourself NOT enjoying what you do, find out what it is you don’t enjoy and either fix it, forget it, change it, or get someone else to do it.

  • If you don’t enjoy what you do, it’s just a matter of time before you quit.

  • This is not like a job where someone is telling you what to do and how to do it. ALL the choices are yours when you run your own business. Choose a different strategy, make a decision, take action, and move on.

Keep your overhead costs low. Working from home is hard to beat in terms of low overhead. No rent to pay, no commute, no staff either. The lower your overhead the quicker you get into profit. Charge the maximum amount the market will accept. The best time to increase your rate/prices is when you’re doing well. To keep loyal customers, have a modest increase each year for existing clients. Every other business does it. Taxes go up. Food goes up. Gasoline goes up, and so should your rates/prices.

● Make the increase at the same time each year. Tell them ahead of time to expect it.

● Always charge NEW clients/customers higher rates from the start. Charge the maximum you can. If you’re providing outstanding service, nobody will mind paying for it.