It's Your Home Business - Will it Sink or Swim?

by Michele Miller

Businesses fail for many different reasons. Here’s what you should be thinking about so that your business is not one that sinks, but one that swims and stays afloat!

If you’re looking at a new business, make up a business plan, include your goals and financial projections. YOU need to know more than anyone where you are headed. Your business plan doesn’t have to be drawn up by a professional business planner, you can do it yourself. Write down the hard costs of getting the business started and maintained, including costs of licenses, equipment, inventory etc. Don’t forget to include how much income you will need to be bringing in, or have saved up until you start to show a profit. Always have a Plan-B in place. Lack of planning will have your business sinking in no time at all.

Business owners are generally “go-getters”, which means they are usually hard workers. Staying disciplined, even for the hard worker can be difficult at times, especially when there is no boss or supervisor around to crack that whip and make you do your work. Getting lazy and not being productive with your business is a surefire way to sink it.

Here’s some tips to keep you on track and keep your business afloat.

Daily “to do” lists are constant reminders that keep you on track. They keep you motivated, and it feels good to cross things off as you get things done. You need to have a sense of accomplishment, and this helps serve that purpose.

Push your business to new heights every day by doing just a little bit more than you need to. This will ensure that it will SWIM.

Break up your day into segments; plan your day properly. Give yourself a proper work time schedule and try to stick with it. Even if you don’t work 9-5 anymore, pretend you do. Having your own home business often means working more than eight hours a day to turn a profit. Be prepared for that. That way you will SWIM and not SINK.

Give yourself a proper lunch break. This will give you a routine and give you something to look forward to. Reward yourself for keeping up with your work. It will keep you positive and motivated.

Post inspiring quotes and verses in your home business area.

Don’t allow friends and family to drop by and take up your time. In the beginning, I had friends that thought because I worked from home that I could sit around and chat with them all day long… It’s amazing that they think this, but they do. Be firm with them. My friends now know that they had better call before they “pop in for a coffee”, and I do tell them “no” if it’s not convenient. Lazing around watching TV or chatting with friends is 100% guaranteed to help SINK your business.

Another time taker is the telephone. I screen my calls and let the machine pick up almost all day, unless it is about business. Caller ID was a super investment! It will help your business to have Caller ID. I promise.

Mentally remind yourself from time to time that one of the reasons your home business can fail is procrastination. The fear of this should help keep your business on the right track.

I think you know what bad employees can do to a business; be careful who represents you/works for you.

If you don’t have time to do your work and work your business, it’s bound to SINK! Don’t let other aspects of life get in the way. Sure the car needs washing, the laundry needs doing, the house needs cleaning, you need to get other things done, but not during business hours. The key here is to PRIORITIZE properly and take your business seriously.

Try and get some daily exercise. It refreshes you and clears the mind. It will help you stay positive. Plus, it’s good for you.

Network with other "successful people" who own a similar type of business. If you are having trouble finding these people, try your local Chamber of Commerce, or just contact other business owners. Try to learn from people who have been successful; make sure they’ve walked the walk before you take their advice.

Taking this advice will hopefully give you some ideas about keeping your business afloat, swimming, and very successful.