What is the number one reason why people who start a work from home business fail?
There are a lot of reasons I know. But what is at the top of the list?
I think it is because they are unable to successfully carry out their business plan.
From what I've seen, it's mostly been a matter of organization and the ability to self-motivate. A good business plan is certainly essential, but I know a number of people who have gone into it with an excellent business plan and plenty of cash flow, but were unable to keep a good, productive schedule when it came down to it. There are also those who start a home business and seem to think it will be less work, or somehow easier work since you don't have to go outside your own home to do it...when the reality hits home, a lot of people find themselves unable to cope with having everything rest on their own shoulders.
http://hubpages.com/hub/Staying-On-Task … -From-Home
http://hubpages.com/hub/How-to-Get-Moti … y-That-Way
I agree with points above, and plus .... lack of marketing strategy...
Lack of action. Being your own boss can sound good but has its cons. You don't owe any report of progress to anyone. So it becomes, "I'll do it tomorrow" and the tomorrow never comes.
Plus, working from home can be advantageous but it has a lot of challenges - distractions, interruptions, waste of time...and your partner/family do not usually take you seriously when you're working from home and thus don't reach out voluntarily to support.
One other motive is they don't look at the final goal and work for the result. The majority do things for the sake of doing them and not as a step further to reach their target.
Others try to do it all by themselves, without proper tuition from those who mastered it. They get some training on this and that, have some pieces of the puzzle but don't know how to fit them all together.
Great points, all! I think most people who fail at a work from home business actually got started in the wrong way. If you get "started" in home businesses by buying an ebook or video course, then you're technically not started. If you manage to read the ebook, or watch the entire video series, then you're getting close.
If you manage to implement the strategies that you learned from your purchased guide, without purchasing another guide, then you're making a good start. The problem with home businesses (internet marketing to be specific) is that you're always flooded with the next greatest strategy, often times before you've implemented the last one you bought.
This will kill your cash flow, grind your progress to a halt, and deflate your motivation.
Loss of interest. If I tell you to do something and you get no result, you lose interest. If you get an instant positive result, you're more than likely "all in".
Most businesses which folks start at home, take time to get started but the return on investment is usually a pretty good motivator. Buy something for $10, sell it on ebay for $50. Great return on investment. Great result. Great motivation. Keep doing it and you're in business.
If you're doing something you love to do and you're earning some money while doing it, you'll probably keep going and growing. Good Luck!!
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