Internet-Business

5 Specific Strategies for How to Destroy -- Yes, Destroy -- Your Home-Based Business

Rahul Jain Rahul Jain

A lack of motivation, the tendency to treat your business as a hobby, no real workspace: What are you doing wrong?

Starting a new business is hard; it takes time, dedication and a strong work ethic. Almost 70 percent of U.S. entrepreneurs start their business from home and nearly 60 percent continue to do so after the business is a going concern, according to the 2012 Global Entrepreneurship Monitor Report. Working from home offers many benefits and opportunities, but 50 percent of small businesses fail within the first year, according to the Bureau of Labor Statistics. Your home-based business may be particularly vulnerable to failure if you aren’t prepared for the following five unique challenges of this work environment:

Lack of motivation

Getting a business started is exciting, so motivation is rarely a problem at the beginning of the process. However, the day-to-day grind can sap your motivation simply because no one else is there to keep you accountable. If you decide to sleep in, take a day off, play video games or take the kids to the park, you are the boss and you’ve given yourself permission. Yet while this kind of freedom may seem great, if you don’t put in the time, no one else will, and your business will fail.

Overcome this challenge by establishing and sticking to a schedule, recommend the experts at Creative Revolt. Include the goals you want to attain and the measures for achievement you need. Prioritize your responsibilities and remember that your income literally depends on your time-management skills.

Tendency to treat your business as a hobby

Dabbling in a business is worse than not starting one at all. Hobbies cost money. Businesses make money. This quote appears everywhere because too many entrepreneurs start out with an idea, something they enjoy doing, and decide to monetize it for profit without making a full commitment to their company. This side-gig will always remain just that, and the income generated will not come close to meeting its costs.

If you are going to start a home-based business, you need to be serious about it. The experts at BusinessTown recommend that you name your company, write a business plan, set work hours and establish measurable goals. If it helps, find a mentor or friend who is willing to keep you honest about the effort you are putting into your business and keep you focused on success.

Bottom line

Working from home is challenging and can lead to business failure unless you take specific steps that support success. Fully commit to your new venture and separate your space and finances from your personal life to grow your home-based business.