Home Business Tips – 3 Mistakes That Can Kill Off Your Business in No Time
It has been several years since I started my own home business. Looking back, it’s interesting to see the transformation my business has gone through. Back then, I was struggling to make even $20 per day, and although I made high 4-figures to 5-figures every month these days, I will never forget those days. The mistakes and the lessons learned from them were vital. You can now gain a ’shortcut’ by learning from my mistakes so they don’t kill off your business.
Here are the 3 mistakes that can deal your business a fatal blow:
1. Not Having A Business Plan
One of the biggest mistakes that newcomers make is they do everything without a business plan. They simply hop from one business opportunity to another. If you were trying to a head to a destination, you would do it with a map and not head to wherever you felt like going or wherever looked nice. A business plan is like a map. Yes, a plan should be flexible, but you need a strategy and you need goals if you want to reach your destination.
2. Using Free Solutions
Some free stuff are good for your business. Open Office is one of them. So is WinZip and some FTP software. But for the major stuff like web hosting, domain names and auto responders, you do not want to scrimp and go for free options. It will make your business look totally unprofessional and unstable (can you imagine how unreliable free hosting is?). So get a professional domain name, a real hosting account and a professional auto responder service if you’re doing email marketing.
3. Targeting Niche Markets With No Demand
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Thanks for a great article. I personally think that your first point, not having a plan, is the single biggest explanation of why businesses fail.
In considering your second point about using free stuff, I think there is a distinction about good free stuff and bad free stuff. Anything that impacts your ability to consistently serve your customer must be reliable. Free stuff that is not reliable in your service delivery is the bad free stuff to be avoided.
Certainly, I agree with the third point without reservation. If there is no market, why bother?
I thought you presented a great article.
Shallie Bey
Smarter Small Business Blog