Practical Home Business Tips – Do You Encourage Yourself?

Some research by the Commonwealth Bank in Australia showed that only 47% of small business owners have an exit strategy such as selling their business. Of those with an exit strategy, 22% intended to just close their doors and walk away. The report also said that 60% of business owners planning to close shops are still actively re-investing profits back into their business.

It isn’t so good news, mainly when you are thinking to have your own business and look for successful examples to inspire you. But there are many businesses growing too. Google and Facebook were great ideas transformed into great businesses!

But, if you are starting your business, don’t spend celebrating now. Save your dollars and excitement like a fine wine for later. Go without the expenses. The reality is not so bad. Keep your ears alive with repetition and elder guidance even if it’s uncomfortable to hear the truth: You are in new territory and ill equipped to run a home business much less be seen as a leader in this stage. Accept that and keep your energy circling your sponsor for tips, daily checkups and imitation of their footsteps. 3-way calls, formulating your self-brand and self-generated sales leads are my prescription to avoid this common sink hole.

If your business needs to deliver goods, can you be more efficient to still run vans on the road when couriers and distributions companies are now so efficient? Would you save money or provide a better service by delivering your own goods?

And, while you need to control your business expenses, you must control your prices too. The worst thing you can do as a small business owner is to reduce your rates when the economy slows. Many small business owners panic and lower their prices. The problem with this is that once you lower your prices, it’s more difficult to raise them later. Economies ebb and flow. Keep your rates constant.

And here goes an advice for affiliate marketers creating their business: if you have problems finding information then this should be a warning. Good affiliate programs will have been around for a while and will have a track record. Resist the temptation to join up while the offer is still hot. If it is a good program it will still be there in 6 months time. If the product or service is worth having, there will still be plenty of profit to make out of it.

These tips we can offer to anyone looking for home based business opportunities. These will help you get off on the right foot and maintain a successful attitude at all times.

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