I have been an entrepreneur since 2004, long before our first girl was born. In the past 12 years, I’ve worked on various personal businesses but honestly, I think they all failed. I know the reasons why they didn’t bring me millions, but I’m too proud to admit my mistakes, make the necessary changes and try again.
I got traumatized with the last business partnership that I dived into so I here I am, unable to move and start again.
If you are dreaming of launching a home business, I’d say, give it your best shot. But do not forget to arm yourself with the right information so you know how to manage things well the moment you start it.
I know that I shouldn’t be doing this, you know, giving out advices when I myself need one, BUT I could use some of these, too. So I’d better share this with you and let’s be ROCKIN’ ENTREPREMOMS soon!
- Nourish your amazing Idea – everything starts with an idea, and if it’s really a good one, then it could bring you nearer to your goals. Believe and research more of this idea and see if it could be profitable in the future. Spend money and time on the research à You will thank me for this in the future. Remember that not because it worked on some, it will work on you too.
- Do not go with the flow – it is important to be unique, to offer something not being offered by Susan and Mandy. It is best to look around and know the demand. What is people looking for? What do they need? From there, you would know too well if your idea is good and worth investing in.
- Know whatever it is that you’ll be offering – Explain your product/service in two sentences, just two. If you cannot do this then so will everyone around you. I am not saying that a product/service that one couldn’t easily grasp has no chance of success, no. What I am saying is, as the owner of this idea, or as the inventor of this service, you should know it inside and out so it would be easy for you to explain this to potential buyers, and investors in the future.
- Do not fail to plan – Planning is the key. Grab a notebook and a pen or use your laptop to create a list of steps and things necessary to run your business. This list may include the questions you have for the business, some points for your business plan, competitor prices, raw materials, list of suppliers, business colors, contractors, people to tap for advise, etc. You will need this, otherwise everything will be in chaos. Believe me.
- Choose a name for your product or business! – This is the fun part but probably a not so easy one. Before choosing a name, gather several options and make sure that you think long term. Will this name limit future expansion? If it does then think of another one. When you come up with the best one, check if it’s already registered.
I could go on and on about homebased business but if there’s one advice that I could give you, it’s this: Work on something that you really, really like or passionate about because building a business, even if its homebased requires hard work, passion, time, patience and more hard work.