HOME BASED BUSINESS: THE POTHOLES

Having taken TheQuiz and gotten acquainted with The Plus and Minus of a Home Based Business, here is another article in the series: The Potholes. Most home based businesses fail to succeed for various reasons and sometimes even before they takeoff. However, the cause of most of these failures is because the ideas behind them weren’t commercially viable: and the owners never knew.

Having said that, let us check out the potholes as we veer towards a turnaround in our home based businesses. Have you started yours? Are you struggling with yours? Are you facing challenges? It is time to dodge the potholes. Enjoy reading.

Pothole 1: Failing to Understand Your Market

When you’re developing your home based-business product or service, ensure you evaluate the market potential thoroughly; evaluate the number of people that would be interested in patronizing your home based business, the competition in the neighbourhood and the cost of turning it into a high profit venture. Also, think of having a unique product or service and how you can make it stand out from the competition.

Pothole 2: Failing to Plan Adequately

It is a fact that most home based-business owners feel enthusiastic about their home based-business ventures especially in the early stages. However, don’t allow this enthusiasm to cause you to plunge into the business without adequate planning. It is vital that you plan every step you take carefully to ensure a lasting success for the business. If you must know, most people that started home based businesses without adequate planning, often meet with challenges early and go out of business just like that. You can avoid this like many potholes. So, carefully consider having a business plan as you start; it will guide when challenges arise; Patronage and Competition.

Pothole 3: Being Afraid To Ask For Help

Most home based-business starters are too afraid to ask for advice when they are honing their home based business idea because they are scared that someone will steal it. This can be a mistake. By speaking to other entrepreneurs who have developed home based business of their own, you can learn from their mistakes and their positive experiences. Of course, you should avoid speaking to someone who has a home based business in the area you are interested in. The other way to get useful information to help you develop your home based business is by working as an employee or intern in a similar business or by surfing the internet.

Pothole 4: Not Having Adequate Funds To Develop Your Home Based Business

The assumed truth is that “if you have a great home based business idea and you can’t afford to develop it properly, you’ll never be a success”. Well, I stand to tell you that that assumption is wrong and “Yes, you can succeed if you dare”. Let me shock you: do you know that Microsoft, Disney and Xerox all started as home based businesses? There are lots more and many more are still springing up. So, do not fall victim to fear of lack of funds; think deeply. There are lots of ways to have funds but you must first start with the little you have and with time, your home based business will grow (if you work at it).

Having identified thepotholes, I believe you can now start your home based-business with less worry about challenges and begin to make profit.

If you have benefited from this article, leave a comment or share it on facebook and twitter for others to benefit. For questions and enquiries, send a mail to naijaoptions@gmail.com or check out http://naijaoptions.blogspot.com. Also, watch out for www.naijaoptions.com.

I know it has being a pleasure ride about the potholes, I hope you will be here for my next article in this home based business series! See you then.