5 Things that will guarantee survival for small home business owners

Many people go about their jobs wishing that they would one day just wake up and receive a memo that says they are free to do whatever they like during the day, and still earn their salaries at the end of the month. The statement sounds so enticing, and that explains why so many people continuously loose money on dubious moneymaking schemes,
which claim to double their earnings and give them the much sought after peace-of-mind. Well, much of what those programs offer is true, at least in the theoretical perspective. The only question to ask is how the environment would respond to the initiative, and whether it supports you as a player in the game, trying to make your score.

Having a business at home is the nicest thing anyone can ever own, work on, and aspire to improve, yet only about a third of all business started at home see the second year of operation. The need is there, as exemplified by the millions of people who are choosing to have side jobs where they become self employed, at home or in places qualifying as away from their regular work. These millions are not wrong in their quest for an additional income coming from less stressful endeavors when compared to their current day jobs. The problem lies with their perception of the business as a whole.

Any business at home, or elsewhere, must have an aim of making profit, and to do that, it needs to fill a need. Without this, then everything else is a futile attempt to do something noble. With the revelation given so far, you may be asking what you can do to be among the people who enter the home business world and manage to stay profitable for as long as they want. You will soon find out what it actually takes to run such an enterprise, and the most important things to invest in, when you have limited resources.

1. Time

First, you need to understand that you only have a limited amount of time daily, 24 hours to be precise. You cannot use all that for your home business. If you do, then the rest of your life will come to a stand still. You need to prioritize on what is important.

2. Energy

Another thing to note is that you will be most energized and willing to work at different times of the day. Your energy will rarely be at its peak throughout the day. For every activity that you engage in, you will either loose energy or gain it. At the same time, you will be spending time; so, the right way of going about it is to find balance.

3. Pareto principle

In finding balance, you should understand that not everything looks and feels the way you expect it to, as far as your entrepreneurship journey is concerned. You will have good relationships with people as well as bad ones, but they do not cancel out in terms of the numbers, rather it is the quality. The same applies to your time, your work, your use of ideas and your generation of ideas. In short, it is the Pareto principle at work. The principle states that about 80 percent of results or outcomes in a given undertaking come from 20 percent of the effort or something similar.

4. Focus

In this regard, you must be careful on not only what you do, but also on what you focus on for the entire day. Having the wrong focus, such as spending a whole afternoon to complain about pending payments when you can instead work on a way to empower your clients to pay promptly, may eventually become the proverbial "Achilles Heel" that takes down your business. Remember, as per the previous point, the little things may make the biggest impact. You should therefore be on the lookout.

5. Discipline

Lastly, you will not last months if you keep looking at the next shinny thing or trend in your business environment and pursuing it. You need to focus on the few things that are most relevant for your business, and do them repeatedly. To manage that kind of fete, you need disciple. Small steps complete the journey, but the steps must be consistent.

In summary, you too can be among the one third of the people who start business at home and end up earning profits for several years, in addition to meeting their non-entrepreneurial goals. You must begin by focusing on time and energy allocation then understand the Pareto principle and teach yourself both focus and discipline in your business.

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