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How To Be The Next Successful Home Based Business Owner
Written by: Candice ClemArticle Overview: Ever wondered what it takes to run a successful home based business? There are some common principles between all different types of businesses, but home based businesses require a few additional characteristics from the business owner if they're to be a success. This article examines what it takes to be successful in your home based business and will help you decide if you're the right candidate for this exciting business model.
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How To Be The Next Successful Home Based Business Owner
When it comes to what is needed to succeed in a home based business, there are many opinions that people have as to what the most important factor is. Some say that the state of the economy or of a specific market is the piece of the business puzzle that impacts things the most. Others say that success has everything to do with the company’s business model. Still others may say that it is all up to providence as to who will succeed and who will not. Frankly, all of these answers are true to some degree, but none is really the single most important factor in the success of a home home based business franchise; rather, the most valuable and profitable aspect of a business is, arguably, the character of its owner. If everything else is in place, but the franchise owner doesn’t have the right balance of character traits to both follow the franchisor and lead his own company, there is going to be a problem. So here are some characteristics that are invaluable for a franchisee to have.
Drive
Generally a type-A personality, the essence of a business owner is that he is driven; whatever he thinks to do, he does at full-throttle. For example, with a certain degree of single-mindedness, the good WSI Internet franchisee sets his sights on the goal of optimizing his client’s internet marketing and presses on through any problems with advertisers or technicians until the task is accomplished. The driven Vehicle Tracking Solutions franchisee goes from potential client to potential client, making his pitch (for the GPS tracking devices he sells to delivery companies) as many times as he has to in order to reach his sales goal.
Vision
This trait is closely tied to drive, because without vision, drive has no direction. Vision is the franchisee’s ability to look ahead toward both future trials and future success; it is his ability to see where he and his business are going. Without the forward thinking to see the eventual goal of 30 U-Turn vending machines all over town, the U-Turn franchisee would be unable to know what business steps to take now to get to that level of success. The best work at home entrepreneurs are able to see the end-goal from the beginning and reverse-engineer a plan to get there.
Cooperation
Unlike those who start their own businesses from scratch, franchisees have the special privilege of working with systems and structures that have already been tested and perfected by the franchise. This means that a truly functional franchisee has to have the attitude of a team player, because they are using someone else’s methods under someone else’s name, and they have to respect each by running the business as the franchisor wants it to be run. Good franchisees do make excellent business leaders in their own right, but the best ones are those who also work well in deference to the lead of the company.
Daring
No guts, no glory. It’s a simple phrase, but true nonetheless. Part of being a good business leader is being that person who is always willing to take a risk, to take that business path that others have been too afraid to step out and try. Sometimes this trait plays out when a large corporation’s CEO banks the entire company’s future on a new, untested product. Other times, the willingness to take a risk is demonstrated in something as simple as taking on a DVDNow franchise. It may not sound like a big risk to run a business of DVD rental machines, but because it is still a relatively rare and untested business model in the US, there is still a small degree of risk. But a good business owner knows that with higher risk comes higher payoff.
Consistency
While the good franchisee is not afraid of taking risks and running toward his goals at full speed, he has the long-term in mind and is faithful enough to his task to keep on it for the long haul. The TVME franchisee will see periods when the number of restaurants and pubs that purchase his computerized media units will dwindle. It could be three months into business, or it could be three years, but whenever it happens it does not stop his forward momentum toward his vision for the future. Even times of great success as an Air Advantage franchisee, making consistent money from new wireless internet clients, will not make a gifted business owner ease his pace or become complacent, because he is faithful to the further success of the business.
Of course, there are other traits that are helpful to the long-term success of a business, and success will indeed look different for every entrepreneur based on what else he brings to the table, but these characteristics are essential to fully taking advantage of business opportunities. It is important to know what it means to be a good business leader, because with that knowledge you can more easily determine if starting a home based franchise is right for you. If you fit that description, it may be time to take a calculated risk and go into business for yourself.
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Article Tags: business franchise, business model, business owner, character traits, delivery companies, driven vehicle, eventual goal, franchise owner, franchisee, franchisor, full throttle, gps tracking devices, home based business, sales goal, single most important factor, tracking solutions, type a personality, u turn, vending machines, wsi internet
Related Forum Posts
Books for Women Entrepreneurs
- There's a thread for good books in the Resources folder, but it doesn't target books for businesswomen particularly, so I figured I'd start such a thread here.
It doesn't matter how successful you are in your business - it's always possible to learn something new.
In subsequent posts I give Table of Contents and brief descriptions for various titles - most of them devoted to the businesswoman - and sometimes a review. If anyone else has read a review, or has read the book and found it useful, please comment!
1. The Old Girl's Network
2. Mother's Work
3. The 7 Greatest Truths About Successful Women
4. Pitch Like A Girl
5. Workplace Warrior
6. Treasure Hunt: Inside the Mind of the Modern Consumer
7. Contingency Planning & Disaster Recovery
8. She Wins, You Win
9. Napoleon On Project Management
10. Why Good Girls Dont' Get Ahead, But Gutsy Girls Do
11. Comeback Moms: How to Leave Work, Raise Children, and Restart your Career even If you Haven't Had a Job in Years
12. The One Minute Millionaire
13. Talking From 9 to 5
14. Soloing: Realizing Your Life's Ambitions
15. 101 Best Home Based Businesses for Women: Everything You Need to Know About Getting Started on the Road To Success
16. Work With Passion: How to Do What You Love for a Living. Revised and Expanded
17. Fail-Proof Your Business: Beat the Odds and be Successful
18. Confidence: How Winning Streaks and Losing Streaks Begin and End
19. Women Don't Ask: Negotiation and the Gender Divide
20. Millionaire Women Next Door: The Many Journeys of Successful American Businesswomen
21. Start Small, Finish Big: Fifteen Key Lessons to Start - and Run - Your Own Successful Business
22. Rewired, Rehired or Retired: A Global Guide for the Experienced Worker
23. The Martha Rules: 10 essentials for achieving success as you start, build or manage a business
24. The Essentials of Entrepreneurship: What it takes to create Successful Enterprises
25. Net Ready: Strategies for Success in the E-conomy
26. The Promotable Woman
27. Leave The Office Earlier: The Productivity Pro shows you how to do more in less time and feel great about it
28. The Work At Home Balancing Act: The professional resource guide for managing yourself, your work, and your family at home
29. Secrets of Six-Figure Women
Elevator Pitch in 10 Words
- "Winning Business Design For Aspiring Entrepreneurs Based On Their Idea"
Job titles
- [quote:3shpwvxj]In fact, I've had friends tell me that "Founder" is better than "Owner" since it's less possessive.[/quote:3shpwvxj]
For myself, I don't care for the term "Founder" [i:3shpwvxj]because [/i:3shpwvxj]it's not possessive. You can be the founder of a company and have sold it - so it no longer belongs to you.
However, if you call yourself "Owner" - people know the company is still in your hands.
But I don't like Owner, either. I'd prefer President or Director, because one can be an absentee owner, whereas if one is a President or Director, people assume you're involved in the day to day activities.
Manager, on the other hand, wouldn't work if its your business, because (to me, anyway) that implies that you "manage" for someone else - like at a restaurant.
Re: How do you budget your life?
- Here is my financial management categories for today:
15% Long Term Savings;
10% Home Expenses;
45% Business and Marketing charges;
10% Friends (Meeting);
20$ Scientific and Law Books.
But this will change when it is August or September.
Orxan
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
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