Starting a home based business can be one of the most rewarding ventures a person can make in life, but it can also drain you emotionally and physically. Moreover, if you head full-sprint into a new business opportunity without first having a solid plan, you may find yourself making some big mistakes early on that can take years to correct.
As you start to think about a new home business, here are some big mistakes that you should take care to avoid.
1.Think Big, But Not Too Big
Thinking big is essential to starting a new business. You need to have a large goal to aim for when starting your business, both to motivate you to succeed, but also to have something to measure your progress against. If your goal is to eventually make $10,000/month working from home, you can easily see that after a year, if you're making $2,000/month, you've made it to 20% of your goal. Setting your sights too high, however, can have the opposite effect of discouraging you and stopping your business in it's tracks. Hitting that $10,000/month figure can be a huge achievement, but if you've set your goal to make a million per month, that $10,000 will feel like a drop in the bucket.
2.Good Is Good Enough.
French author Voltaire famously said "the perfect is the enemy of the good" and striving for perfection can stop any business in it's tracks. Along the same lines of thinking big, but not too big, learning to be okay with good is the only way to launch a business and not beat yourself up when you meet small snags. Only a minute percentage of businesses will ever reach the multi-billion dollar status, but when your metric for success is a modest and achievable goal, you set yourself up for success in the long run.
3.Fast Eats Slow
For so long, big business has had the power and girth to annihilate any small business that stood in it's way. While in many industries this may still be true, the prevailing mantra for small businesses is that fast beats slow, not big beats small. Use your size to your advantage when you're starting out. Think of the time and energy it would cost just to switch over to a new, more efficient, piece of software at a company of 100,000 employees, but at a company of 5 or 10 people, the cost is negligible, but the benefits can still be huge.