Can You Really Succeed In A Home Based Business
If you've spent any time online, you will have read about the high failure rate of home based businesses, and you may just be wondering about the common sense of your own involvement in a home based business venture. Is the high failure rate true? If it is, what is causing it and can you reduce the risk of you failing?
Is the high failure rate true? In a word, "Yes!", but upon investigation, it is apparent that the typical home based business is no more likely to fail than a conventional "bricks and mortar" business". 95% of traditional businesses fail before they reach their fifth birthday. The only difference with the home based business, is that failure can and often does, occur within the first year. Most analysts agree that the difference is primarily due to the amount invested. Opening a local newsagent will cost anywhere between $50,000 and $150,000. The cost of launching a typical home based business will be anywhere from zero to $2,000. Naturally, if your business venture is not living up to expectations, it would be less painful to shut it down if you had only invested $500, than if you had invested $70,000, wouldn't it?
But, in my view, there is one factor that is more responsible for failure than any other, regardless of whether yours is a home based business or not. It is an area of skill that most people with a job back ground would have never needed and yet, it is essential to your business success regardless of your work skills. Evidence suggests that over 90% of the population have no natural talent in this crucial area. Without gaining sufficient knowledge and skill in the area of marketing and promotion, failure is inevitable.
How is it that countless people, after spending years in training to be engineers, or top class athletes, or bricklayers, open up a business, even within their area of expertise, and fail to learn how to promote and market their products and services?
You will be faced with very stiff competition throughout the life of your home based business. Other than your quality of workmanship and service, there is only one thing that will keep your venture afloat when faced with such competition, and that is your ability to effectively market and promote.
If I was starting in business all over again, whether it be "bricks and mortar" or home based, I would spend time learning how to maket and promote, first. If your venture is not meeting your expectations, tuning your marketing and promotion skills may need your urgent attention.
About the Author
Gordon Milton is a successful internet marketer who specialises in helping other network marketers achieve their financial goals. To learn more about his techniques, visit: http://gotitfigured.ws
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