Do you have what is needed to go through a recession? Here are the characteristics that homeowners have to go through a difficult time:

This article is quoted from 'Ultimate Home Based Business Handbook', by James Stephenson, available at the Entrepreneur Press.

Regardless of the definition of your success, there are a number of common characteristics that a successful entrepreneur has. You can give a check mark on each of the characteristics that you might have. In this way, you can see how you structure it. Even though you don't have all these characteristics, you don't need to worry. Most can be learned by practice and by developing a winning mentality, especially if you determine the level and you apply it to yourself, through strategic planning, to achieve goals in measurable stages.

Home Businesses Must Have

Like the other activities you are working on, there are a number of necessities needed to be successful in the chosen activity. To be able to drive in a public place legally, someone must have a SIM; in order to win a match, have to practice and practice; in order to retire comfortably, one must become a knowledgeable investor and actively invest in his retirement. If your goal is success in business, then the formula is not much different. There are several imperatives that must be fully developed, applied and managed for the success of your business. There are many imperatives in business, but this article only discusses a few that I believe are compulsory, more important is needed when starting, running and growing home business profits.

1. Do what you enjoy

What you get from business in the form of personal satisfaction, financial income, stability and enjoyment is the value that you will place in your business. So, if you don't enjoy what you are doing, then it will likely be reflected in the success of your business - or your next success. In fact, if you don't enjoy what you are doing, your chances will not be successful.

2. Work seriously

You cannot expect to be effective and successful in business unless you are absolutely sure of the business and the product or service that you are selling. Too many home-based entrepreneurs who fail to run their business seriously enough, easily switch and are not motivated and sharpen their sense of smell. They also become a meal for those who see a home business with one eye because they do not work in office buildings, shops, or factories. Few do skeptically, knowing that a number of people who work from home, and produce good annual income, have surged in recent years.

3. Plan everything

Planning every aspect of your home business is not only a necessity, but also builds habits that entrepreneurs must develop, implement and maintain. Business planning is very important because it requires you to analyze each business situation, conduct research and collect data, and make conclusions based on facts obtained from research. Business planning is also a second function, where you aim and how to achieve it, on paper. You can use the plan you made both as a map that will take you from point A to Z and as a measure of the success of each individual plan or segment in the plan.

4. Manage money wisely

Cash flow is the pulse of any business. You need it to buy inventory, pay for services, promote and market your business, repair and place tools and equipment, and pay yourself so that you can continue working. Therefore, all home-based entrepreneurs must be wise financial managers to ensure the cash flow continues and the bills are paid. There are two aspects of wise financial management:

The money you receive from the client as an exchange of goods or services that you provide (income)
The money you spend on inventory, supplies, wages, and other items needed for your business operations.

5. Ask for sales

Home entrepreneurs must always remember that marketing, advertising, or promotional activities are not useful, regardless of how smart, expensive, or precisely targeted they are, except for one simple thing that is resolved - asking for sales. This does not explain that being a great salesperson, advertising copywriting or public relations experts is not a big asset in your business. However, this skill is meaningless if you don't actively ask people to buy what you sell.

6. Remember customers

Your home business is not the product or service that you sell. A home business is not the price you wear for goods and services. A home business is not about competition and how you beat it. Your business is a customer, or client, period. After all, your customers are those who decide whether your business will boom or break. Whatever you do in business must focus on customers, including policies, guarantees, payments, working hours, presentations, advertisements and promotions and websites. In addition, you must know well who your customers are.

7. Become self-motivator

One of the biggest myths about personal or business success, is the personal ability, product or service that will be discovered and acknowledged by the community that might prevent others from buying what you sell. But how can this happen if no one knows who you are, what you sell and why they have to buy it?

Self-promotion is one of the most important marketing tools, but most fails to be used where the majority of entrepreneurs immediately ignore it.

8. Design a positive business image

Everything you have except the moment you missed to make a positive impression and be remembered by the person you are doing business with. Home entrepreneurs must get out of their way and always try to design the most professional business image. The majority of home-based entrepreneurs feel that there is no need to create an elegant office or shop or showroom to impress and impress customers. Instead, they must rely on creativity, creativity and pay attention to the smallest details when creating and maintaining a positive image of their home business.

9. Get to know your customers

One of the biggest features and the most significant competitive edge of a home-based entrepreneur who can beat a big competitor is that he is able to provide personal attention. You can call it a high-tech reaction, but customers get bored and tired of listening to their information somewhere on the computer and have to be retrieved, or are required to enter a series of numbers that eventually arrive at the right department just to listen to voice mail — where they never call back.

Home entrepreneurs can answer the phone, get to know their customers, give personal attention and win business by doing so. This is the fact that most businesses (80%) come from returning customers rather than new customers. Therefore, along with attracting newcomers, the more you do to approach customers, you will do better in the long run and giving personal attention is the most valued and remembered in this world of sophisticated technology.

10. Level of game land with technology

You must avoid being trapped further in the world of technology, but you also have to know how to use it. One of the most amazing aspects of the internet is that one or two people who run it from the basement can have a great website like a company worth $ 50 million, and no one knows the difference. Make sure you continue to pursue high technology as long as it suits your needs. The best technology is what helps you, not to impress others.

11. Build a top-notch business team

No one can build a successful business alone. This is a task that requires a team that has a commitment like yours to the business and its success. Your business team can include family members, friends, suppliers, business alliances, employees, sub-contractors, industry and business associations, local government and communities. Of course the most important team members are your customers or clients. Some or many of them will say how your business will run and risk the future of your business.

12. Known as an expert

When you have a problem that needs to be solved, you are looking for someone else's advice or looking for an expert in their field to help solve your problem? Of course, you want the most accurate information and get assistance. You usually seek expert help to solve problems. You call a plumber when a hot water tap leaks, a real estate agent when selling a house or dentist if your teeth hurt. Therefore, this only leads to the reason that you are known as an expert in your business, more and more people are looking for you to get your expertise, create more sales and referral opportunities. The impact, known as an expert is to have another style to get new business prospects, and vice versa. Instead of finding new and quality people to sell, these people are looking for your expertise.

13. Creating competitive advantage

A home business should have a unique sales proposition. This is more than just a straightforward question asking an important question, "Why do people choose to do business with you or buy your product or service rather than doing business with competitors and buying products or services?" In other words, what aspects or combinations of aspects separate your business from competition? Are services better, longer guarantees, better selection, more flexible payment options, lowest prices, personal services, better customer service, better returns and return policies or a combination of these?

14. Invest in yourself

Top entrepreneurs buy and read books, business magazines and marketing, reports, journals, newsletters, websites and industry publications, realizing that these sources will enhance their business understanding and marketing functions and skills. They join business associations, and network with other skilled business people to learn the secrets of their success and help them determine their goals and objectives. Top business people attend business and marketing seminars, workshops and training, even though they have mastered the problem. They do it because they know that education is an ongoing process. There are always ways to do better, less time, with less effort. In short, top entrepreneurs have never stopped investing the most effective, effective and best marketing tool for themselves.

15. Accessible

We live in a time when we expect a ready lunch on the drive-thru to be ready in a few minutes, the laundry is ready to be taken on the same day, the money at the ATM and pizza is delivered in 30 minutes or free. You see a developing pattern - You have to make it as easy as possible for the people who do business with you, regardless of the home business you run.

You have to be aware of the fact that only a few people are willing to work hard, get out of their way, or feel uncomfortable giving you the money they earn hard. Facilitating other people to do business with you means that you must be accessible and knowledgeable about your product or service. You must be able to provide what the customer wants, when they want it.

16. Build a strong reputation

Undoubtedly, good reputation is one of the most tangible assets and can be sold by home entrepreneurs. You can't just buy a good reputation; this is something that you produce by fulfilling your promise. If you promise to ship goods to customers on Wednesday, there is no reason for you not to send them. If you offer to fix something, you have to do it well. Consistency for what you offer is another key factor. If you cannot provide the same level of services (and products) to clients on a regular basis, they have no reason to trust you ... and without trust, you will not have a good reputation.

17. Selling benefits

Imposing product features for entrepreneurs who are inexperienced or prospective entrepreneurs. Selling benefits related to owning and using the product or service you deliver is a focus for sales professionals everywhere to create the desire to buy and sell, sell more, and sell more often to their customers. Advertising, sales presentations, and marketing materials that are printed, product packaging, websites, newsletters, trade shows are important things. Every time and media used to communicate with the target audience must sell the benefits associated with owning a product or using your services.

18. Engagement

Always out of your way to be involved in the community that supports your business. You can do this in many ways, such as engaging in local charities or food banks, involved in organizing community events, and local politics. You can join the kumpulam and groups that concentrate on programs and policies that are designed to improve local communities. This is a fact where people like to do business with people they know, like and respect, and with people who do many things to help them as members of the community.

19. Attract attention

Small entrepreneurs cannot waste time, money and energy for promotional activities aimed at building awareness through long-term, repeated opening. If you do, the chance is that you will go bankrupt long before this goal is reached. Instead, every promotional activity that you do, must be able to make money for your pocket so you can continue to attract more attention and make your business grow.

20. Mastering the art of negotiation

The ability to negotiate effectively is a skill that must be mastered by every entrepreneur. Maybe this is the second most important thing that a home business must have. In business, negotiation skills are used every day. Always remember that mastering the art of negotiation means that your skills are applied to win-win conditions. A win-win arrangement means that everyone involved feels they have become winners, which is the basis for building long-term relationships and a more profitable business.

21. Designing a workplace for success

 Plan and design your workplace at home carefully to maximize personal performance and productivity, and if needed, to show professionalism for clients who come. If possible, resist the urge to change the corner of your living room or bed into an office. Ideally, you want a separate room with a closed door that separates business activities and family members, at least during business hours. Terrace, basement or garage is usually used as an office in the house. If this is not possible, you must find a way to change the room by partitioning or doing your work when there are no people at home.

22. Maintain order

The key to staying organized is not what type of file you have or whether you stack paper on the table, but about managing your business. Have a system for doing many things. Therefore, you want to create a routine where you can complete as many jobs as possible, or for three hours for part-time business or seven to nine hours for a full-timer. In fact, you must develop systems and routines for every business activity. Little things like making a to-do list at the end of a day's work, or in a week, will help you put the most important tasks first. Creating a single calendar to start work, not a task to duplicate tasks or jobs, will also ensure tasks are completed according to the schedule and promises that are fulfilled. Entering family and personal activities into your calendar is also important so you can work and plan from a single calendar.

23. Free time

The temptation to work all the time is real for some home-based entrepreneurs. However, you do not have a manager who reminds you when to go home because they cannot afford to pay overtime. Everyone who works from home must take the time to set a work schedule that includes time to stretch your legs and rest for lunch, and a few workdays and schedule a vacation. Make a schedule after you make a commitment to start a home business. Of course, your schedule must be flexible. Take time for yourself for one or two hours. Working all the time and not resting will make you tired and poor customer service is not desired by the customer.

24. Limit the number of businesses

It is difficult for most entrepreneurs not to take the approach offered. They want to do and handle assignments as much as possible in their business. The ability to multitask, in fact, is a common trait shared by successful entrepreneurs. However, once in a while you have to stop and review that day to determine what is the best interest in your business and yourself for a long time. Most successful entrepreneurs will tell you when they start, they know where their strengths and tasks are delegated to others.

25. Constant follow-up

Constant contact, follow-up with customers, business prospects and alliances are a mantra for any new or established home-based entrepreneur. Constant and consistent follow-up allows you to turn prospects into customers, increase sales value and buying frequency from existing customers, and build stronger business relationships with suppliers and core business teams. Follow-up is important for your customer list, such as real work that starts after the sale. It's easy to sell products or services, but it takes hard work to retain customers and get them back again.


By: James Stephenson is a home business consultant with more than 15 years of experience in business and marketing. The author of several popular books, including the Ultimate Startup Directory Entrepreneur magazine and the Ultimate Small Business Marketing Guide, both available from Entrepreneur Press.