Congratulations on making the decision to change your life.
I’d like you to take a moment and think about what it really means that you are Here, Now, reading this. You have actively and consciously decided that you are not happy with the way things are and YOU are going to do what it takes to get what you want.
Before we get into too much further I’d like to spend some time pointing out and going over some of the big pitfalls and traps that people fall into.
I found this the other day…
80% of home businesses will fail in the first 5 years and a further 16% in the next 5. So that’s 96% of home businesses failing.
Pretty gloomy stuff. Now after a little research I found out that in fact it is only about 50% of small businesses that fail in the first 5 years. So it’s not all doom and gloom.
The good news is that there are very good reasons why a lot of these people fail and sometimes it has nothing to do with the effort and mindset of the business owner.
By being proactive and learning why people fail;
we get clarity on how to succeed.
The 7 reasons why most people fail are:
- Wrong Opportunity – There are a lot of different opportunities out there and it is important that you select the correct one to match you. There are 3 main parts to this
- Products you personally don’t Believe in;
- Poor Business Systems and lack of Support and Training;
- A Compensation Plan that makes it hard to get ahead.
- Not Coachable – If you already knew everything, you’d already be a millionaire. If you try and do everything yourself you will probably fail. You need to be open to suggestion and learn from those ahead of you. You don’t need to reinvent the wheel. Find someone who already has what you want and model them, learn from their mistakes.
- Knowledge and Finance – When people start they are often extremely keen but end up spending all their money on the wrong things at the wrong time. When they finally learn enough and figure out the best ways to move forward, they are broke and have to give up.
- Self Belief – You need to KNOW and BELIEVE in yourself and that you can earn a 6 figure income from home.
- Taking Responsibility for your actions – If something isn’t working, you can’t just sit back and say “poor me, somebody else is making me fail”. You need to take responsibility for your own actions and situations. Find the problem and fix it.
- Opportunist – Some people are out for a quick fix, looking for that “Big Magic Red Button” that will make them instantly rich (btw. It doesn’t exist). They want all of the results with none of the effort. As soon as something doesn’t go the way they had expected, they quit and try something else.
- Not Compatible – A Home Business is not for everyone and some people just don’t have what it takes to work from home. They are better suited to a job.
By knowing these reasons, remembering them and taking steps to avoid them while you look for a business opportunity you dramatically increase your chance of success.
Reasons 2 – 7 are pretty self explanatory but I feel it is useful to go into more detail on the first. So continue onto the next article where we’ll discuss. Choosing the right Home Based Business Opportunity for you.
