Why Do So Many Home Based Businesses Fail?
If you have your own home based business, you may or may not be aware that a large percentage of home based businesses fail within twelve months. For many it can be a lot sooner. You may realise that the average successful home based business entrepreneur makes more money than the average employee. How do the successful entrepreneurs do it and why are they in the minority?
Quite simple really – EVERY business requires proper marketing. This will also include the process of selling. Do you personally enjoy selling? If the answer is No, then you’re not alone. Just ask a few people around you if they enjoy selling, I’ll bet a great majority of them will say no. The basic fact is, most people dislike selling. This is quite natural, and there is absolutely no reason to feel inadequate if you want to own your own home based business, but hate sales.
Think of it this way – All of us buy stuff right? Lots of stuff. Because of this everything we buy requires a sales transaction. So if there is a valuable service that you want and you KNOW it will help you, you will buy it won’t you? If you want a new porch on your house for instance, you are most likely going to contact a company who install porches.
Who are you likely to meet? A sales rep from the companies you have contacted in order to get your new porch. Your decision as to which company to employ will be based on what? Would it be based on just price or the value for money of the quality of the product you wish to purchase? Maybe it will be a mixture of the both. In other words, you will look for the best VALUE for your money.
So the more value you can provide, the better the opportunity of you being able to succeed. Also you need to consider the fact that the most successful sales people and sales organizations spend lots of time and money on self improvement, because they know that their personal development is directly proportionate to their sales success. Just ask any highly successful sales professional what or who they turn to for personal development, imitate them, and you will have opened your mind to an entire new way of thinking. Make it a routine to take in personal development material on a daily basis, apply it to your home based business. The odds are that you will join the elite minority that succeed in a home based business.
That should take care of the sales process when talking to prospects for your business. Take full advantage of the expert training you should be able to get from your sponsor and team members. This will help your personal development and help you in your business and marketing plan.
Develop this technique and use it to get new business partners into your team. Then you are using another thing that every home business owner needs to adopt – Leverage. Leverage in business means, very simply, that you get someone or something else to duplicate your efforts. You may have products you want to sell, so why not leverage other people’s sales skills and set up an affiliate program. That way you earn from other’s marketing and sales efforts too by leveraging their efforts to make you money.
When setting out your business plan, don’t be afraid of the sales process. If you can adopt some good marketing skills and attract people to you or your product by developing great value, you will be on the right track to being very successful.
To The Future,