Running a home based business may seem like anyone’s dream come true. There's:
- No manager to tell you what to do
- Peace and quiet
- A schedule that you can set for yourself
However, running a business from home may not be for everyone, especially if you have a hard time staying focused and disciplined. Here we outline eight qualities the most successful home business owners share.
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8 qualities of successful home business owners
Some people can work from home, others simply can’t. Those who do it well tend to have these qualities:
- Never give up attitude.
- A focus on your goals.
- Willingness to learn to budget.
- Commitment to keep learning.
- Ability to keep home life separate.
- A few house rules.
- Backup financial support.
It’s not until you stop getting those bi-monthly paychecks that it hits home: it’s all on you. Here’s what you’ll need to make working from home work.
1. Never give up attitude
Before you open up your own home based business, you have to make sure you have the right drive and attitude.
If you give up easily, running a home business is definitely not for you.
Small business owners who work from home can end up working for up to a year without any pay. Depending on what you do, working from home can also be lonely — it can take time to create a support network now that you no longer have a built-in group of colleagues.
If you can keep yourself motivated in spite of these challenges, you just might be cut out for the home based business lifestyle!
2. A focus on your goals
Small business owners all tend to be very goal oriented and have a vision they are striving toward. Three of the most common goals are to:
- Be your own boss, deciding how much you work and for whom
- Combine work with family obligations
- Work anywhere in the world
In order to run a business from your own home, you’ll need to stay focused on your goals. Reminding yourself why you’re doing what you’re doing can help see you through the tough times.
Succeeding as a home-based business owner is much harder if you lack passion.
Being a company of one can be a slog sometimes.
For some, being their own boss becomes the driving force of their business. Others enjoy being able to do better work for clients than they could while working for someone else. Some business owners simply love their work and that helps them to keep working toward growing a successful business.
If you lack the passion for your business, you will also lack the motivation and will power to continue when things get rough and don’t go as planned or expected.
4. Willingness to learn to budget
Budgeting skills are a part of any business’s success — even for tiny businesses. By creating a smart, detailed budget plan, you increase your chances of long-term success.
If you learn to stick to your budget, cut costs where necessary and make smart decisions when it comes to spending, you’ll have a great advantage over many other small businesses.
Remember, no one else is taking care of your super contribution, so be sure to plan for retirement as well. You don’t want your grand adventure in self-employment to cost you down the road.
5. Commitment to keep learning
Running your own business from home is a constant learning process. Mistakes will happen, and things will definitely not go as planned in the beginning.
What’s most important to remember is that becoming a successful business owner is a learning process. What goes wrong today will create better decisions tomorrow.
Most successful business owners learn from basic trial and error.
It is impossible to know everything from the start, so it’s very important to continuously educate yourself.
There are tons of business books available and even courses online that can help you learn more about finding clients or customers, budgeting, marketing and all other aspects of running a small business.
6. Ability to keep home life separate
Successful entrepreneurs have the ability to keep their private lives separate from their business lives, and this is a skill that you will need to learn when running a business from home.
The proximity of your office can make it hard to stop working — some are tempted to “do just one more thing” at all hours of the day and night. Know when it’s time to take calls and reply to emails, and when it’s time to dedicate attention to your family and friends.
Have a separate space where you will have your home office, preferably with a door you can close, and a separate mobile phone for business and clients only. This will allow you to switch off and give your full attention to the other part of your life.
7. A few house rules
Entrepreneurs who successfully live with others have a clear set of rules agreed to by anyone who lives in the same space as them. Even just knowing when it’s time to keep quiet can go a long way toward avoiding conflict.
Make sure you agree to some simple rules with your roommate or family so that you can:
- Work undisturbed
- Take business calls professionally
- Meet with potential clients in a professional environment
If your home isn’t appropriate for client meetings, you can always consider a coworking space for meetings.
8. Backup financial support
In the beginning, most successful home based business owners have financial support to help back them up.
A financial safety net is crucial, whether this is savings, a loan or a supportive partner who has a job.
There are a ton of businesses that can be started online for almost no money, but if you are living alone you will need to have backup financial support to help pay your living expenses until your business takes off. Make sure to keep this in mind before starting any business venture.
Do you have what it takes to run a home based business?
If you are thinking about opening your own business from the comfort of your own home, make sure you have what it takes to make your business work.
Having the right attitude, drive, discipline and financial support to get you started is crucial to your success. Now just stick to a budget, stay laser-focused on fulfilling your goals and you’ll be well on your way to flexibility and autonomy of a home based business.