ForumsHome Based Business

Up to All Forums

This Question is Answered

1 "correct" answer available (5 pts) 1 "helpful" answer available (4 pts)

5 Replies Last post: Jun 26, 2009 9:24 AM by MlmRepMachine

What Are the Top Reasons People Fail At Home Based Business?

Jun 25, 2009 11:59 AM

MlmRepMachine 30 posts since
Jun 22, 2009

I'm curious as to what the readers of this forum believe the reasons why most people
fail out launching and sustaining a home based business?

Here are my top 3 reasons...

1. Under marketing.
2. Under capitalized.
3. Under exposed.

What are your thoughts?

Tags: home_based_business, home_based_business_opportunity Report as inappropriate

amspcs 516 posts since
Oct 18, 2007

1. Re: What Are the Top Reasons People Fail At Home Based Business? Jun 25, 2009 1:49 PM

Your # 2, under capitalized, is probably the most common reason by far that most businesses in general, not just home based, fail. I would also rate lack of preparation and homework right up there too. Some people just don't know what they're doing, nor how or where to get the knowledge required. I've worked biz-to-biz
for many years and have seen thousands succeed, but many many fail too. so that's my educated take.

Report as inappropriate

robertson240 5 posts since
Feb 17, 2009

2. Re: What Are the Top Reasons People Fail At Home Based Business? Jun 25, 2009 3:59 PM

I have noticed that most home based businesses tend to think because they are working from home, there is no need to incorporate. That could not be farther from the truth. If you are working from home it is even more important to build and establish a strong business credit score seperate from your personal credit score, to portect your personal assets, and in order to obtain a strong business credit score, you would have to be set up as a corporation, or an LLC.

Report as inappropriate

JohnSF 7 posts since
Jun 17, 2009

3. Re: What Are the Top Reasons People Fail At Home Based Business? Jun 25, 2009 3:23 PM

The reasons you mentioned are very good, but I feel they apply to any start-up company or small business. An often over-looked, but in my opinion, a huge factor: lack of focus. Operating out of such a comfortable and familiar setting can cause one to become too relaxed and complacent with their work. Not to mention, there are a million distractions, ranging from the TV to non-business home calls to sifting through the days mail. No one is there to regulate you or keep you on track. It takes a very strong willed, determined person to succeed with a home based business.

John Carelli
www.solidfoundationllc.com

Report as inappropriate

LUCKIEST 7,939 posts since
Aug 6, 2007

4. Re: What Are the Top Reasons People Fail At Home Based Business? Jun 25, 2009 3:46 PM

Reasons People Fail At Home Based Business, Welcome Rickey

Add lack of a business and marketing plan. A plan should serve as an assessment tool for the owner.
Then you open the door and get detracted.
As you grow your business, the plans will help you keep track of the details and make sure that the business is progressing as you intended.

My thought, LUCKIEST

Report as inappropriate

MlmRepMachine 30 posts since
Jun 22, 2009

5. Re: What Are the Top Reasons People Fail At Home Based Business? Jun 26, 2009 9:24 AM

Here are some more intangibles that most people who start
home based businesses don't think about.

4. Mindset - without the proper mindset you are doomed for failure.
You may know what to do but what's going to get you to do what you
know.

5. Creativity - I call this the elixir of a home based business. I have been
able to do many things that others cannot because I have a creative mind. I seek
unconvential ways to getting things done. I find ways to go around, under, through
or over my obstacles.

6. Research - Knowing your target audience is paramount. So many people go into business just because
they think they have a good idea. They don't even know if there's a market for their
products or services. Even if there is a market they don't know if that market is willing
to pay for those products are services.

Rick
www.MLMRepMachine.com

Report as inappropriate

Bank of America, N.A. Member FDIC. Equal Housing Lender

Bank of America is not responsible for user posts and other user content appearing on this website and does not endorse or guarantee the perspectives, the advice, the users, the businesses, or the products or services sold by any users or businesses that appear on this website.

ForumsHome Based Business

This Question is Answered

What Are the Top Reasons People Fail At Home Based Business?

Jun 25, 2009 11:59 AM

More Like This

Most Recent Forum Posts

Legend