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    5 Replies Latest reply on Jun 26, 2009 9:24 AM by MlmRepMachine

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

    MlmRepMachine Newbie
      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?
        • Re: What Are the Top Reasons People Fail At Home Based Business?
          amspcs Ranger
          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.
          1 of 1 people found this helpful
          • Re: What Are the Top Reasons People Fail At Home Based Business?
            robertson240 Newbie
            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.
            • Re: What Are the Top Reasons People Fail At Home Based Business?
              JohnSF Wayfarer
              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
              1 of 1 people found this helpful
              • Re: What Are the Top Reasons People Fail At Home Based Business?
                LUCKIEST Guide
                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
                • Re: What Are the Top Reasons People Fail At Home Based Business?
                  MlmRepMachine Newbie
                  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

                   

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