Over the past decade I have owned and operated my own business. Whether it was running a home based business, operating a small glass company or growing my internet marketing company, each one of these business ventures has taught me a thing or two about making them successful. And as many of you home based business owners know, the network marketing and personal development industry are entwined. So I’ve also learned a great deal about maintaining a successful mindset as well.
So what I’d like to do is share a few of those golden nuggets with you. Some of them may sound obvious, and that’s okay. That just means that you know your stuff and can keep me in check. But for those of you who are looking to start a business of your own, just know that the best business is smart business….and you’ll see what I mean.
Manage Your Time
Time is the keeper of your failure and/or also your success. If you can learn to manage your time like a professional, you will have an easier time creating success for your enterprise. This specifically applies to those of us who run a business from home. It’s so easy to jump in the pool with the kids, go shopping with your spouse or take care of household chores instead of working your business.
It’s important to spend the bulk of your time on income producing activities. These are the sort of actions that will bring you the most immediate income. Everything else must come second. Such activities can include:
- Placing advertisements
- Calling prospects
- Completing projects for paying customers
Bartering, checking emails, designing your website and all other things that detract from these activities are not income producing. They may increase your ability to produce income, but they still shouldn’t take time away from your immediate income producing activities. Set designated “income producing only” time frames to help you become more productive and only do those things during that time.
Manage Your Money
Money is the life blood of a business. Actually, let me rephrase that a bit. Cash flow is the life blood of a business. I like to relate business to basketball. Two of my most favorite things in this world.
In the game of basketball, the team that makes the most points wins. Simple right? Wrong! Of course, the most baskets you can make the better, but, if you fail to play defense, the other team will most likely score more shots that you. The same is true in business. The more money you can bring into your business the better, but you’ve got to play a little defense to protect that positive gain. You must manage your money successfully.
Just an example, if it would benefit your business to find better vehicle insurance rates that would save you a few hundred bucks a year, do it. So much of your hard earned cash flow can be lost in the scramble. Just because it’s such a small amount doesn’t mean that it doesn’t all add up. However, you have to be careful here. If you’re main focus is on always saving, then you might be at risk of becoming cheap. And nobody likes a cheap businessman….they won’t respect you. However, everybody can relate to the thrifty businessman.
Manage Your Marketing
Cash flow, a poor business plan and the failure to promote are the three main reasons for failure in business. As an entrepreneur, your business life and your personal life must become one, especially if you’re a one man show. With confidence and a little tact, you can successfully gain customers without being in danger of becoming “That guy,” the one who everyone avoids.
Marketing is all about trial and error. I like to use “stick and move” to describe my marketing strategy. I’ll try something, and if it doesn’t work, I’ll move on. If it works, I’ll stick with it. Most professionals will tell you that around 30% of your business cash flow should be invested back into marketing. If you can budget for that, you won’t have any problems gaining new customers.
Conclusion
So there you have it. Be smart with your time, your money and your marketing and you’ll see success in your business ventures today and well into the future. Mastermind with others who have experienced the success you wish to have. You’ll learn things in casual conversation that you had never thought of before. And I’d like to say “Good Luck,” but luck and business have very little to do with each other. So it’s all up to you!
David Allred is the author and creator of CFW. David has been teaching entrepreneur minded people how to earn a full time income working from the comfort of home for nearly a decade.
Think about it. Never miss your kids’ events, set your own schedule, choose your own income and enjoy a lifestyle and income which most people only drool over!
Be sure to connect with David Allred on Google+, Facebook and everywhere else!
