3 Myths of Building a Successful Home Based Business That Could Bankrupt You
There is a lot of advice out there about building a successful home based business.
While some of it is sound, usually the stuff offered by veteran entrepreneurs, most of it is bogus information perpetuated by greedy amateurs that can do your business more harm than good.
I'm going to talk about three common myths of building a successful home based business that will lead you to bankruptcy if you believe them.
Myth #1 - If I Build It, They Will Come This is one of the most common myths about running a successful home business.
Yet people continue to believe that all they need to do is set up shop or throw up a website and customers will come flocking to them in droves.
What they usually end up getting is months of frustration before eventual business failure.
The truth is every profitable home based business requires active development even businesses that are primarily internet based.
Think about this: Your prospects are bombarded with marketing messages thousands of times a day.
If you are not proactive about getting your business in front of their face you will be overlooked which means no sales and eventually a trip to bankruptcy court.
Myth #2 - The Product Sells Itself This myth ties into the previous one except this time some entrepreneurs believe they don't have to market their product.
They think their product is so great that people will naturally see its benefits and buy.
Therefore why should they spend the time creating a marketing plan when the product practically sells itself? There are tons of awesome products on the market that have redefined our way of life.
But there are equally as many good products out there that failed miserably because they were not marketed properly - if at all - and didn't attract enough interest from consumers.
A marketing plan is an extremely important component to building a successful home based business.
It doesn't have to be anything elaborate.
Even the simplest marketing plan is better than no plan at all.
Myth #3 - Everyone Must Be My Customer By far the easiest myth to believe is that in order to have a successful home based business, then everyone must be your customer.
After all, the more customers you have the more money you make right? Technically that is true.
However, your focus should not be on the quantity of customers you have but on the quality.
Ideally, you want customers whom you can profit from so you want to avoid people who cost you more than they generate in revenue.
These are people who require an excessive amount of your resources (mainly time) in order to meet their needs.
It is true what they say, time is money and if you are spending all of your time servicing low income producers then you might as well headquarter you business at the poor house.
It can be a challenge separating fact from fiction when listening to advice about building a successful home based business.
If you want to learn some tried and true tactics for running a profitable home business then visit http://www.
myawesomehomebusiness.
com
While some of it is sound, usually the stuff offered by veteran entrepreneurs, most of it is bogus information perpetuated by greedy amateurs that can do your business more harm than good.
I'm going to talk about three common myths of building a successful home based business that will lead you to bankruptcy if you believe them.
Myth #1 - If I Build It, They Will Come This is one of the most common myths about running a successful home business.
Yet people continue to believe that all they need to do is set up shop or throw up a website and customers will come flocking to them in droves.
What they usually end up getting is months of frustration before eventual business failure.
The truth is every profitable home based business requires active development even businesses that are primarily internet based.
Think about this: Your prospects are bombarded with marketing messages thousands of times a day.
If you are not proactive about getting your business in front of their face you will be overlooked which means no sales and eventually a trip to bankruptcy court.
Myth #2 - The Product Sells Itself This myth ties into the previous one except this time some entrepreneurs believe they don't have to market their product.
They think their product is so great that people will naturally see its benefits and buy.
Therefore why should they spend the time creating a marketing plan when the product practically sells itself? There are tons of awesome products on the market that have redefined our way of life.
But there are equally as many good products out there that failed miserably because they were not marketed properly - if at all - and didn't attract enough interest from consumers.
A marketing plan is an extremely important component to building a successful home based business.
It doesn't have to be anything elaborate.
Even the simplest marketing plan is better than no plan at all.
Myth #3 - Everyone Must Be My Customer By far the easiest myth to believe is that in order to have a successful home based business, then everyone must be your customer.
After all, the more customers you have the more money you make right? Technically that is true.
However, your focus should not be on the quantity of customers you have but on the quality.
Ideally, you want customers whom you can profit from so you want to avoid people who cost you more than they generate in revenue.
These are people who require an excessive amount of your resources (mainly time) in order to meet their needs.
It is true what they say, time is money and if you are spending all of your time servicing low income producers then you might as well headquarter you business at the poor house.
It can be a challenge separating fact from fiction when listening to advice about building a successful home based business.
If you want to learn some tried and true tactics for running a profitable home business then visit http://www.
myawesomehomebusiness.
com