However much you try to err on the side of caution, it’s simply impossible to protect yourself from not to do something wrong at some time or other. The good thing about making mistakes is the opportunity to take note of what doesn’t work, and improve.
Thomas Edison worked on hundreds of experiments before he finally found the right formula for the light bulb. His approach was to look at each experiment as an opportunity to see what didn’t work, which took him one step closer to discovering what did work. I recently heard a saying that “a master has always faced disaster.”
How about you? What blunders have you made in your home business? Here are three common ones to be aware of, together with some tips to avoid, and or remedy the situation.
1. Expecting Unrealistic Results
Often when you get involved in a money-making business opportunity, such as an MLM (multi-level marketing), or internet marketing, you expect results to happen quicker than they do. Even though you know in your mind that this isn’t a “get rich quick” business, you have some deep-rooted hopes and dreams that profits will flow more rapidly.
Because we live in an instant gratification based society, patience is often a challenge. We want it and we want it now. However, in business, that isn’t a realistic approach. You need to build a strong, solid foundation first, and then plan an on-going marketing strategy to keep attracting new prospects.
2. Failing to Identify a Niche
The first question I ask my coaching clients is “who is your target market?” More often than not, they scoot around the subject, and give me general groups as their answer, such as entrepreneurs, small business owners, or healthcare professionals. Understand that each one of these is a huge group, and hard to penetrate because there is so much competition vying to reach that same audience.
Because most boomer entrepreneurs usually have a limited marketing budget, your chances of making any real impact gets harder. The solution is to define a niche market, a smaller group of people within your targeted group. For example, a niche within entrepreneurs could be, female Hispanic entrepreneurs 30-45 years old. It’s far easier to break into that smaller niche than ever it is to go after a universal group of entrepreneurs.
3. Giving Up Too Quickly
When business isn’t flowing in as rapidly as you’d like, there’s a strong temptation to give up whatever it is you’re doing. Perhaps you tried your hand at advertising on Facebook, or a website that attracts your target audience, and neither yield the kind of response you expected.
Chances are that you want to abandon that strategy for another that you heard was a better option. Yes, that may well be the case. However, before giving up on one approach in favor or another, really test to make sure that you’re making the right decision.
What if you were on the verge of a breakthrough, and missed the opportunity because you gave up too quickly. Keep that thought in your mind the next time you’re tempted to make a rash move to flee one coop in favor of another.
Chances are that if you’re an experienced boomer entrepreneur you’ve made at least one of these three common mistakes in your home-based business, and you’ve learned from it. If you’re a novice boomerpreneur, you’re ahead of the game because you’ve been warned, and have the opportunity to avoid making these universal blunders.
Here’s to your continued success to get rich in your niche.
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