Monday, March 11, 2013
5 Reasons Why Most Home Businesses Fail
Statistically 70% of home based businesses last at least 3 years but why do they fade out? And why is it that the statistic isn't higher?
5 Reasons Home Businesses Fail
1.One of the number 1 reasons Home Based Businesses fail is due to having a lack of support! Do your research before diving into a business, find out what tools and help you will be given to insure your Success. Proverbs 11:14 NIRV Without the guidance of good leaders a nation falls. But many good advisers can save it.
2.Some Home Based Businesses will encourage you to work long hours with little pay. Get to know the compensation plan in the business that your looking into. Knowing how you will be paid is a MUST. I prefer to work with a company that offers residual income. Deuteronomy 8:18 NIV But remember the LORD your God, for it is he who gives you the ability to produce wealth, and so confirms his covenant, which he swore to your ancestors, as it is today.
3.Product No one wants! Simple as that. In my opinion most successful home based businesses are built upon products that families consume on a regular basis. 2 Corinthians 9:8And God is able to make all grace abound toward you; that ye, always having all sufficiency in all things, may abound to every good work:
4.Realistic Time Commitment. As you start a home based business you will no longer be told what to do by your boss. Therefore you must be diligent and consistent in putting time forward to grow your business each and everyday in order to see growth. As you go into your business, know that it may take many months to years to see a replacement income. II Timothy 1:7 NIV For the Spirit God gave us does not make us timid, but gives us power, love and self-discipline.
5.Start up Cost and Fees. This is a classic reason why some businesses fail. A large start up fee can be scary! And if the fee is to large it might inhibit others from wanting to work with you. Again, do your research and know what the costs associated with each venture are going to be. Luke 14:28 For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?
As your searching for a reliable way to earn an income for your family know there are many opportunity's out there. It's important to find something you enjoy while helping others and your own family in the same hand.