Here are some simple tips for starting a home business in a down economy. First you must realize that your personal economy is not the same as everyone else's bad economy. Therefore, your business economy is not the same as everyone else's business economy. You and your new business venture are a small part of a much larger picture. In that big picture some people are doing worse and some people are doing better. You can be one of those people that are doing better than most.
Some business are doing bad in a down economy and some businesses are doing good. Like our business this year. We are having our very best year EVER in 7 and a half years. Below are a few simple tips to help you succeed in starting a home business in a down economy.
Tip 1: Don't start a business out of a hobby. There is this prevailing wisdom out there that says find something that you love and you will never have to work again. Which I believe is true but most people look at it all wrong. Most people take that to believe let me find my favorite hobby and see how I can make it profitable? That usually has disastrous consequences. First, most hobbies are not able to be turned into a successful business model. Second, if they can become a successful business they become work and are NO fun after a while. "Find something that you love to do and you will never have to work again" obviously doesn't mean that you are going to be able to quit working. It just simply means you will like the work that you are doing. So when you are starting a business in a down economy this is paramount. Wrap your purpose in work around what you love.
You can do this with just about any business model. If you are starting a business on basket weaving and you don't particularly like basket weaving you just happen to be good at it. Then you realize that by building this business using a skill that you have learned you are able to spend more time on the "hobby" that you are passionate about. If you are like me and you like fishing then by making basket weaving successful it gives you more time to go fishing. If you are the type of person that is passion about charity work and you like to donate money or time to feeding the homeless for example. By building your basket weaving business you have more free time and more money to donate to the homeless. When you realize that it's the business that is giving you these options naturally you will create a passion for your basket weaving business. It's important to make these links with whatever you start because just like in a "job" there will be days when you may not want to go in and basket weave, but then you have the reminder what basket weaving will allow you to do that having a "job" never would. It increases your determination to make that new business work even in a down economy.
Stay tuned for the next post for Tip 2:
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