As mentioned in a previous post, a recent survey we commissioned yielded some very interesting information from current home business owners. One of the questions asked: “Do you have any tips/suggestions for those considering entrepreneurship?” Here are some results:
1) Make sure you are properly pricing your product or service.
2) Don’t let others force your business to be a 24/7 operation. If you run a 24/7 operation, it should be because YOU chose it to be 24/7. And if so, you should be compensated dearly for providing this service.
3) Be realistic. It takes time to turn a profit. It’s harder than being a corporate
employee. It keeps you awake at night more. If you’re not ready for that, you
might not be ready for being a business owner.
4) Always prepare your business plan with conservative projections.
5) Create a plan, make a dream and work towards them
These tips come from business men and women that have operated as successful independents for many years. Sage advice from the “been there – done that” crowd.