Conservative estimates show that there are between 20,000 and 35,000 new home based businesses started each and every day. Those numbers are truly astounding. What is even more shocking is that more than 95% of these new home based businesses will fail, and most will fail within just 90 days. But, do not be discouraged, because for those 5% who manage to achieve their goals, the home based business is absolutely the fastest path to a six figure income. This article will provide you with some sound principles to follow so that you can become one of the 5% who makes it.



KEY #1: Business is Business. Many people get caught up in the dream of working from home and walking away from their JOB, but they forget that it is still a business and that you can't treat it like a hobby and expect to get paid like it's a business. Failure to follow sound business principals is the single biggest reason most home based businesses fail. First and foremost is that you need a business plan. It doesn't have to be a huge formal document, but you do have to have a game plan with very specific targets in mind. Answer these questions: How much can you commit to your budget? How do you intend to market? How much do you intend to spend on training? What need are you filling in the marketplace?

KEY #2: Try Not - Do! Okay those of you who are movie buffs will know that that quote comes from Yoda in Star Wars. Is my "geek" side showing through? Sorry, but this is absolutely fundamental to you achieving success. Don't try to be successful, BE successful. Does Donald Trump try? Or does he achieve? Do you really think that he just "gives his best shot"? Read about Donald, study him - you will find that he is relentlessly committed to succeeding in any endeavor he pursues. Here is how I recommend you approach your business. Imagine that you could not fail - how committed would you be? If you knew that you knew that in one year you would be successful, wouldn't you stick it out? Relentless pursuit and commitment will take you there.

KEY #3: Keep your Goals Attainable. Many people fail because they set themselves up for failure from the beginning. They make their first goal to make $10k a month and then when they only make $200 their first month have a big let down! Now each product is different and has different price points, commissions, profit, etc but set a goal that is realistic. If you make a $500 commission on each sale, make your first goal to make $1000 your first month. Then when you achieve that success, expand your goals.

KEY #4: Turn your goals into Tasks. Now that you have a list of achievable goals, analyze them and turn them into a set of tasks that will be necessary to achieve those goals. Sounds simple, right? It is, but you've got to do it

KEY #5: Make a plan from your Tasks. Now take those tasks and put them on a timeline - map out a plan. You see this is the key between a goal and a dream. A goal has a plan associated with how to achieve it - a dream is merely a desire or a wish.

KEY #6: Invest in yourself. This could be simple. It could mean allocating a half hour per day reading about a new marketing strategy. Or maybe you need to refine your bookkeeping skills. Investing in yourself with ongoing training seminars, books, training courses, etc. If you are running a home based business then your business depends on you - don't forget to invest in improving yourself and thus improving your business.

KEY #7: The 80/20 Rule. Understanding the 80/20 rule is a real gem to success. I highly suggest you do some reading on the subject. Here's a simple example. Take the action that makes you money (making calls, for example) and spend 80% of your time on that task. If you only have 10 hours a week to work on your business, 8 hours should be spent on making calls (in this example). That means that you only have 2 hours left for "everything else". Effective business entrepreneurs understand and practice this principle religiously.

KEY #8: Manage your Time. Yep, I know everyone says this, right? Maybe there is a reason why everyone says it? Time management is not making a task list. In fact, Task Lists can actually be counterproductive because they can become so overwhelming that they can "depress" you. Instead, schedule your time. Block off time on your agenda for a specific task and only do that one task during that time. If the phone rings or email comes in, ignore it and stay focused on what it is you need to complete.

So, what's the bottom line? The bottom line is that, first and foremost, you will get out of your home based business what you put into it. It is a business, after all, not a lottery ticket. However, with determination and commitment, it can be the fastest and most easily achieved path to financial success.