5 P’s of a Successful Home Based Business

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Achieving a successful home based business stands out as the goal of any home business entrepreneur. One can find numerous tips, ebooks, and websites that provide advice regarding how to do it. But I believe that all this information, as important and as required as it is, can be grouped into five broader categories. You need a purpose, passion, a plan, persistence in carrying out that plan, and patience to wait for the plan to work.

Purpose- The first step is easy. It’s the reason you went looking for a successful home based business to start with. Write down the reasons you want or need to work from home as well as what you will do with the extra income you make. Read these reasons aloud first thing in the morning and the last thing at night. You may even put pictures on a poster board to remind you of what you will do with the extra income and place it somewhere in the house where you will see it regularly. Think of them during the day. Doing this will lead naturally to the next step, which is passion.

Passion- Napoleon Hill said, “Desire is the starting point of all achievement, not a hope, not a wish, but a keen pulsating desire which transcends everything.” When you develop a strong purpose or desire to work at home, it will lead to a deep, burning passion to succeed. That desire will carry you through failures, by people who tell you can’t do it, and it will help overcome your own doubt. One thing that is hardly ever mentioned to those who are starting their home based business is the need for personal development. A person needs to grow just like their business grows.

Plan- Everyone knows the saying, “He who fails to plan, plans to fail.” That holds true for a successful home based business. I don’t know how many people, including myself, have started a home business opportunity without having any idea, or attempting to get an idea, of what to do to be a success. The way to develop a plan is beyond what I will attempt to say here but I will make 4 points. First, the plan needs to written down. A written plan holds a person accountable and gives you a track to run on. Secondly, utilize a mentor, if possible, that will help you come up with a written business plan. A mentor can be someone involved your home based business, someone who already has a successful home based business, or it may be someone that will do it for a fee. Thirdly, the plan should be goal oriented. Goals need to be specific and have a definite date for completion. And finally, be fairly flexible with your plan. You may need to make some modifications to it especially if something just isn’t working. But the main thing is to keep a written plan in place at all times.

Persistence- My favorite way to describe persistence is sustained effort. Once a plan is in place, it must be carried out, continually. Create a schedule to carry out your plan and do your absolute best to stick with it. Treat your own home based business like a full time job and eventually you’ll harvest the rewards of a full time occupation. Get the mindset that just as you have to go to your regular occupation on certain days at certain times, you need to work at your home based business on certain days at certain times.

Patience- Finally, after the plan is created, and the schedule is laid out and you become persistent in carrying out your plan, you must be patient. This is a world of instant gratification. We want and can get most everything quick. But a successful home based business is not going to happen overnight. It has been said time and again that creating a successful home based business is really a marathon, not a sprint. Too many people quit just before they’re about to see results. Be prepared to stick it out for the long haul.

I don’t know of a magic way to make money online. But I definitely believe that one can achieve a successful home based business by having a stated purpose, developing a burning passion to succeed, setting up a firm plan, being persistent in carrying out that plan, and by having the patience to wait for it to achieve its potential. And although there are hundreds of more detailed tips on creating a successful home based business, these are five easy ones to keep in mind.

Donnie Baird runs a successful online business from his home in North Carolina and is the owner of Earn Income Online. Visit his site to learn how you can make money with multiple streams of income. Also start your own work at home business at Online Work at Home Opportunities.