Avoid These 3 Home Business Mistakes
Home Business Mistakes You Can't Afford to Make
When it comes to running a home business and getting it off the ground, there are certain mistakes you need to avoid at all costs. Why? Because the wrong moves can break you (while the right ones can make you) and knowing which pitfalls to avoid can help steer you clear of dire consequences. Here are three common home business mistakes that you never want to make.
1. Putting All Your Eggs in One Basket
Landing that ideal client is a great feeling, but make sure you don't put all of your eggs in one basket. If that client goes under, so will you. As a general rule, it's best to make sure that a single client doesn't account for more than one quarter of your revenue. It's best to keep a portfolio of clients. Don't take on more than you can handle, but don't count on a single client or customer for all of your home business income needs.
2. Staying With One Bank
Just like you shouldn't put all of your eggs in one basket with clients, the same can hold true for your banks. You want your home business to build credit and if you bank with one institution, that institutions policies will drive your business's credit situation. If the bank's policies change, so does your business. Building a relationship with more than one bank is best for your business's financial health.
3. Failure to Delegate
There will come a time when you have to understand that you are not Superman (or woman). If your home business grows and flourishes (which is the point of it all) you're eventually going to need help. That means being able to delegate. While being a watchful business owner is a good thing, being a control hog is not. You will burn out if you take on too much. Get the help you need when you need it.
And remember, there is no such thing as getting rich quick. Your home business will take time and effort. It will take hard work and dedication. In the long run you can make it work – especially if you avoid the above home business mistakes.