5 Mistakes most Home Business Owners Make

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By Ana Margarita A. Olar | Foodfindsasia.com

Working from home is a great way to earn money while having a flexible schedule and making sure that your loved ones (especially your kids) are well taken care of. But sometimes, home business owners commit mistakes in managing their home-based company. Take a look at these mistakes so that you’ll be able to learn from them:

Home business mistake # 1: Time Mismanagement

Because the setting of work is your own home, some business owners fail to set a time of operation. This set up tends to result one of the following: one, you’ll be tied up too much to your home because the workload piles up and you’re rushing to meet the deadline and this could result to an early burn-out; and two, you’re costumers will come and go randomly as they please and you’ll be working randomly throughout the day, messing up your daily schedule.

Another mistake about time management is that family time and work time will mixed up and your schedule gets crazy. You need to make your family understand that you have a schedule for family time and for business time, except in emergency cases, of course.

Home business mistake # 2: Workplace Mismanagement

Even if you have a small home, you need to provide a working space in doing your business. Some fail to organize their office things resulting in mixed up of household items and office items. It will be unprofessional if you are talking to your client via webcam and he sees kitchen utensils in your background, or your kids running around your work area.

Another is if you have employees they may tend to invade the privacy of your home. So you should set aside a place for your employees to stay.

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Home business mistake #3: Personal Mismanagement

Because you are your own boss, home business owners don’t have the stress that pushes them to be competitive and to please their boss. Although it has its benefits, this kind of set up may lead to mistakes such as:

Lack of Focus- constant interruptions from phone calls, and social media that are personal and not related to work, children, and other matters not related to your work may lead to incomplete tasks, low-quality products or services, unsatisfied customers.

Depending Too Much on Family members– if you are working alone, you may have a tendency to seek advice from your family members which, unfortunately, doesn’t have enough knowledge about your business.

Lack of plan and goals – because you are in an informal setup, business owners get so comfortable with the daily schedules and fails to have a business plan.

Unprofessionalism– some home business owners failed to dress properly and goes about their work right after waking up from their bed.

Home business mistake #4: Marketing Mismanagement

The lack of business plan may lead to yet another serious mistake which can lead to business failure over time: lack of social network, and not considering social media for marketing. While it is true that you would like to specialize on a specific target market, it will be wise if you will use the easiest and most convenient way of marketing: the social media. Don’t be afraid of the unknown find someone who knows about it and learn from them. You’ll even be surprised to find a pool of customers even if they are not your intended target market.

Home business mistake #5: Financial Mismanagement

The convenience of working from home results in another critical mistake: mixing home expenses and business expenses. When this happens, you won’t have the track of the amount of finances that goes in and out of your business and your home. Keep a separate record of business expenses from family expenses, in this way you will know if your business is gaining or losing the league.

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