With the recent downturn in the economy, boomers taking early retirement, the plethora of "business opportunities”, or folks being fed up working for "corporate America," the entrepreneurial spirit and the urge to "work from home” is alive and well. For most home-based workers, if not all, the advantages generally outweigh the disadvantages — no commute, having more quality time with one’s family, being in control of one’s life and time, no boss to deal with — among others. This is the good news.
The not-so-good news is that many of these entrepreneurs and work-at-home stalwarts won’t make it. In fact, according to statistics, more than 50% of home-based businesses fail within three years of start-up.
So, to help insure you’ll have a better than equal chance of surviving beyond three years and have staying power, consider the following approaches and perspectives as you go to work, at home.
Remember, it’s a business, not a hobby
The IRS has strict financial criteria defining the difference between a "business” and a "hobby.” You can search for these on the Internet or contact your local IRS office.
However, over and above the IRS financial criteria, what will affect the success of your business as much are (1) the seriousness of purpose you take toward your business and (2) your attitude to how you approach your business.
If you approach your home-based business from a "moving away” perspective (i.e., "great…no more deadlines, no more bosses, no more pressure, no more ‘nine-to-five’"), there’s a better than 50-50 chance you’ll not survive.
Moreover, if you approach your home-based business with a cavalier attitude (e.g., "by-the-way, I’ll work when I want to”), you most probably are doomed to failure.
In fact, if you’re not coming from a mature, serious, genuine and honest "going to work” perspective, at home, you’ll most likely be wasting precious time and energy you might better devote to volunteering in your local community.
Running a viable business from home rather than working on a very expensive hobby demands the same degree of time, effort, seriousness of purpose, dedication, discipline, motivation and focus, even more so, than does the common job in the corporate arena. One manifestation of this seriousness of purpose is dressing for work every day and "going to work" for normal business hours every day.
So, one question to reflect on as you consider a home-based business is, "Am I working in a business or am I engaged in a hobby?" Your response will have a telling effect on the success of your efforts.
Remember, it’s about self-management, not time management
At the end of the day, there is no such thing as "time management.” Successful people most often refer to self-management, rather than time management. Successful people lead lives that are balanced and harmonious. Successful people focus on a healthy integration of mind, body, emotions and values as they lead their lives and conduct their business. They know that excess or deficiency in one area will affect the others and knock one off balance. Successful people bring their "whole” person to work every day.
Remember, it’s more important to work "in” your business” than "on” your business
There’s a huge difference between "activity” and "action.”
Action means investing time and energy on purpose driven goals and objectives, driven by the purpose, vision and mission of your business. Examples of action are prospecting for new clients and customers, making follow-up contacts, creating and disseminating marketing materials, networking, being visible, inputting sales data, updating accounts and the like. There is usually a return on this energy and time investment. That is, this time spent working "in” your business is known as "green time.”
Activity means spending time and energy doing "busy work.” Examples of activity are hanging out on the net in non-business-related efforts; moving stacks of papers, socializing on the phone, reading and writing non-business related emails, watching television, shuffling paper clips and "re-organizing” your office over and over. There is no return on "activity” and it serves only to waste precious time and energy. Activity has no goal and is not purpose driven. Activity is not "green time” and has no effect on the bottom line of your business. "Hobbyists” spend more of their time engaged in "activity.”
Remember, time is money
Successful home-based business folks are experts at planning, organizing, prioritizing and executing. They work with a well-planned and well-organized full-day, full-week schedule. They plan their week in advance, plan each day in the morning and review each day at night and make whatever changes are necessary. They track their day on an hour-by-hour basis.
Through regular and consistent daily and weekly time tracking, they know where they are spending time and investing time, they know how much of their time is devoted to "green" activities and how much isn't and responsibly make whatever changes are necessary.
Remember, education is a journey, not a destination
Successful home-based workers continually update their knowledge and skills. They read and research trade journals, magazines and professional publications and non-fiction publications regularly. They are engaged on recognized on-line professional groups and meet regularly in learning settings with like-minded individuals in their communities.
Conclusion
Working at home and being an entrepreneur can be an exciting, adventurous, and rewarding experience. It can also be a disaster. Whether you eventually "run a business" or "play at a hobby" is your choice.
The eventual success of your business, short- and long-term, will depend on the discipline, planning, organization, structure, self-management and seriousness of purpose with which you go "to work, at home."
Though you're not commuting, I hope you enjoy the ride.
Peter G. Vajda, Ph.D., C.P.C is a personal and executive coach, speaker and facilitator who works with individuals who are re-careering and transitioning into the entrepreneurial arena of life. His business is SpiritHeart at Work, the Experts in Well-BE-ing and you can contact him by email.
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