10 Survival Tips For Your Home-based Business
According to the latest data from the U.S. Bureau of Labor Statistics (BLS), nearly 1 in 5 U.S. businesses fail within the first year of opening and 45% fail during the first five years. As one of the few entrepreneurs who managed to Survive not only these statistics but staying in operation during a global pandemic, I wanted to celebrate 7 years in business and offer you strategies to keep your Home-based Business open!!! Continue reading or watch video below.
- Humble yourself, be teachable and willing to learn from others who have succeeded in the same industry. Surround yourself with a network of mentors and fellow entrepreneurs who can provide guidance and support. Additionally, constantly adapt and evolve your business model to meet changing market demands and trends. By staying proactive and open-minded, you can increase your chances of long-term success in the competitive world of home-based businesses.
- Observe your surroundings and be present to what’s happening with colleagues, staff and customers. This will allow you to identify new opportunities and potential challenges that may arise. By actively listening and engaging with those around you, you can better understand their needs and tailor your business strategies accordingly. This level of attentiveness will also help you build strong relationships and foster trust, which are crucial for long-term success in any industry.
- Enjoy the process of building your business and don't be afraid to have fun along the way! Keep in mind that entrepreneurship is a journey, and it's important to enjoy the ride. Embrace the challenges and setbacks as learning opportunities, and celebrate your successes along the way. By maintaining a positive attitude and finding joy in what you do, you'll not only have a more fulfilling experience but also attract others who share your enthusiasm.
- Prioritize the highest quality customer service to ensure customer satisfaction and loyalty. Access your customer journeys and evaluate your processes from their prospective. Doing so may help you prevent a problem. This includes promptly addressing any issues or concerns, going above and beyond to exceed expectations, and continuously seeking feedback to improve your offerings. Remember, happy customers are more likely to become brand advocates and refer others to your business.
- Honor your commitments and deliver on your promises. This builds trust and credibility with your clients, showing them that you value their time and investment. Additionally, maintaining open lines of communication with customers allows for transparency and helps to resolve any potential misunderstandings or conflicts in a timely manner. By consistently providing exceptional customer service and fulfilling your commitments, you can foster long-term relationships with your customers and establish a strong reputation in the market.
- Be friendly. This has helped me attract, retain and get referral business. Simply responding with terms like ‘Hello’, ‘thank you’, ‘please’, ‘great’ and 'I appreciate your business' can go a long way in making your customers feel valued and appreciated. Also, take the time to personalize your interactions and show genuine interest in shopper's needs and concerns can further enhance the customer experience and strengthen your relationship.
- Don’t believe the hype! While it is important to showcase the positive aspects of your products or services, it is equally important to be honest and transparent with your fans. Avoid making exaggerated claims or promises that you cannot fulfill. Instead, focus on delivering genuine value and exceeding customer expectations. This approach will help build trust and credibility, ultimately leading to repeat customers and referrals.
- Remember this is a marathon not a sprint, so it's important to allow yourself some grace. Most businesses were not an overnight success! Building wealth takes time and effort, but the long-term benefits are worth it. Stay committed to providing exceptional experiences and continuously improving your offerings to stay ahead of the competition. By staying true to your values and consistently delivering on your promises, you can establish a solid foundation for long-term success in your business.
- Decide what happiness means to you. Do some inner work/Self reflect and identify the things that truly bring you joy and fulfillment. This self-reflection will help you align your actions and decisions with your personal definition of happiness, allowing you to live a more authentic and fulfilling life. Remember, happiness is subjective, so don't compare yourself to others' standards or expectations. Embrace what brings you genuine happiness and make choices that align with your own values and aspirations.
- Charge for your services. When you charge for your services, it not only validates the value you bring but also attracts clients who are able and willing to pay what its worth. This can lead to more meaningful and satisfying interactions, as you are working with individuals who truly appreciate and benefit from what you offer. Additionally, charging for your services allows you to sustain and grow your business, enabling you to continue pursuing your passion and bringing joy to both yourself and others.
In summary, entrepreneurs should humble themselves, be teachable, and surround themselves with others who can help them be mentally strong , retain customers, and get paid! They must be willing to adapt and evolve their business model to meet changing market demands and trends. As a result, Small Business Owners will build stronger reputations and live a more authentic lifestyle.