7 Habits of Successful Home Business Owners
What Home Business Owners Do to Achieve Success
Updated July 2016
Successful home businesses aren’t built solely on products/services and social media. Instead, business owners seek to do and be better in everything from their products and services, to their personal development. If you're serious about achieving your goals in home business, you should cultivate the habits of successful entrepreneurs.
1. Focus on value:
No doubt you started a home business to make money, but focusing on the money may hurt you more than help you. The reality is, money follows value, so by providing a product or service your market needs is the best way to insure income.
2. Stay attuned to customer needs and industry changes:
The best example of why it’s important to stay attuned to customer needs and industry changes is the publishing world. While Amazon slowly but surely changed how people read, publishers and large book stores, such as Barnes & Noble and Borders, continued the business practices they’d had for decades. As a result, publishers and bookstores are scrambling to figure out how to survive in the digital world. Had they been paying attention, they would have made the necessary adjustments to keep readers happy and better compete with Amazon.
Don’t let your competition pass you by because you weren’t paying attention to emerging trends.
3. Build relationships:
Connections and relationships are the cornerstone of any successful business. Today, consumers want to have a relationship, or at the very least feel heard, by those they do business with. Customers and clients aren't the only people to connect with. Build relationships with influencers in your industry, others you work with (i.e. suppliers or contractors), media resources, and anyone else you're in touch with during the course of building your business. Done well, building a network of relationships will lead to referrals and testimonials, support and feedback, and other beneficial contacts.
4. Invest in knowledge and personal development:
Not only do you need to keep abreast of customer and industry changes, but you need to keep yourself knowledgeable and confident. Knowledge helps you provide better service and stay on top of advances and new trends. Working on your own personal development keeps you inspired and motivated, which is especially important when things aren’t going as planned.
5. Take care of themselves:
In Thrive, Arianna Huffington discusses how she had all the hallmarks of success, except that she was so driven, she collapsed from exhaustion. There is a saying that if you don’t have your health, you don’t have anything and it’s true. History is littered with people who had money and fame who died young. An important component to success is self-care, which not only keeps you healthy, but also reduces stress. That means getting plenty of sleep, eating right, exercising regularly and taking time to nurture your soul.
6. Have a life outside of business:
Part of taking care of yourself is having a life outside of business. Even if you love your business, it’s important to have other aspects of your life. Having a life outside of business can encompass many things including family and friends, hobbies, travel; anything you enjoy not related to your business. It also includes vacations and time away from business.
7. Builds Efficiency through Tools, Systems, Outsourcing and Delegating:
The only way to practice self-care and have a life outside of your business is not do it all, and be more efficient in what you do. Tools and systems save you time through automation and habit. But even the best tools and systems won't allow you to focus on what you do best. At some point, you should invest some of your profits into outsourcing activities that you don’t have to do, such as managing email or writing marketing materials. You’re not limited to delegating tasks in your business. Consider asking your family to take on more household responsibilities or pay someone to clean your home.
Outsourcing and delegating not only frees your time to do what you do best in your business and take time off, but also, since you can’t possibly do and know everything that needs to be done/known, you’ll be getting people who are experts at what they do, improving the quality of your business.