The 7 Sins When Starting a Home Based Online Business

Starting your own home based online business could be one of the most profitable decisions that you ever make. You can leverage technology in a way that can allow you to have more time to enjoy the things you previously didn’t have time for, because you were at work trading your time for money.  When you have, a home based online business you have a lot of freedom.  You can work when you want for however long you want.  You call the shots, you are your own boss.

Sounds pretty nice, however this can be a blessing and a curse.  You see, the majority of people have been conditioned through the repetition of working day in and day out to trade their time for money (which is a terrible way to earn money) and when you are working a home based business you are earning money based on your results, or the results of others, if you really understand leverage.

Many new comers to the online game tend to believe that having a profitable online business is easy and it is not.  When you learn the basic concepts, you’ll see that it’s simple, but not easy.  There’s a big difference between the two.  Building a home based online business can earn more money than you ever thought possible, however on the flip side it can also put you in the poor house if you’re not careful.  I know some people who have earned millions of dollars online with their home base business, I know others who have not earned a dime, and the difference between the two is often as fine as a razors edge.

When I first came online, I was on the wrong side of that razors edge and I’d like to share some mistake that I made and some that I know others have made when starting a home based online business.  Mistakes you need to avoid at all costs.

1. Deciding to Fire Your Boss too soon.

This is a huge mistake that far to many aspiring entrepreneurs make and one I made myself.  When you start researching how to make money online you open the door to a whole other world and it’s very easy to get lured into the hype and false promises that’s out there.  It reminds me of driving into Vegas, all the lights and the glitter, the hope to get rich quick.  It doesn’t happen and many people online fall into this “hype trap.”  They convince themselves that they can replace their income in 30 days or less and they decide to fire their boss.  Now, I’m not saying that it’s not possible to replace ones income in that time, don’t get me wrong I believe we all have unlimited potential and the person that can accomplish something like that has to truly believe it.  They have to believe it in every cell of their being and their state of mind must be belief and not mere hope or wish.

A great teacher of mine gave some advice on this.  He said if you decide you’re going to fire you boss and make your online business successful make sure that you’re needs are met for at least 6 months.  This way you can focus on building your business and providing service.  You can’t focus clearly on prosperity if you’re worrying about paying the mortgage or rent, or if you’ll have food.  When worry comes in doubt and fear are not far behind and they are deadly.

2. Buying Programs that Offer Overnight Riches

It is possible to earn money fast online, however if you are new to the game you will more than likely loose.  Every case that I have looked at where someone is claiming overnight success there have been other factors that are contributing to that success.  Other seeds were sown long before the results came.  Follow your intuition; if it sounds too good to be true it usually is.

3. Trying to Rush Results

This happens all too often when someone doesn’t understand the process correctly.  When you try to rush something, you are in essence forcing it to happen and it’s not going to happen, force negates.  You can’t force a tree to grow, you just let it happen, and the same holds true here.  Focus on consistent income producing action-orientated activities and results will follow.

4. Buying Expensive Programs

When you are just starting, your home based online business you don’t need to purchase the big marketing programs that cost $500 to $2,000 and even more.  Sure, many of these programs are great, but trust me from experience these programs are going to confuse you and set you further back.  Jumping into a huge expensive course is like trying to teach a baby to run before it has learned to crawl.  You must have the basics down before you start messing around with the advanced techniques.  Wok on the basics and then you can build on that.

5. Failing to Learn and Implement the Basics of Online Marketing

This is a HUGE one.  To have a strong home based online business you have to have a strong foundation.  You wouldn’t decide to build a house and start with the roof, would you?  No, you’d start with the foundation because once you have a good strong foundation everything goes up after that rather quickly.  The basic skills for your foundation are to create content, attract leads, build a list, provide value, build relationships, help solve problems, and earn money.  Sounds like a lot and there are tools to help automate this as much as possible.

6. Trying too Many Strategies at Once (Focus on ONE thing until mastered)

This boils down to a lack of purpose.  Get clear on WHY you are building a home based online business and this is deeper than making more money.  Is it to spend more time with family, is it to be able to help others, what ever it is get clear on it and you’ll become more focused.  Don’t get in the habit of jumping from one thing to another, “trying” a program or strategy and after a week deciding to find something bigger and better.  Pick one strategy, stick with it until it’s mastered and producing revenue, and then bring on another.

7.  Failing to Find a Mentor or Mastermind

Napoleon Hill who wrote Think and Grow Rich, which is considered by many as the entrepreneur’s bible, devoted an entire chapter to the Mastermind principal.  This is vital, no one ever became successful by themselves, there was always a team a support group, someone to bounce ideas with, a mastermind.  Find someone or a group that have the level of success you are looking for and study them, duplicate them, get to know them.  Your success is going to be determined by a large extent by the company that you keep, so make sure it’s good company.

Remember, starting a home based online business can be the best decision you could ever make and by avoiding the seven sins of online business that I’ve outlined you’ll be able to save more money, avoid a lot of head aches and fast track you online business to success.  My advice to stay persistent, know that you’re going to fail, but that doesn’t mean you’re a failure it just means you produced an unwanted result.  Look at your failures as feedback that will allow you to correct, tweak, and move on.

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Ed Reiner

CEO at Global Visions Online, LLC
Ed Reiner is a personal development teacher partnered with Bob Proctor's LifeSuccess Consultants company and an internet marketer. He assists individuals in building their business online and helps transform their lives from the inside out.

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  1. Sekhar Gurugubelli
    7 years ago

    Hey Ed,

    I really enjoyed reading \’The 7 Sins When Starting a Home Based Online Business\’. I completely agree with what you said. Great post!

    Sekhar


  2. fhandauhci
    5 years ago

    Great article. I’ve committed a couple of these sins while starting my online business. Thanks again.