.Starting a business is one big risk, and many home businesses fail within five years of operation. But you don’t have to be one of them.
To improve the chances of the success of your home business, it is important to learn and avoid the common causes of home business failures. From the article “Top 10 Home Business Mistakes”, here are the mistakes that you need to avoid:
- Failure to do market research and verify marketability of the business idea.
- Poor time management.
- Considering your home business to be less serious than a “traditional” job.
- Not following the 80/20 philosophy.
- Not promoting your business frequently.
- Spending too freely.
- Not spending the money when called for.
- Not asking for help when you need it.
- Not having a contingency plan to deal with tough economic times.