Earn Income From Home Review - Avoid Home Business Failure With These Tips

Most of us have heard that 50 percent of brand new businesses fail within the first 5 years. But, failure can be difficult to define. If a company closes, without having debt in its wake, is it a failure? If the founder becomes bored or finds something better to do, is that a failure? Moving stones or skills that could not have been acquired or else, can we call the endeavor a failure, if a shut business has already provided invaluable lessons and knowledge?

1. Find the right companion. Business partnership can bring you triumphant glory or disastrous disaster. Ideally, partners contribute diverse skills and talents to their business, providing a feeling of wholeness that neither partner could have achieved alone. The intensity of sharing a professional identification, coupled with the knowledge that each companion is impacting the other's ability to survive, brings an enormous potential for conflict. Many of today's iconic companies were established by pairs. And traders prefer to invest in teams. Nevertheless, co-founder clash can destroy the fantasy. To avoid disaster find a person who (1) you truly enjoy, like and have confidence in, (2) gives your values, (3) features a different (complementary) set of traits and skills, (4) gives in addition to takes, (5) wants to develop and will support your development, (6) engages in positive conflict management, (7) gives your vision and (8) is prepared for the end.

2. Avoid any business that you do not fully understand. Every industry has hidden pitfalls. Investing your hard-earned money before you have invested your energy and time into learning the business' insider secret is a formula for disaster. I believe that even those who want to purchase franchises should first function (even at minimum wage, volunteering or interning) inside a similar business. There is no better way to learn how to protect yourself from common business pitfalls such as employee theft.

Avoid Home Business Failure With This Tip

3. Create a dialogue with your customers. My business partner Susan Dubow calls this "playing within their sandbox." Your customers hold the key to your success in their dreams, values, behaviors and pain. In order to understand them you need to keep walking in their shoes. Talk to your customers now, later may be too late. Sticking your head in the sand is not a viable response to a customer complaint. Taking a defensive stance will keep your blind spots hidden. On the other hand, remaining curious and receptive to negative comments gives you decision making data from a bigger picture view.

Marc Drouinaud is a trusted, professional home-business owner, and has participated in the generation of over $23 million dollars in the home business industry in the past 5 years alone. To find out more about Marc,