People respect those who know more than they do. By specializing, you assume the role of a presumed expert, even if you’ve just started your business. It makes good business sense for your clients to hire an expert instead of someone less experienced. By avoiding the mistakes and dead ends that someone with less experience may make, your clients could end up spending less money by hiring you — even if your hourly rates are higher.
Make sure you are buying items that are highly sellable, meaning that you there is a large market so you won’t have to wait years to find a buyer. And be disciplined enough only to buy items that allow you plenty of markup for resale. Specialization, or at least having most of your products fit your specialization, is highly likely to increase your chances of success.
New entrepreneurs often find it difficult in determining what to charge. Factors that will influence your pricing include the value your customers place in your products and services and what they are willing to pay for them; your industry’s pricing guidelines; and your own pricing strategy and “formula.” Your accountant can guide you in determining how to charge enough for each “billable” hour or product to cover your expenses and to ensure you will be making a profit.
14. Get organized. “Organize your files—both in your computer and your paper files—so that everything is easy to find,” Edwards suggests. “The average executive spends three hours a week looking for things—that’s more than 3.5 weeks a year. As your own boss, you can’t afford that. Use color coding for file folders and computer diskettes to make them easy to recognize. Printed labels, which you can create with your computer or a separate label-maker, help readability.”
Take time out for good behavior. It's not uncommon to find yourself working 60- to 70-hour weeks. But the good thing is, if you want to sneak out and see a movie at two in the afternoon, nobody's going to tell you not to do it. You have that freedom and flexibility as a home business owner. It can be tempting to work all the time when you start seeing how successful your business has become, but know when to relax. You've already established a smooth-running business. Take a break every now and then so you don't get burned out.
#8 support: I have a business partner, but I also have a mastermind partner (since 2011) and that has been so helpful. I get to brainstorm ideas, be held accountable and have insight from someone who is not inside my business everyday. I also now lead a mastermind group for moms, and I love spreading this powerful tool to others to find their own accountability partners in life and business.
Alex Ikonn and his wife Mimi launched Luxyhair.com after they realized how hard it was to find great hair extensions in the marketplace. This hair extensions ecommerce retailer has built their business on the fan audience they’ve attracted through YouTube tutorial videos. They have a serious following, which is exactly what has enabled them to grow their business to seven figures since 2010!