The discussion about working from home often revolves around the micro-business, rather than a job where you are an employee who does not have to commute to an office both days. A micro-business is a business which employs ten or fewer people – the owner of the business not being counted as an employee.
Thanks to the Internet, there are a variety of different kinds of micro-businesses out there that the average person could succeed at without having any employees at all. Many of these “average” people who have learned how to make money online are making five, even six figures a month – and have never even gone to college.
But before you get too excited about that, you should know that most people who start an online micro-business give up after about a year, even less.
Chances are, these would-be business owners didn’t count the cost before they got started.
Do you have the potential to be a successful business owner?
To succeed in an online micro-business requires, for the most part, the same traits that allow one to succeed in a brick-and-mortar small business (a business with between eleven and 500 employees). What follows is a list of the main traits.
**1. Ability to take initiative. You have to be able to take initiative to start something without being prompted by anybody else. You also need to be able to take the initiative in contacting prospective clients or customers, the initiative in continuing to educate yourself on the micro-business world, and so on.
**2. Toleration of solitude. Unless you are going to be in regular communication with one or two other people who are working with you in the business, you need to be okay with being by yourself most of the time. Of course, some days you may be on the phone all day talking to prospects, but much of the time you will not.
I have a friend who tried her hand at a micro-business selling a particular kind of artsy craft, but being a hopeless extrovert she finally realized she would rather get a job outside the home than work on her art all day by herself.
**3. Focused. When I first started an online business, I was focused on teaching people about health and wellness. But then I started reading about how to make money using this, that and the other method, and I decided to try this, that, and the other.
And failed in all three.
Only when I got my focus back did I start to see some profit.
**4. Have enough capital. Most micro-businesses don’t require a whole lot of start-up capital, if any. But some micro-business models have ongoing expenses. Before you dive into them, you need to make sure you will have the funds to cover those expenses.
I once had a friend who joined my network marketing company days after joining a cosmetic company – and not too long after, she joined yet another one.
You won’t be surprised to hear that she never got anywhere with any of the companies. In order to make a commission in network marketing, you have to be faithful to make a minimum product purchase every month. My friend joined these network marketing because she and her husband were flat broke – and heavily in debt. She didn’t have the capital to purchase product every month from three different companies.
**5. Persistence. Here’s what separates the failures from the millionaires. Two people start two separate businesses using the same model; say, selling on eBay. They both have the same education level, approximately the same intelligence level, the same knowledge about how to succeed with eBay. In addition, when they begin their respective businesses, they spend the same amount of time on them, do the same kind and amount of marketing.
One quits after seven months. Nothing great has happened in his life to force him to stop. He hasn’t moved or gotten married or divorced or fallen ill or lost a loved one or anything of that caliber.
The other eBay seller keeps on, to eventually become what eBay calls a “Power Seller.”
What’s the difference between the two people? Persistence.
The fact is, even though you’re working a micro-business with little overhead and no employees, and despite all the hype that “you’ll be making four figures in three months”, you likely won’t even begin to see a little profit for at least the first six months, perhaps not for the first year or two.
Whether it’s Internet Marketing, network marketing, selling on eBay or Etsy, or publishing to Kindle, if you want to make money with it, you have to be willing to stick to it for the long haul.
Working from home is a great goal to have. Working a micro-business may be even better. But before you get one started, you need to count the cost. You need to make sure that this kind of income-earning endeavor would be a fit for you.
To your success!