3 Common Challenges and Tips for Running a Home-Based Business

Working from home sounds great. In fact it’s the dream of many nine-to-fivers and nearly every 7:00 a.m. commuter. That’s why a Yahoo! search for “work from home business” yields 2.5 BILLION page results. Who wouldn’t want the freedom to set your own hours, stay in your PJs all day, spend time with the kids, take a break whenever you want, even get a snack or go out to lunch when the feeling strikes? Sounds lovely, doesn’t it? News flash: this is the description of a sick day, not a work day.

For the serious entrepreneur, working from home does have its benefits, and it has its pitfalls as well. Like any success in business, it takes dedication and planning to make it work. Here are three common issues the work-from-home entrepreneur faces, and some tips to help overcome them:

1. Loneliness. While we entrepreneurs are typically independent types, we also tend to be people people. We thrive on interaction with other like-minded adults. So when we suddenly find ourselves home alone much of the time, it can be a struggle. Even those little pleasantries at an office job – “Hey Bob, how’re Marge and the kids?”; “Hi Susan. Love those shoes.” – really do mean something to us. A 2007 study by researchers at the University of Michigan even showed that just ten minutes of small talk improved study participants’ cognitive abilities. It seems human interaction is not only a preference for most of us, it’s actually necessary for us to be at our best. Tip: One great way to overcome isolation and loneliness is to participate in online forums (like the one here on YoungEntrepreneur.com!). While it’s not face-to-face contact, you’ll be interacting with adults who are interested in similar subjects, and you just might form some valuable relationships. Depending on your business, relating with other entrepreneurs in person might come from visiting clients. If not, be sure to attend plenty of networking events. You’ll not only fulfill your need for human conversation, you’re likely to pick up some business leads and great advice too. Check out Meetup.com to find networking events near you.

2. What Others Think. Tell someone who’s never done it that you work from home, and you might be surprised at what they think that means. (See sick day vs. work day example above.) For the most part, who cares what others think, right? Right – except that people (including your own family) sometimes think that because you work from home you have all the time in the world. Time to run errands for them; time to volunteer to head up committees; time to coach little league; and time to chat for hours about how they, “…have to take Sparky to the vet for shots and I hope he’ll be ok, because he just hates to ride in the car. I know! Most dogs love to ride in the car, right?” Tip: When you start working from home, make it clear to everyone you know exactly what that means. Let them know the hours you will be working, and make your expectations clear about how you plan to manage your time. Don’t be afraid to explain to someone making demands on your time that you take your business seriously and don’t have much more “extra” time than someone who commutes daily. If you’re still having trouble with this, use caller ID to avoid all but business calls during your set work hours.

3. Productivity During Work Time. When you worked for someone else, you probably never took a nap at work, no matter what the night before looked like. Of course, taking a nap without losing your job probably wasn’t an option. Entrepreneurs who go to their store every day are self-employed and don’t have a boss to answer to, but they need to open at a certain time and might have customers and employees counting on them to show up and stay productive all day. Working from home though, having to be accountable only to yourself for how you spend your time, can be a challenge for many. For the home-based entrepreneur, it’s likely no one will know if you sleep until noon or catch the last round of the British Open on TV instead of working on your marketing plan. Tip: If you’re not as productive at home as you think you should be, don’t feel bad. This is a very common concern, and no one is suggesting that you’re lazy or that you can’t hack it. You just need concrete goals and a plan to achieve them. Focusing on the reasons you’re in business for yourself in the first place can help you stay on track. Try breaking your long- and medium-term targets down to daily goals where possible. This will give you something to shoot for every day and help you keep your focus. And if you’re having trouble getting your work day started, set an early morning business meeting with a client or colleague as often as possible. You’ll be up and ready more easily, knowing you have someone expecting you. (And don’t worry – you can always TIVO the Open!)

7 Top Tips for the Travelling Entrepreneur

If you are rarely in one spot for more than a meeting or a business lunch, and when you do eventually get back to the office you’ve got a ‘to do’ list as long as your arm, with call backs to make & enquiries via email to deal with, then here are some tips to save you time and get this done ‘Virtually’, while you’re in transit.

1. A Virtual Phone Number

A virtual number is typically the 800 or 0800/0870 type numbers which are usually attached to businesses. You can purchase one of these numbers - and generally, redirect the calls  to a landline or mobile phone. This also maintains consistency in your business practices, as you will never need to change your number when you change locations.

2. Call Answering

It’s a fact that 70% of callers will not leave a message if you don’t answer the phone, so if you’re someone who spends a lot of time in meetings or unavoidable situations, then consider hiring a virtual receptionist. You can route your virtual number through to wherever you’d like when you are not available or on vacation, or simply have it diverted permanently, safe in the knowledge that your calls are always covered. Your virtual receptionist will then relay the call backs and important messages to you.

3. Virtual Address

Working from home or on-the-go is a favorable option, especially in the current climate where offices are closing due to the economic downturn. Why spend money renting an office space just for an address? Utilize a service where they handle your mail, then have it delivered to your ‘Virtual Address’, and at this point your PA or mail handler can sift through the junk mail and scan/email or fax the essential pieces to your current location.

4. Virtual Post

Can’t get to the post office on time? There are several services out there now which will allow you to email documents and information - and they’ll print it and send it for you. The service will actually format your document and walk it to the post box or mail company.

5. Email Handling

How many times have you subscribed to newsletters and mailers even though you only require a small fraction of the information which is sent? Do you really have the time to sift through all that data to find what you’re really looking for? Get a virtual mail box for these types of sign ups, and then have your VA handle the sorting. This will leave your primary mailbox free for only important mail - and will save you all the hassle.

6. Collaboration

Find a VA who utilizes online collaboration software or a client project space. Keep everything perfectly organized in just one place, and subscribe for updates by RSS. One simple stream of workflow which you can keep up to date constantly - even with your mobile devices.

7. Mobile Device

Which brings me to the mobile devices. Make sure you have a hand held computer to avoid carrying around a laptop or briefcase. Always carry your virtual office in your pocket!

Are you always on-the- go? Don’t forget to give us your tips in a comment before you rush off!

Adam Toren

Ambition

am⋅bi⋅tion

[am-bish-uh n]
–noun

An earnest desire for some type of achievement or distinction, as power, honor, fame, or wealth, and the willingness to strive for its attainment.

Ambition is at the heart of all true success stories.   That’s because success is based on one thing:  achievement.  Sure there are plenty of people with fame and money who have never had to work for it—but rarely are they considered a “success.”  Rather, it’s the people who have had to make sacrifices; who have worked tirelessly and been resourceful who we look to as our icons of success.  And the thing that drives those people is ambition.

The question I have for you today is:  how ambitious are you?  The answer will determine the level of success you will attain in your business venture, because it will define exactly what you’re willing to do to make it succeed.  Obviously, unchecked ambition can be dangerous because it ignores everything else but the sought-after “prize” of money, fame, or whatever you’re after.  But a strong, healthy sense of ambition is absolutely necessary if you’re going to overcome the obstacles that stand between you and your goal.

There are millions of people who start up a business each year; yet only a small percentage of them actually establish themselves and continue to grow after the first few years.  Even less become more than just a steady source of income for the owner.  Of course, there are some cases where disaster strikes and a business fails because of things outside of the owner’s control, and every once in a while there’s a business idea so ridiculous it is simply not sustainable.  But for the most part, the failure of a business is about not having the chutzpah to keep it going no matter what comes up.

Entrepreneurship is not for the faint of heart.  The blood, sweat and tears that goes in to starting up a business are done so not for money, but for creative achievement that every entrepreneur has as part of their personality.  I’ve said it before and I’ll say it again:  not everyone can be an entrepreneur.  It takes a very special person with not only talent, knowledge and ability but a powerful ambition to see their work take root and flourish.

Ambition requires that you have enough faith in yourself that you won’t back down in the face of criticism or discouragement.  It means that you are resourceful enough to come up with solutions when all hope seems lost.  It means you’re not above rolling up your sleeves and working all night, or asking for help when you really need it.  Ambition means that you believe in your company enough that you are ready to talk about it any time you have an opportunity.

Throughout history there have been a small percentage of people—men and women—who have risen to the top, regardless of where they’ve started out in life; people who have taken the flash of inspiration and carried it through to a concrete reality; individuals with the ability to create their own vision so clearly that they manifest it in everything that they do.  They are the ambitious.  Are you?

Ten Online Tools Your Business Should Be Using

There are new and exciting business tools being developed every day. These can help you improve your productivity and open up entirely new channels for your business to thrive online. While there are hundreds of these kinds of applications available, I’ve handpicked for you my top ten favorites:

1. Exploratree: http://www.exploratree.org.uk/

Mind mapping is a technique for developing new ideas based on non-linear thinking. It allows you to solve problems by encouraging your brain to think creatively and explore outside of traditional project planning guidelines. This is a free tool, and you can not only save your own mind maps, but you can check out other members’ saved maps for a community database of problem solving ideas.

2. Text the Mob: http://www.textthemob.com/

This is a business version of American Idol’s audience vote! You can create polls or message boards online, project them on a screen during a presentation, and then have audience members text in their votes and comments to share with everyone. An amazing way to get people involved at your speaking engagements, sales presentations, and training seminars.

3. Zen Desk: http://www.zendesk.com/

By far the best of the web-based helpdesk applications out there; Zen Desk has clients like Twitter and MSNBC, but don’t let that fool you—it is simple to install and use even for a small business like yours.

4. Start PR: http://startpr.com/

This application helps you monitor your company’s reputation by skimming through social media sites and looking for user feedback about you and compiling it into one place. It’s a great way to manage all your Web 2.0 accounts and find out where your business is thriving online.

5. LItmos: http://www.litmos.com/

This is an online training tool which allows you to create videos, powerpoint slides, and instructional documents to give your clients or employees the training they need—even if they are thousands of miles away. As more and more businesses begin to work ‘virtually’, tools like this will be the office space of the future.

6. Clarity Accounting: http://www.clarityaccounting.com/

One of the most comprehensive and easy-to-use accounting applications (yes, it can be both!), Clarity lets you access your account from any location, provides reporting tools, and supports multiple users.

7. My Client Spot: http://www.myclientspot.com/index2/

Allows freelancers and independent contractors to manage their clients and projects online—giving access to everyone 24/7 and making it easy to manage multiple sources of revenue.

8. Skype: http://www.skype.com/

It’s an instant messenger. It’s a VOIP phone service. It’s a Video Conference host. It’s a file sharing tool. Skype does lots of things very well; and it is one of the most widely used applications in the world. Your clients probably use Skype—so why wouldn’t you?

9. Lattiss: http://www.lattiss.com/

A local directory/scheduling application that lets new and existing clients find you and schedule their own appointments at their convenience. Whether you are a masseuse or a Realtor, you can make use of this great product.

10. DocLanding: http://www.doclanding.com/

There are lots of online document sharing sites, but DocLanding is an entire file management system, and it is HIPAA and financial standard compliant for the highest level of security you’ll find online.

Here is an additional resource if you’re looking to compare credit card processing rates and reviews.

Are you using any online tools that you think make a huge difference in the way you run your business? Leave us a comment and let us know!

Seven Tips for Working from Home

Whether you are an entrepreneur, a freelancer, or simply telecommuting to save energy and time; working from home has seen a huge surge in popularity since the advent of the internet.  Now, that we are able to stay connected with our teams 24/7 from the comfort of our own homes, a whole new business structure has evolved.

But even though working from home has many benefits, there are also challenges.  It can be difficult to stay motivated, organized, and efficient when you are working in the same place you sleep.  So I have compiled a list of seven tips that you can use to make your work-at-home experience positive and productive:

1.     Set Your Alarm

Even if you don’t have to be to the office at a certain time, you should set your alarm at the same time every day, and be ready to work by a certain time.  Maintain “office hours” for yourself, preferably during the times that the rest of the world is doing business, so that are accessible to your clients and/or employers.

2.    Take a Shower

This is just as much for your benefit as it is for anyone who might be living with you.  Just because you work from home doesn’t mean you can sit around in your sweats for two weeks.  You should get up every day, take a shower, and get ready as if you were going to meet someone.  This will help you stay alert and help you feel motivated to make phone calls and make other kinds of contact.

3.    Create Space

Don’t plan on working from your lounger.  Make sure you have a space that is set up for real work.  That means supplies, equipment, work space, and a comfortable, ergonomic chair.  Just because you work from home doesn’t mean you shouldn’t take your job seriously.  Keeping a space dedicated just for work will help you put on your game face when it is time to buckle down.

4.    Draw Lines

Make sure everyone in your home knows when and where you work.  Your desk is not a place for the kids to do their homework or your spouse to fold and stack the laundry.  Let everyone living with you know that you have certain times that you must be able to work without interruptions.  When you work from home there is a tendency for people to think that you can drop what you’re doing.  While flexibility is a great benefit of working at home, you’ll find yourself plagued with requests to do things at all hours and your work momentum will suffer if you don’t explicitly tell people that you are simply not available during certain times.

5.    Know When to Stop

One of the biggest risks in working from home is not being able to stop and walk away.  Your computer is staring at your 24/7, and there is always something else you can do.  Being able to turn your computer and cell phone off and just relax is as important as being able to stay productive at work.

6.    Turn off the TV

It is easy to flip the TV on and keep it on all day for background noise or news updates, but it can actually be very disruptive to you when you are trying to focus on your work.  Plus, if clients or co-workers call and hear Days of Our Lives or Wheel of Fortune in the background, it doesn’t exactly instill faith in your professionalism.

7.    Go Outside Every Day

When you work from home, days can go by without you leaving the house.  This is simply not healthy.  You need to take at least an hour a day to go outside and get some fresh air and sunshine—no matter how busy your schedule is.  Don’t just roll out of bed and start working for 12 hours, ordering a pizza for nourishment.  Take walks, go to the gym, play ball with your kids for an hour after school.  You’ll find yourself feeling refreshed and much more focused after you do.

As you can see, the key to being productive when you work from home is keeping yourself focused and able to maintain a sense of business when it is time to work.  Do you work from home?  If so, what are some of the ways you have found to keep organized and productive?

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