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How To Go Bust In The Home Business World In Six Months - Articles Surfing

Because we Americans are so fiercely independent, we find ourselves with an overwhelming desire these days. From the fifty-some-year olds in the midst of a mid-life crisis to the rebellious twenty-something that wants to make his mark in a world outside of a corporate headquarters, individuals across the country simply want to "stick it to the man." They want to scream out those famous Johnny Paycheck words in the face of their boss: "Take this job and shove it." Yet often their desire to eat and keep their lights on overrides the desire to run stand on the desk barricaded in the cubicle and scream out Mel Gibson's Braveheart mantra of "Freedom!" The day will come when nearly all of these individuals will break like a toothpick in the hands of a body builder, and they will venture out on their own into the world of home business, whether they're freelancing techies or independent e-Bay junkies. Many have found the way to fail quickly in the world of home business. It only takes about six months.

First and foremost, failure begins with success. A great idea is born at a late night bar session or dinner with the wife, and suddenly a corporate minion finds himself tie-less with nowhere to go at 8am except his home office with his fantastic new idea. He begins to market the idea, and business goes well for the first few months. In fact, thanks to some savvy online marketing, business goes very well. Demands become overwhelming, and the minion-turned-executive now finds himself with an important decision. Turn down work, or expand. Certainly expansion seems like the logical conclusion. So he hires a few low-paid workers, not much unlike himself a few months ago. Before he knows it, he has a full-fledged business under his belt with his creative name, and instead of running his own business, his own business runs him. He bows to the demands of his business, and decisions are made without his knowledge. His minions take over the business, and he realizes that expanding too quickly has led to some major problems: he no longer has control over his own idea. He has turned into Dr. Frankenstein, and his monster is on the loose, killing everyone and everything he loves, including his time and his family.

The typical minion-turned-executive also has the potential to fail when he makes a common but critical mistake: capitalizing on fads. A great home business begins with a great idea. However, the minion must take his idea with a grain of salt. He needs to consider its possibilities carefully. First of all, did his idea coattail on another great idea, one that is growing in success today? Does his idea mimic anything already in existence? Does his idea rely on something that could quickly and easily go out of style? For example, maybe he has decided to manufacture faux fur iPod cases. He may want to consider the longevity of the iPod. Will this business last? Does he have a longstanding idea? Or will it die out in a couple of years when the iPod turns into something the size of a hair pin?

Even when an individual has a unique idea and maintains slow growth, an elephant looms in the living room where his idea was born: financial security. He believes in the myth that his father has told him for years: "Son, you gotta have money to make money." However, he doesn't have money. After all, he's a minion in the corporate factory of consumption. So he obtains money the way any good, red-blooded American does: he borrows it. Suddenly, however, he finds himself experiencing more stress than he ever did as a minion in a cubicle. He's sweating bullets anytime a client threatens to leave because he can only think of one thing: the bank note burning a hole in his safe right now. Can he make the next payment? Will the bank call his note? Will they foreclose? What about his best friend who co-signed the loan? Now, not only has he put himself on the line, but also he has sacrificed a relationship. The financial burden of a new business is great, certainly. However, those who borrow money to make money often end up losing money.

The low man on the totem pole does not have to fail at his own business. He should not fear the world outside of his cubicle, but he does need to understand some of the basic pitfalls that might lead him back to the cubicle if he does not take heed.

Submitted by:

Jim Biscardi

Jim Biscardi is owner of Dynamic Wealth Systems, LLC and writes on a variety of subjects. To learn more about this topic Jim recommends you visit: www.DynamicWealthSystems.com



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