Working from home seems to be the thing many people want to do these days. It’s a great goal but can you just set up the business without marketing for a home business? My answer from personal experience is a resounding NO!
Owning my Own Business
I had my first taste of working at home when I started my first business. My company lasted one and a half years and it ended in failure.
Oh, and did I tell you I ended up in trouble with the IRS?
I did complete several quality projects but I quickly learned a valuable lesson. It doesn’t matter if you work for a company or work out of your house. If you are starting up a business, you had better plan on AT LEAST one third of your time being spent on marketing new projects and new clients.
Owning your own business takes hard work and it takes a lot more money than you might think.
Depending on your business, you may have significant equipment and software costs. Ten years ago it took at least $12,000 of income each month to make ends meet, and I was the only employee. There were some months when no money came in and other months when I felt like I could head to Hawaii for a much-needed vacation.
I really enjoyed owning my own company so why did it fail?
My Company Failed Because of Marketing or the Lack of it.
I had some good clients and I was producing some great projects but projects and clients come and go.
I was so busy working night and day to get my projects out on time that I didn’t realize that the projects were coming to an end.
By the time I realized I did not have near enough projects under contract, it was too late. The bills were pilling up and my wife was stressing out. That is not a winning combination, at least not for me.
I did some marketing but I remember telling some friends, after I had to go back to work for another company, that I should have marketed three (3) times as much I did. This is probably different for everyone as some of you may be talented marketers or have such a great product to sell, that everyone is trying to knock your door down to get what you have.
But, did I tell you I am an engineer and I don’t know many engineers who are great at marketing?
My Bottom Line for All of You
It does not matter what kind of business you are starting but don’t just think because you are working out of your house and your overhead costs are low that you don’t need to market much.
Everyone’s marketing will be different but if you want to succeed long term than you must market, and probably market way more than you think.
So, plan ahead for success and make sure that a well-thought-out marketing strategy is not the last thing you do, but the first thing.