Managing Your Home Based Online Business: Part 7 of 7
by: Roy Thomsitt

Your Home Business Management- Conclusion

In the previous articles, I've mentioned some of the key elements of managing your online business when you are working at home: finance, marketing, time, purchasing and computing, plus of course the need to manage yourself. This series has been about the need to manage your business, even if you do work at home alone, rather than just let it drift with the flow of the days, weeks, months and years.

For this last part in the series, I will partially recap, but also add in a few more suggestions that may help you deal with the transition from employee to “own business manager”. Of course, this is a subject I could write a book about, so this short series has been merely an introduction, to get you thinking about your business in a slightly different light to the way you might have done. I hope the following points may assist in that process:

• Always be patient and do not expect instant results. The business world is not like that. Maybe over the years you will have one or two lucky breaks, but do not expect them soon.

• Take a long term view of the business from the outset. This may be your one opportunity to do things right and make a decent income with the freedom of working from home. Set yourself a target for 5 years’ time, then the stepping stones to that target will emerge, one year at a time. Looking ahead 5 years you can set your targets high without being unrealistic.

• Always remember that the knowledge you are acquiring will be a growing asset. All of a sudden you may find others viewing you as something of an expert, and you will realise you have knowledge that is valuable, not only to you but to others.

• A piece of knowledge is like a building block. Add these building blocks you are making one at a time. Remember, if you try to put a roof on a building before the walls are in place, it won’t be much of a building. Be patient in placing one block at a time, and there’s a good chance you will stand proudly in front of this building in awe and think: “wow, I did that!” And the roof will be snugly in place.

• Spread your learning across all parts of the business, especially those you don’t like. Never forget, every part of your business is inter-related. You need to be able to piece them together and bind them strongly.

• You will make mistakes, so do not expect otherwise. Marketing in particular will require risk and experiment. Before diving in and inflating your expectations, find out what others are experiencing from what you are wanting to try. Then there will be fewer disappointments and unpleasant surprises.

• Frequent some of the online forums that focus on online business. There are many of them, and some are excellent for making new contacts, posing questions and getting valuable answers and suggestions. You will be surprised how much practical help, support and advice you will get from some forums.

• When you make mistakes or things go wrong in some way, do not blame others. You are the boss of this business of yours, the buck stops with you.

• Do not over criticize yourself or react emotionally when things do go wrong. Analyze what has happened and put it down to experience. It could have been the most important mistake you ever made, by forcing a change that will lead to your success.

• Extract every positive you can from every negative event in your business life.

• Never convince yourself you know better than everyone else. You don’t.

• Never assume that all those who are making a lot of money on the internet are out to get you. Learn from their successes, even if it means adding to their income by working in their downline. It is your job to make money, earn a good living, and succeed, not to resent making money for someone else in the process.

• When you try something new, do so in moderation, whether it be a new ad or new advertising medium, or some traffic generation system. Online or offline, many things don’t work as you had dreamt they might. Test, review and then continue if neutral, making changes that may turn the test from neutral to positive. If positive, consider expansion. If negative, stop, unless there is a substantial reason for doing otherwise. This is all part of the business building process: discard what does not work, and improve and expand on things that do. But ensure the timescale you have set is sensible.

• Monitor everything. It’s a fast moving world. What may be good for your business today may not be so in 3 months’ time.

• Enjoy yourself. If you do not enjoy yourself, change things so that you do.

The above list is far from exhaustive, but reflects some of the things I have learnt over many years of having my own business, working online and offline, after moving from employee status in 1995. I hope that these ideas may help you in some little way towards your goal. By having a management attitude towards your business and yourself from the start, when the day comes to employ staff and delegate, then you will be better prepared and your business will have a firmer foundation. A new level of management will begin.

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About The Author:

Roy Thomsitt is the owner, webmaster and author of http://www.change-direction.com, a new website in late 2004, about working online in a home based business. He has a background in offline advertising, with practical experience of working from home in marketing since 1995, plus 2 years of experience with online marketing. Professionally, he was trained as a management accountant and has substantial background in financial and project management, implementing new office, accounting, computer and management systems.