The working definition of a home based business is any business that you work out of your home where you pay the cost to be called the boss.
It is this lure of being your own boss, calling all the shots and making "insane riches" that have driven many people to pursue the idea of having an internet business.
Today, you will find many types of online business opportunities.
A few are direct selling, MLM (multi-level marketing) and affiliate marketing.
The great internet "gold rushes" for instant riches online can be hazardous to your financial health.
Instead of finding a pot of gold, it is estimated that 95% drop out rates exists among these home based business owners.
It has been reported that the highest percentage of those who drop out occurs within the first 3-6 months.
This high drop out rates is said to be contributed to the high expectations of "instant wealth" with little or no effort.
This mind set coupled with little or no experience in marketing and promoting an online home based business insures their demise.
The sad fact about the whole thing is that "it's not their fault".
When setting up a home based business, here are three tips to keep in mind:.
Tip 1.
When you join or sign up with opportunities, check to make sure there is a successful marketing and promotion program in place that you can utilize for making money in the business.
This goes beyond weekly training calls, tapes, CDs and brochures that you may have to purchase by the thousands.
You need a marketing and promotion system that will help you grow your home based business.
Tip 2.
Operate your home based business like a business and not a hobby.
If you operate your business like a business, it will pay you like a business.
If you operate your business like a hobby, it will pay you like a hobby.
Get a daily planner and write down specific goals that you want to accomplish each day base on the number of hours you plan to "work your business.
" Plan your day the night before.
If you have 6 tasks you want to do, write them down and prioritize your list using the numbers 1-6 to set the priorities.
Tip 3.
Take a "gut check".
In other words, do you really have a burning desire to achieve your dream or financial goal.
To insure your home based business is a success, you must be willing to burn all your bridges and never look or even think about turning back.
You must have a mind set to do whatever it takes to reach your dream.
If you do these three things, you will be able to set up a successful online home based business.