9 Traps That Cause People To Fail In The Home Business Industry

home business industry

trapBuilding a profitable home based business  is a challenge and it demands from you more focus, more creativity, more determination, more leadership, more shrewdness and personal growth that you would ever imagine. The statistics say that the vast majority of people are broke and not making any money online, and there are many traps that people fall into that prevent them from being successful and I want to discuss specifically 9 of those traps. I learned it from one of my mentors Diane Hochman, and this stuff is deep and powerful. It takes a lot of thought, soul searching and experience to fully grasp these concepts. I want you to avoid those traps, as I certainly fell into a couple of those traps myself.

Some of these traps may sound like they contradict one another, but they are really not, they are just on the opposite side of the spectrum and you need to find the golden middle ground, the sweet spot so to speak, in order to avoid those traps.

Trap #1 – Not investing enough money into the business

People on this side of the extreme are afraid to lose any money. They are afraid to fail, they are not willing to spend money even on the necessary fundamental tools. They say they want to be successful but they don’t even buy an autoresponder, they don’t buy a domain name, a hosting and set up a blog. They don’t buy the capture page software that will enable them to build a list and they don’t spend money on courses and trainings and advertising.  

Those people are doomed to fail before they started, because home business requires you to invest some money into the tools and the trainings and the advertising. You can’t build a real business on free tools. Stop searching for the cheapest solutions, the cheapest or free tools, the cheapest people to outsource to, and even worse the cheapest mentors to work with. Your being cheap keeps you broke. 

Trap #2 – Investing too much money into the business

On the opposite side of the spectrum there are people who buy every single course on the market. They watch sales pages after sales pages. They buy all the tools and more tools than they need and use. They buy anything and everything that promises them riches and they spend themselves to bankruptcy. They are on a hunt for a better tool, a course that will save them from doing the hard work and show them the shortcut. When they hit a wall, they spend on another course or tool to give them hope. At the end of the day they are not focused, they are all over the place, there are million different things to do that push them to many different directions, they are not consistent enough with anything, they don’t have the time to go through the courses and utilise fully the tools they have bought. 

Their spouses and family are mad, they begin to threaten them to leave and all kinds of challenges arise. You cannot continue to go in the red month after month, something got to change and fast, or else you will find yourself bankrupt. 

I fell into this trap myself, I admit it. I am the most avid buyer you can find. I bought way too many courses that I can handle, too much coaching, too many tools that I can go through and implement, that I could afford. I was buying like crazy and it gave me emotional release each time I bought, it’s almost like an addiction.

Now I’m not saying that you shouldn’t invest in yourself and in your business. NO, you must invest! But you need to find the middle ground, find this line when too much is too much, you know when it’s too much. It’s when you say to yourself you’re not going to buy anything more until you consume what you already have and you find yourself buying more and keep spending money. Be careful about that.

 

Trap #3 –  Not spending time with prospects

Many times we get the marketing messages that we can build an online empire without speaking to people. Just create the content, create the sales funnels, and people will buy from you on autopilot without you picking up the phone or connecting in some way. I thought this way too, that I could just send traffic to my sales funnel and they will get automatic email messages, and people will buy without your involvement. And although it does happen to me occasionally and it’s certainly a possibility of this happening to you when you are a savvy marketer, you still need to talk to your prospects and get their business.

You need to have engaged conversations to form relationships, to understand what’s going on in the marketplace and what people are struggling with., what problems do they have and what stops them from being successful. If you don’t talk to your prospects then you can’t really serve them well and your marketing will suck, because you won’t understand what makes them tick. So spend some portion of your day on connecting with new people.

Trap #4 – Spending too much time with prospects

On the opposite side, there are people who spend way too much time with prospects. They are on Facebook and on the phone every day all day. Just imagine if you run a 6-figure business, would you have time to speak to everyone for long? No. Where is the golden line, when too much is too much? It’s when you get no real following, no leverage, no real results, and you find yourself most of the day distracted and talking with people. No creative important work is done. So again, there is a fine line.  

Trap #5 – Standing alone

Another big trap is when you work by yourself and you don’t form around you a support group and mentors and reach out for help. You are like a lone wolf who tries to figure all out by yourself. Maybe it’s your ego, maybe it’s because you don’t believe in yourself enough that you deserve help. You have no chance at winning in the home business industry if you don’t have mentors and if you don’t reach to people for help. I fell into this trap as well, I was messing around trying to figure it all by myself. I was reluctant to reach out to people for help and it really held me back. I thought that just going through courses is enough. No, you need to reach out to people for help.

Trap #6 – Working Too hard 

Another trap is you see people who are working too hard. They are in front of the computer for 15 hours. They rarely take long breaks. They wear themselves out, their creative capacity and they are overstressed and overbooked, and exhausted. Working hard many times is an escape of working really smart and doing work that has a lot of leverage in it. No one can stay productive, focused and alert for hours on end doing meaningful work that requires a lot of focus and mental concentration.

So it’s not about how many hours you works, it’s what you do in those hours. If you spend too many hours on “work” than you miss out on the reason why you started the business in the first place. You are not spending nearly enought time with your family and your relationships start to deteriorate. Your family will pull you. You say you want to spend more time with your kids but them you’re not spending time with them at all because you are working constantly. All you need is 4 really productive hours in day, when you are focused, in the zone, and you are doing meaningful work. 

Trap #7 – Not Working Enough

That’s another pitfall, if you’re not putting the work necessary, if you’re not challenging yourself, if you are not getting outside of your comfort zone, if you treat your business as a hobby, if you are not focused and you are doing half-assed job, then you’re going to fail as well. There is a fine balance between working too much and not working enough. You need to find this middle ground. ( I’m not saying you need to be middle or mediocre, I’m just saying to be careful not to go to the extreme )

Trap #8 – Believing you don’t know enough and thus not taking action

Another huge trap is when people think that they are not competent enough to teach other people. They think they are not ready yet to market, to share, to put themselves out there. And they can spend months and years consuming information and not acting on it. Nothing happens until you consistently apply action. They think about making mistakes, they think about what other people will think of them, they are afraid to fail, they are afraid to be stupid, they are “perfectionists” and they first need to know everything before they start. 

Well you will never know everything and the best way to start learning is to start doing. 1 day of massive action beats 5 days of theorizing. So start sharing what you learn with people, start teaching, start declaring who you are, where you are going, what’s your vision and people will be pulled to you. 

Trap #9 – Believing you already know

On the other side there are people who think they arrived. they have figured a couple of things out and they are getting results but the marketplace is constantly changing. What was true just 6 months ago may be not true now. You need to continually learn, adapt, push forward, invest in yourself and continue to innovate.

If you think you are arrived you are deluding yourself. You just getting started. There will never be a time when you cannot grow and go to the next level. 

So those are just a couple of common traps  that cause people to fail in the home industry. 

If you want to deepen your learning, if you want to join a community of people who are passionate about building a home business and where you will never be alone, a place where you can constantly grow and develop and sharpen your marketing skills and learn who to build your brand and following, then MyLeadSystemPro is for you. Plug into the community and the training and you’ll avoid those traps i was talking about and in the process you’ll make a lot of residual income online. That’s where I get a lot of know-how and gain skills, and buy courses and find mastermind partners and you will too absolutely love what MLSP has to offer. It’s an insane value and it starts with a $10 trial . Just take the trial and see for yourself how awesome MLSP is, and I’ll personally work with you and help you become successful and leverage the internet to build your home business. 

– Vitaliy Dubinin

About The Author

Vitaliy Dubinin

Vitaliy Dubinin is inspiring and empowering thousands of regular people to leverage the Internet to build a 6-figure income and win their FREEDOM in life. Vitaliy is an entrepreneur, mentor, father and speaker living in Israel with 2 kids. He is traveling 5-7 times a year all over the world and his vision is to FREE 1,000 people per year to live life on their terms. In his free time Vitaliy loves to play table tennis, chess and have with his family.

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