Lots of people are coming to me to ask, “What makes a new home-based business succeed?” It seems more people are realizing the need for a second income - and they’ve discovered the tax-advantages of operating a business from home. They’re hoping for success…but we all know “hope” isn’t enough!

Here are the top things I think you need to do, be or have, before you take the leap!

1. Have two types of vision. Develop a clear short and long term vision for your business.

2. Keep your focus. Focus is essential to the success of your business. I know it’s hard, especially if you have a full-time job outside the home…but you’ve got to commit focused attention to this new endeavor.

3. Innovate; don’t duplicate. Think differently and resist the urge to be a clone.

4. Keep realistic expectations. You’ve heard the statistics that 80 percent of all small businesses fail within five years – yet you think that yours is going to be different. It won’t be different without hard work…and a dose of realism.

5. Have a clear understanding of the market and your competition. You must recognize competitive threats and opportunities.

7. Run  lean. Keep your expenses and spending as low as you can for as long as you can.

8. Learn, and keep on learning. Your willingness to learn can play a huge role in your success as an entrepreneur. Learning gives you confidence and inspiration.

9. Prepare for change. Always be ready to make a shift when needed. I think that’s why our “down” economy hit many Americans so hard - they weren’t “change-minded.”

At the end of the day, your goal is to create the best business you possibly can. But, you should always enjoy the process on you way to outrageous success!