4 Common Home Business Myths Debunked

Last week was eye opening for me as a home-based business owner. I spent Wednesday night Skype chatting with one of my coaching participants to help her overcome some of the roadblocks standing in the way of getting her business up and going. Then today I gained quite a bit of wisdom attending a webinar which gave me a fresh perspective about the information I share via this blog.

I feel that I really need to level with those sisters who want to start their own businesses but haven’t done so yet for whatever reason. Running a business is a lot of hard work, especially in the beginning. I know I’ve said this before, but I’m coming in contact with people who expect a lot without putting forth much effort. The life of an entrepreneur isn’t for everyone. It’s important to me that I’m being honest and painting a realistic picture.

Everyone who considers starting a home-based business has their own story behind their decision. For me it was a need to be available to my husband and children while earning the income we need. Getting a brand new business off the ground is an excellent reminder of everything the sisters I’m coaching are going through. It is a trial that I’m most greatful for because the experience has left me with empathy as I help them on their entrepreneurial journeys.

I read this quote on Twitter yesterday:

“Starting a business is hard work and takes time. Those that say otherwise feed you BS. There is no easy money, other than the lottery” – @entrepreneursnw

There are a lot of myths floating around the Internet that are confusing budding entrepreneurs. I’d like to take this moment to dispel a few that could be holding you back from having the business you envision:

Your Business Idea Needs to Be Completely Original

Let’s be frank – it’s highly unlikely that you’ll reinvent the wheel.  Just because someone else is already providing the type of product or service you want to offer in your own business shouldn’t deter you from your home business idea. Do your research to determine whether or not there is an adequate demand for what you’ll be offering your customers and go for it. Besides, a little competition is healthy.

Good Friends Don’t Always Make Good Partnerships

I’ve witnessed this myth come crashing down in my husband’s business. Just because you’re good friends with someone and you have a lot in common doesn’t mean joining together in business is a good idea. When you introduce business into your relationship, the dynamics automatically change. If you’re not prepared, you could face trouble in the form of disagreements and/or misunderstandings.

That’s not to say friendship and business don’t mix. Many friendships do successfully turn into prosperous partnerships. If you consider going into business with a friend, take precautions to preserve your relationship by considering issues that may come up down the road like deciding how to handle disagreements, clearly defining each of your roles and how money will be managed. I also strongly suggest establishing a partnership agreement.

You Can Start a Home-Based Business with No Money

Well, technically it’s possible to start a business with no money, but at some point you’ll need to invest money into your business for it to grow and prosper. I started my copywriting business with ALMOST no money. I had to pay monthly web hosting for a do-it-yourself website template. As my business grew, I realized the importance of maintaining my skills and staying up to date on emerging web and mobile technology. I bought resource books, information products online, attended webinars and took online courses. I invested in a better blog design, bought business cards, brochures, etc.

If You Do What You Love Success Will Automatically Follow

Yes and no. Yes, it’s good to do something you enjoy or are skilled at because you’ll have confidence out of the starting gate and passion to keep at it. Beyond that there is a lot more involved in running a business than liking what you do. You need to establish a plan for operating day to day, figure out a marketing plan to keep business coming in, manage taxes, and other responsibilities to ensure your business becomes profitable and grows.

Can you think of any other business myths that should be exposed?