Starting a home-based business is an exciting endeavor, giving you the freedom to run a business from the comfort of your own home. As a new entrepreneur, you may inevitably be told or read false information that you might take at face value. Do not make the mistake of assuming that everything you’ve heard in regards to starting a home-based business is true. Get your business on the path to success by separating fact from fiction and take a look at these five home-based business myths you need to ignore.
- I won’t be able to deal with invoices on my own. You don’t have to be a financial whiz to handle this task. While it pays to have some basic financial knowledge, the truth is that you don’t need to hire someone to take care of this. There are plenty of options online that let you create and keep track of your invoices such as Free Invoice Maker, Freshbooks and Due.
- Hackers don't care about small businesses. On the contrary, small businesses are a huge target for hackers. Symantec reported that forty-three percent of all cyberattacks in 2015 were aimed at small businesses. Furthermore, around sixty percent of all small businesses that have been the victims of hacks close within six months. Don’t take your cybersecurity for granted and take a look at these nine tips to stay secure in 2017.
- A huge amount of businesses fail in the first 5 years. A popular myth which offers no merit is that of eighty to ninety percent of small businesses failing in the first five years. In reality, almost half of all new businesses survive for five years or more. While starting a business will always come with risk, business failure isn’t as high as some claim. Learn from the costly mistakes of other failed businesses so your home business thrives.
- Creating a marketing strategy for my home business will be easy. Don’t assume that creating a strategic marketing plan will be a walk in the park. As the Small Business Administration (SBA) stated, marketing takes time and money—and so does the creation of a solid marketing strategy. Set aside ample amounts of time to review your business goals and priorities, determine your target audience and a preliminary marketing budget.
- I'll be able to leave my current job straightaway. Firstly, most companies require two-weeks notice. Secondly, it pays to be cautious and stay with your full-time job—for now. Don’t make the mistake of thinking that your business will become profitable overnight. For the vast majority, it takes years of hard work and late nights. And even then your business may still remain unprofitable, forcing you to declare bankruptcy. Play it safe and hold onto your day job until you have an established business with a steady stream of revenue month over month.
While false truths will always be around, it’s important to educate yourself, solicit help from other successful business owners, and arm your business with the right advice.