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Debunking 5 Myths of Owning a Home-Based Business

Debunking 5 Myths of Owning a Home-Based Business

It’s the phrase that home-based business owners hear more than any other from relatives, friends, neighbors, and even total strangers: “you’re so lucky!” And often, this is followed up by some strange comment about how much fun it must be to, “go work in your slippers,” and “not have to sit in traffic for hours a week.”

Well, to start with: yes, occasionally going to work in one’s slippers is pleasant and not having to deal with traffic gridlock is blissful. But there’s much, much more to running a successful home-based business than just waking up, walking downstairs (or upstairs), and making money.

And so, to help folks who dream of trading in the cubicle jungle for a home-based business, here are five myths that you want to get clear on now — not later:

1. It’s Harder Than It Looks.

While running a home-based business can be rewarding on all levels — personally, professionally and, of course, financially — it’s also a lot of hard work. Whereas employees can count on an imposed structure, people who work from home have to be intrinsically motivated and self-starting. They can’t depend on others to get them into a working mood. If they don’t find the momentum they need, then they don’t get anything done — and their business goes on life support.

2. You Can’t Write Off Everything.

Some people who covet working from home imagine that it’s a tax write-off bonanza. Yes, it’s true that you can indeed write off some (obviously legitimate) expenses. But it’s not true whatsoever that anything and everything with a receipt will end up lowering the tax bill. Home-based business owners need to avoid accounting mistakes, just like all other business owners.

3. Work-Life Balance is a Work-in-Progress.

One of the biggest reasons that people launch a home-based business is to achieve elusive work-life balance. For example: they may have a young family at home, or they may take care of an elderly parent. While running a home-based business can make things easier and more balanced, this isn’t a foregone conclusion. In fact, much to their surprise (and their family’s dismay!) some home-based business owners become workaholics, and spend even more time working than they did as an employee. Effective time-management skills are essential here.

4. You Need the Right Tools.

Home-based business owners need to equip themselves with the right tech tools to be successful, such as IP phones to make digital calls over the net, cloud-based task and project management software, and so on.  

5. Bankruptcy is a Possibility.

The point here isn’t to frighten anyone into imagining catastrophic worst-case scenarios. Rather, it’s to acknowledge that the laws of business apply to home-based business owners, just as they do to all other business owners. As such, if debt spirals out of control and lenders aren’t willing to negotiate, filing for bankruptcy protection (either personal or business) may be the best option for long-term financial health. For more information visit charleshuberlaw.com.  

The Bottom Line

Nothing above should dissuade you from pursuing your dream of running a home-based business. Rather, the goal is simply and honestly to help you move ahead with your eyes open, and your expectations based on facts — not myths.

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The post Debunking 5 Myths of Owning a Home-Based Business appeared first on Home Business Magazine.

Source: Home Business

 

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