5 Myths about starting your home based business

Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business. Starting your own home based business and being your own boss is exciting enough for most budding entrepreneurs to give it a go.

But for all the numerous success stories we hear of people who have taken a simple idea and turned it into a profitable business, the uncertain nature of the entrepreneurial process has caused many people to be sceptical about the prospect of starting their own venture. However, if it wasn’t rewarding, then the world wouldn’t be full of budding start-ups and thriving small businesses.

Whether you are sceptical or excited about the idea of starting your own home based business, we can help you take the plunge.

Setting the record straight on some prevalent myths about home based business

It’s a Money Pit

It’s no secret that most start-up businesses require more capital outlay at the beginning of their life but it won’t necessarily be that way forever. However, to ensure the best chance of success, entrepreneurs need to have strong work ethics and develop an understanding of basic finance. While work ethics can’t be compromised on, if finances aren’t your strongest skill, it’s important to find or hire an experienced person who can guide you on financial matters and help manage your funds. You need to set stringent guidelines on how you will raise funds and what you’ll spend them on. You also need to fix your appetite for risk – how much can you spend on the idea? How long can you wait for it to scale up and become profitable? These metrics will help you decide when to exit the market if the idea is not working and start working on something new. Entrepreneurship is only a money pit for those who go into it blindly, without doing their homework and approaching it too emotionally. It is business, treat it like business.

Entrepreneurship isn’t for Everyone

Whilst this may be true in some respects, anyone with enough drive and passion behind their idea can be an entrepreneur.  i.e. men, women, the young, the old, the retired, and the differently abled, even kids – Britain’s youngest entrepreneur set up his third business by the age of nine! With hard work, toil and the strength to preserve and commit to following their dream, anyone can have a good chance of making their venture a success.

Entrepreneurship = Boss-less World!

Sorry to break your bubble but this isn’t true for any line of work – there’s always a boss – whether it’s at your 9 to 5 office job or running your own organisation. In life, you’re always answerable to someone,. For entrepreneurs, these “someone’s” are investors, bankers, business partners, and their customers. Of course, the difference here is that you too are a boss and get to make some important choices – you decide the work culture, the positioning of the company or service in the market, the kind of people you want to work with and hire. So while it’s not completely boss-less, home based business opportunities provide a lot of scope to become a leader in your own right.

There’s No Work-life Balance

In the initial stages, you do need to give it your all. That much is true. But, after you’ve stabilised your business, created a team, and set procedures in place, it’s up to you to decide the work culture of the organisation. A transparent and productivity-centred work culture – where people know what they are supposed to do and when and how they are supposed to do it – will go a long way in creating an environment where people know that, as long as they get their work done on time and to a standard that you expect, there is nothing stopping them from achieving a great work-life balance.

You Need a Swanky Office

No you don’t. With technology progressing the way it is, you can work from anywhere – coffee shops, co-working spaces, and from your own home. Google started in a garage and Apple in a home. In the beginning, it’s only the work that matters. And more so for home based business. The need for an office – swanky or otherwise – comes in at a later stage when you have a big team and lots of business. Till then, be wise with your money and work from home or anywhere else to give your idea wings!

Entrepreneurship may be tough in the initial stages, but it’s something that teaches you a lot about running a business, helps you grow as a person, provides an opportunity to create something of value and, in many cases, creates employment for others.

If you want to test the waters, but are not sure how to start your entrepreneurial journey, get in touch with our team and we will help you explore opportunities to start your own independent business.