5 Common Myths about Home-Based Businesses

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The rise in technology has caused more people than ever to consider working from home, but despite the initial intrigue, many people are apprehensive about following through. There are many naysayers whose skepticism propels myths that make individuals hesitant to pursue a home-based career, and there are many people who have started home business being misinformed about what running one actually entails. If you’re on the fence about making your own choice regarding the matter, it helps to look at the common beliefs and understand where they come from and what you can learn from them to make your business work.

Home Business Owners Don’t Get as Much Work Done

One of the most overused arguments against working from home is that, because you’re in the comfort of your house instead of an office, your productivity will tumble downhill. While this can be true for some individuals, it has nothing to do with your physical location but more to do with your personal work ethic. Individuals in an office have many opportunities to welcome distractions as well; social media profiles, music, online videos, and even the person sitting next to them can all get in the way of daily responsibilities. Whether you’re working in an office or your living room, it’s dedication, organization, and focus that will determine your success.

You Can’t Make Enough Money to Support Yourself

With all the scams from home businesses getting attention, it’s not much of a surprise that individuals have developed doubts about the stability of working from home. However, despite the negative media attention, many people make more than enough money to support themselves by running their home office. As with any business, a slow start can be expected, but depending on how you market yourself and what you’re selling, there is no reason why you can’t live comfortably. How much money you make is dependent on how many hours you put it, how much money you initially invest in your start up, and if the product or service you’re selling is in high demand; clearly, the rules of pursuing a home career aren’t much different than those of a brick and mortar start up.

You Have to Sell a Product in Order to be Successful

The belief that home businesses have to sell a tangible item turns many people away from considering a home-based career. While the majority of the home markets out there do make a living selling products, there are many that purely sell services. Tutoring via webcam, editing books or other forms of publications, and giving advice in an area you’re qualified to do so (legal, natural health, etc.,) are all outlets that allow you to be successful without having to worry about physically creating and shipping a product.

You Don’t Have to Worry about Childcare

Unfortunately, home careers appeal to many parents because they feel that they can save on child care, but the reality is that if you’re running your own business and have young kids running around needing attention, your business will suffer. Some business owners/parents do manage to make it work, but if you doubt your ability to care for your kids and give full attention to your company at the same time, it might be in your best interest to look into a day care center or an in-home care option. Considering the money you’re saving on office rent and commuting, the tradeoff shouldn’t be detrimental.

Your Home Insurance Policy Will Cover Damages to Your In-Home Business

This is an important factor to keep in mind, and unfortunately, it’s one that many home-based business owners fail to realize. Home owners insurance generally won’t cover much, if any, financial losses due to damaged computers, lost data, or injuries in your home. To help ensure the safety of your business, make sure you’re adequately covered beforehand to protect yourself, your business, and any clientele who step into your home office.

Despite all the myths surrounding home businesses, a successful one isn’t impossible. In fact, more individuals every day are looking to quit their day jobs and transition into the exciting world of self-employment, and while there are critics who oppose it, as well as individuals who are misinformed, if you have the work ethic and care enough to seek out the correct information, you should have no problem getting your home business off the ground.

Arlene Chandler is a freelance writer who loves helping people make the most out of their finances and careers. When she’s not enjoying the small things in life with her two happy-go-lucky yellow labs, she writes about finance and career advice for AAMI Income Protection.

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