7 Myth in starting a Home Based business

A Unique Idea – Having a unique idea is good, but it is not a must have. Look
into your industry and find something to improve on instead. Many existing
markets are large enough to accommodate competition. Look at McDonald’s,
Burger King, Wendy’s and other familiar names would seem dominate that market,
leaving no room for new competition, however new restaurants are popping up
all the time. Build a business out of something you are interested in.

It is Difficult – Many people thing that starting a business is complex and
difficult. I think otherwise. There are many businesses you can start that
are really straightforward. For example the franchise business. It has
training and step-by-step system to get your business going. The rise of ebay
is another business that allows people to start a low capital auction
business. Network Marketing offers a home franchise approach, providing step-
by-step system to follow so that you don’t have to reinvent the wheel.

A lot of Capital – Lets be realistic. If you want to start a business that
makes 6 or 7-figure income, it is going to take some commitment (capital).
Compared to start-up capital required for many poplar franchise or brick and
mortar store, home base business can be started for a small fraction of the
cost.

No free time – If you are leaning towards a traditional brick and mortar
store or a franchise, then you will not have any free time. Who wants that
right? The point of starting your own business is to have freedom and
flexibility with your time. Since that is your objective, starting your own
business help you to work harder and not smarter. You leverage on your time
and resources instead of working on your own.

I Need Employees – Most home based businesses doesn’t requires any employees.
For example a document translation business does not require any employees.
You run the business by yourself. A study revealed that the 5.4 million
majority women-owned firms without employees make a significant contribution
to the economy, generating $167 billion in sales.

It Will Take A Long Time To Be Profitable – How do you define ‘long time’?
Three months? Six months? You need to have a ready business plan before you
decide to start a business and you need to anticipate how long you are
willing to stay in business before you see profit.

It’s Risky – Risk is a function of how much is at stake. Many businesses can
actually be started for little or no money at all. For example a computer
service business, they require very little to start up. According to
Entrepreneur Magazine, 95 of people succeed when they start a business with a system!
Create your own marketing plans and business system and your business will
far more likely to succeed.

So, as you can see many of the ideas we have about starting a business simple
are not true. You CAN start a business more easily today than ever. There are
many good opportunities out there to choose from. If starting a home-based
business is what you want, find the right opportunity for yourself and take
action.