Learn to separate fact from fiction. Because frankly, some of the home-based business myths can be quite silly. Don't be misled. Starting a new business isn't easy and to add to the complication, there are a ton of misleading information. So what are these silly myths? Read on to find out.
1. You don't need to pay taxes if you sell online.
This is one of the home-based business myths that can get you in trouble. The last time I checked, a business whether online or offline is still part of the economy. So not paying taxes? Definitely will send the men from the IRS after you. Make sure to take advantage of the tax deductions though. Your home office can qualify if it is used "exclusively" and "regularly" for business use and is your principal place for business. Do more research or talk to your accountant about this.
2. A home-based business will make you incredibly rich overnight.
Very few small business owners get incredibly wealthy immediately. However, if you play your cards right, you should be able to live very comfortably. The funny thing is most people's motivation on starting their own small home-based business really isn't about the money. Most people just want to be their own boss. Home-based business can grow into big multi-billion empires but you have to put in a lot of solid work. Sleeping in until half-past four just won't cut it.
3. Home-based businesses have no overhead costs.
Your overhead will definitely be a lot lower when you are establishing a home-based business but there is no such thing as absolutely no overhead. You need to purchase basic office equipment for your home-based business. You may even need to install an extra phone line. Don't expect to set up your home-based business for free. You will be getting your hopes up for nothing.
4. You won't be able to separate your personal life.
This is one of those home-based business myths that spurn away aspiring entrepreneurs. In reality, all it really takes is a little discipline. Make sure you have an office space in your home that you will use for that purpose only. Make an effort to limit your business hours. Keep weekends for yourself and your family. Working at home won't exactly be a walk in the park, but entrepreneurship is about sacrifice and hard work. If you really truly believe in your business and your big idea, not being able to separate your personal life certainly won't stop you.
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