Unfortunately, a home based business will fail within the first 3 years of operation. Studies show that 9 out of 10 home based business do not make any profit, and there are many reasons for this. Some of the fault lies on the home business owners. Many people are afraid to start or join a home based business because of the negative publicity surrounding it.
Many people who have actually started a simple home based business have lost a lot of money, but at the same time many people also have made a tone of money with these types of businesses.
There are myths and facts that explain what it really takes to be successful with these types of businesses. These should put to rest any fears or questions about the home based business industry.
Photo by Andrew Neel on Unsplash
When it comes to the home based business industry there are a few bad apples ruining it for everyone else. a few companies only want to scam hard working and decent people out of their money. Once this happens the word spreads and a bad rep is given to the home based business industry. Bad advertising also hurts the home business industry. Some companies make promises they cannot deliver. For example, “Make $100,000 a year only working 10 minutes a month” is a false claim. Many home based business owners have been burned by companies proclaiming those types of ads.
But we need to look at other things to consider. It’s not entirely the companies’ fault. It’s also the fault of the people looking to join or start a home based business. Most home based business looking to sell you something will tell you everything you want to hear. A lot of people looking to go into this industry are hoping for a quick fix. They want to make money overnight. Many will give up after one month of trying to get a business off the ground. Quitting after a month is ridiculous. You should give your business a chance to succeed by sticking with it and working on it daily.
The main reason 9 out of every 10 home based businesses fail is because many people start with the wrong mentality. They come in thinking they will get rich quickly by only working 10 minutes a month, like work 10 minutes a month and make 6 figures. Building a home based business can be one of the greatest things you can do for yourself, but you must understand a business takes time and work to build. It does happen immediately. If you are willing to put in the work and stick through the ups and downs you will find yourself enjoying a life a wealth and abundance.
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