LIF 028- 3 Common Myths About Starting a Home-Based Business

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3 Common Myths About Starting a Home-Based Business

Starting a home-based business is challenging, but the rewards of a successful launch are worth the challenge. However, as we all know, not all home-based businesses succeed. While statistics vary, the fact is the majority of home-based businesses never get off the ground. With this in mind, how can you make sure your business launch ends up as part of the positive minority instead of the negative majority?

In episode 028 of The Live it Forward Show, Kent Julian explores three common myths about starting a home-based business that you need to know if you want to experience a successful launch. As you’ll notice, each of these myths revolves around the concept of time: 

  • Myth #1: Freedom of time = you having the ability to do what you want with your time.
  • Myth #2: It only takes 6-12 months of side hustle to replace your current income.
  • Myth #3: You can accurately estimate the amount of time it will take to complete a major project before starting the project.

Here’s the bottom line: If you want to take the leap into starting a home-based business, you will find this episode extremely helpful.

Show Notes – 3 Common Myths About Starting a Home-Based Business

1. Welcome to the show

2. Early-bird registration for the Live It Forward ADVANCE Conference is only open for a few more weeks (ends Wednesday, October 12, 2016)

  • Dates: November 11-12, 2016
  • Location: John C. Maxwell Leadership Center, 2050 Sugarloaf Circle, Duluth, GA
  • Special discount for Live It Forward podcast listeners—use discount code PODCAST at checkout to save an additional $100 off early-bird registration.

3.  Shout Outs

Myth #1: Freedom of Time

  • Myth: You can do whatever you want with your time.
  • Truth: You must WANT to work and LOVE the work you do. 
  • 2 Keys:
    •  Manage your time by determining your priorities.
    • LOVE what you do.

Myth #2: How Long It Takes to Launch Your Business

  • Myth: You can replace your full-time income in 6-12 months of side hustle.
  • Truth: It takes 6-12 months of side hustle to generate some revenue, but it will likely take 2-3 years to completely replace your income.
  • Kent’s Story:
    • Was the National Youth Director of 2,000 youth groups
    • It took 2-3 years of side hustle to replace his income
  • 2 Keys for Replacing Your Income:
    • Mantra: No matter how long it takes or how hard it is, I’m going to make it!
    • Follow the 80/20 Rule. Work IN your business 20 percent of the time and work ON your business 80 percent of the time.

Myth #3: The Length of Time Needed to Complete a MAJOR Project

  • Myth: You can estimate how long it will take to complete a major project.
  • Truth: Most major projects take twice as long to accomplish and cost three times as much money as you anticipate (or vice versa). 
  • 4 Keys:
    • Beware of Parkinson’s Law.
    • Set goals with a time limit.
    • Avoid perfection: Good enough is good enough.
    • Start new things and make things happen!

Tweet It Forward

Manage your time by determining your priorities. #business #priorities #LiveItForward Click To Tweet Avoid perfection. Good enough is good enough! #success #LiveItForward #nevergiveup Click To Tweet Your greatest competitive advantage is stick-to-it-tiveness. #nevergiveup #perseverance #LiveItForward Click To Tweet Make the move from DREAM to DO. #LiveItForward #success Click To Tweet

Episode Links and Resources

Thank You for Listening

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Until next time, continue to move from DREAM to DO in your life and calling. #LiveItForward