Top 7 Part-Time Online Business Myths

Pursuing through my blog feeds (I subsribe to 71 of them) the top 5 or top 10 lists always get my attention and I know Digg.com readers love them too. But this one about the Top 5 Part-Time Online Business Myths really caught my eye. Many of you out there are aspiring entrepreneurs and others have transitioned from part-time business owners to full-time.

Part-Time Online Business Myth #1 – Starting One Is Easy

This is the most popular myth and unfortunately, it isn’t true. Starting an online business can take a lot of time and it can take a lot of effort. You need to do a lot of research and weed through tons of “expert” opinions. Furthermore, you have to engage in a lot of trial and error-especially when dealing with search engine optimization and other forms of Internet marketing.

Don’t get me wrong. I am not trying to discourage you from having a part-time online business. It has a lot of long-term income potential. You just have to know what it is that you’re getting into. Just about anyone can start an online business, but not anyone will succeed in doing it.

Part-Time Online Business Myth No. 2 – The Market is Already Too Saturated

There is a lot of competition out there but there are also millions of potential customers searching the Internet. Think about selling a niche product above everything. The market is not always saturated for items that are for a highly specific audience.

Case in point, don’t try competing in the “making money online” market. It’s not worth your time at all and will probably only earn you pennies.

Part-Time Online Business Myth No. 3 – I Can Get Rich in a Month

Don’t believe in the Internet Marketers that promise you the sun, moon, and a million dollars. The World Wide Web does offer a lot of opportunities for making a money but an online business isn’t a lottery ticket. This is probably one of the most damaging part-time online business myth because people often give up after a few months because they’re not getting the expected results.

It’s impossible to get rich in a month. The more realistic timeframe is six months to a one and a half years. At this point, most of you will just be driving traffic to your site. Getting rich follows soon after as long as you have good system on your website.

Part-Time Online Business Myth No. 4 – If I Build It, They Will Come

I’m talking about websites, of course. Unfortunately, a lot of budding Internet entrepreneurs believe that they just need to upload a website on a server and customers will find them almost instantly. Driving traffic to your site is a lot of work. You need to submit your site to the most popular search engines and directories. You must also drive traffic to your site by posting on forums and writing articles. You may also need to spend some time doing offline marketing.

Building it doesn’t ensure that your buyers will come and buy. Like a traditional business that advertises in newspapers or through flyering, you have to advertise in its online counterparts to drive buyers to your site.

Part-Time Online Business Myth No. 5 – I Should Quit My Day Job

You might end up being surprised how long it takes to become profitable enough for you to earn as much as you’re earning in your 9-5 job. There is a reason why it’s always best to start an online business on a part-time basis just to test the waters. Unless you are certain that you have saved enough money to withstand a potential setback, keep your day job. Realistically, you should have saved enough money to tide you over for 9 – 12 months.

These are great myths and lessons to heed but I would like to offer two more from my experience.

Part-Time Online Business Myth #6 – I can do this all myself

This comes down to the question – “what did you get into business to do?” because if you do the things you suck at and think you are saving money, you will end up being a control freak and not do things that generate revenue to keep you business. For example, if you are a strategic marketing consultant, you are not going to build your web site, you hire a web designer.

Part-Time Online Business Myth #7 – All clients love you and you love them

Many people go into business with the expectation that everyone will be a happy client that pays their bills on time. While many clients are great and may be part of why you are building your own business, others will stiff you and run. Most companies set aside a certain percentage of recievables (money owed them) to be written off. Many part-time and new full-time businesses learn soon enough that you will not see money exactly on schedule like you have with your day job. In many ways, doing a part-time business can really give you a feel for the revenue cycle and how many dead beat clients you will have at any given time.

Do you have any other Myths that need to be explained and dispelled? Please discuss it in the comments below.