Did you know that of the nearly 30 million small businesses in the US, almost half of them are home-based? That’s a pretty impressive number, yet there are still a number of myths and misconceptions that deter people from this type of venture. We’re here to quell those untruths and show you why starting a business from your home can be highly successful and worth taking the chance.

You need a lot of capital. The answer to this really lies in the type of business you are thinking of starting. Not every venture requires a lot of money up-front, and some don’t require much overhead to run. You don’t have to break the bank or look for investors right away. Just determine how much you need to start off slow, and see where it takes you.

It’s going to take up all of my time. Many would-be entrepreneurs put off starting their own business because they are under the mistaken impression that it has to be a full time operation right from the get-go. This isn’t true at all! Some of the most successful home-based businesses started out with just a small investment of time each week. Once things begin to take off, then you can begin to devote more time to making the business flourish.

You need a lot of experience. Not every successful business venture was started by an expert or even a professional. The key is not experience as much as it is passion. If you have an idea and you feel it’s something that can be turned into a money-making venture, go for it. If you’re really not sure where to begin, do a little research first. All it may take is getting your feet wet and then, with time, the experience will come.

You’ll get bombarded with taxes. Home-based businesses are subject to the same taxes as other small businesses, but keep in mind that they’re also eligible for a number of tax breaks and deductions on expenses such as accounting software, office equipment, licenses and insurance. Before you write off the idea of a home-based business because of tax reasons, check with an accountant to learn the truth about what to expect. It may be much less of a burden than you’re anticipating.

Too many small businesses fail. While it is true that nearly half of all small businesses don’t make it past the first five years, that doesn’t necessarily mean that yours will be one of those statistics. Passion, determination, dedication and hard work can help you overcome these odds and achieve success. Remember, it’s better to take a chance than regret never trying.

Home-based businesses don’t have to be scary endeavors, doomed to fail and cost you tons of time and money. If you plan accordingly, play it smart and take your time, you can beat the odds and emerge from the rubble a smashing success.