While it would be great if I could have a business that effectively ran itself, funding my lifestyle with a never-ending supply of passive income, that’s not exactly how my freelance writing career works.

I’m a pretty integral part of the process, because only I can write the content that I’m selling (unless I deceive my customers and outsource to India or something). There are many myths or misconceptions about freelance writing, but I don’t have room to talk about them all. Instead, here are just five.

1. You Work When You Want To.

Some people embark on their own entrepreneurial ventures to escape from the 9-to-5. I know that when I started out, I loved the notion that I didn’t have to wake up at a set hour. I loved the idea that if I wanted to take a 15 minute breather, I could do that. The problem with this thinking is that it is not entirely true. You can’t just work when you want to, because given the option, most people would choose to never work. I know I would. I’d rather be sipping on an umbrella drink in Tahiti, than pumping out a blog post on Internet marketing. As a freelance writer, you’ll still need to work. The key advantage is not that you only work when you want to; it’s that you have more flexibility as to when you’ll put in that 40 hours (or more) each week.

2. You Will Suffer From a Lack of Stable Income.

This depends largely on what kind of freelance writer you want to be. Speaking for myself, I rely heavily on repeat business, establishing a relationship with a company and continually producing material for them on a month-to-month basis. As such, it’s almost like having multiple full-time jobs, because I can expect to get work from them each and every month. This has been the case with Mobile Magazine as well as for John Chow, among others. You can achieve a stable income as a freelance writer, but if you’re constantly on the prowl for one-time projects, then yes, your monthly income can be pretty unstable.

3. There’s No Money In It.

Being a freelance writer (or a pro blogger for that matter) is often not recognized as a valued skill. It’s not the same as being an accountant, doctor, or lawyer, because people go to school specifically to learn the things they need to know to fulfill their responsibilities. You cannot get a degree in freelance writer (to my knowledge). Taking all of these thoughts together, the general public seems to have a notion that you can’t make a decent, sustainable living as a freelance writer. I’m not going to disclose how much I make, but Chris Bibey did. Check it out. I’d say he’s doing pretty well.

4. Anyone Can Do It.

This sort of goes hand in hand with point number three. There’s more to freelance writing than just having good grammar and impeccable spelling. Most people think that there’s nothing to it, because anyone can write. The critical difference is whether you can write well and under severe deadlines. It takes discipline, creativity, and the ability to take on the right “voice.” Everyone can try to be a freelance writer, but not everyone can actually become a successful one. And this is not my ego talking.

5. Being Your Own Boss is Great.

I’ve had some great bosses, but I’ve had some nincompoops for managers too. As strange as it may sound though, I feel that I am my own worst boss and I’ll tell you why. There is no one on this planet who is harder on me than myself. I can’t help but compare myself to others and develop goals that depress me. Yes, I enjoy setting my own hours, but because I work from home, there is a constant struggle to find an appropriate life-work balance. When you are your own boss, there is no guaranteed paycheque every second Friday. If you don’t work, you don’t get paid, and many first-time entrepreneurs will have a hard time with this. All this said, I may be my own worst boss, but I wouldn’t have it any other way.

Any other work-at-home entrepreneurs want to chime in with their comments on the matter? Any myths that you want to debunk?