I see it all the time, someone has made the decision to start their own business, so they build a website, start selling their product, and jump right in! It is excellent, it is brave, it isn’t always the right thing. Online business owners can easily “open their doors for business” without a firm business plan in place. Some may test the waters to see if they attract any clients and some start out doing this online work as a side gig while working their full-time job.
If this is how you opened your business and now you are in elbows deep, are you able to tell if you have a business or if it is still just a hobby?
My first business started as a hobby, I loved taking photos of my kids. A hobby traditionally is an activity that pleases you and you do in your spare time. A business, on the other hand, provides a service or products to clients, has business hours, and strives to make a profit.
Here are some questions to ask yourself to determine if you are working a business or a hobby:
- Do you have firm business hours or are you working sporadic hours as your family or full-time job allows?
- Do you make the most of your business hours or work time, working as efficiently as possible, or do you get distracted by social media or other behind-the-scenes tasks?
- Do you have a business plan, even for one year, which includes expected profits?
- Do you make opportunities happen or do you wait for them to come to you?
- Do you withdraw every penny from your account after clients pay or do you give yourself a pay structure and reinvest some of your profits into software, training, or other business expenses?
If you were unsure before, you should have an idea now about if your business is indeed a business.
Hire a Business Coach to Guide You
You don’t need a business degree to start a business; sometimes a unique product idea or a strong desire to offer services is enough to get started. Hiring a business coach or mentor will be helpful. They will assist you in setting up your company to grow and generate profits. You don’t know what you don’t know. Without a business coach, you will make a lot of trial and error mistakes, some of which could cost you substantial amounts of money. I know this from experience. Instead of closing your eyes and hoping for the best, work with a coach to create a business plan. They will help guide you through the next steps. A good coach will be able to help you and provide tried and true business advice and strategies.
Also, your business coach will also serve as your accountability partner. Someone who wants to hear from you about your progress and who will call you out when you don’t do as you promised. Often knowing someone is expecting results is enough to spur people into action because they don’t want to let down the coach.
So, if you want to turn your hobby into an actual business, get in touch, let’s set up a time to chat.