Do You Have a Business or a Hobby? Online business owners – and even coaches – 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.
So, if this is how you opened your business, do you have a business or a hobby?
A hobby traditionally is an activity that brings you pleasure that you do in your spare time. A business, on the other hand, provides a service or products to clients, has regular 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 with 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?
You should have an idea now about if your business is truly a business.
Hire a OBM (online business manager) to Support You Not everyone needs a business degree to start a business; sometimes a unique product idea or a strong desire to offer services is enough to get started. However, hiring a OBM is necessary to set up your company to grow and generate profits. You don’t know what you don’t know and without a OBM, you will make many trial and error mistakes, some of which could cost you substantial money. Instead of closing your eyes and hoping for the best, a OBM will create a business plan with you and will guide you through the next steps of the plan with tried and true business advice and strategies.
A good OBM also serves 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.
Oftentimes knowing someone is expecting results is enough to spur people into action because they don’t want to let down the your partner.
So, if you want to turn your hobby into a true business, let's chat.