These days, entrepreneurs, coaches, consultants, etc., can easily “open their doors for business” with little as one social media post. Some choose to test the waters to determine if they attract any clients first, and others start with a side-gig while working their full-time job…this is exactly what I did for a while.
Depending on your situation, either route may work, but there will come a point when you must step back and asses whether or not what you’re doing is helping you grow a business, or just supporting an expensive hobby.
Traditionally, a hobby is defined as an activity that brings you the 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 plan in place with specific goals, activities, and milestones for reaching those goals?
- 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?
Related: 3 Ways To Generate Passive Income
Based on your honest answers to these questions, you might have to stop and reassess what it is you are currently doing.
From there, you can either shift your focus or proceed, as usual, understanding that your results will be limited. If you’ve discovered that you’ve been running a hobby, and desire to shift gears to owning and growing a business, keep reading…
A Coach Might Be the Answer To Guide You Need
A business degree is NOT a requirement for starting a business. Sometimes all you need is a unique product idea or a strong desire to offer services to get started.
That said, hiring a coach, however, is necessary to set up your company to grow and generate profits.
You don’t know what you don’t know and without a coach, you will make many trial and error mistakes, some of which could cost you substantial money…trust me, I know!!
Your coach can help you create a business plan and guide you through the next steps of the plan with tried and true business advice and strategies.
A good coach 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 coach.
So, if you want to turn your hobby into a true business, I’d love to hear from you!
You can schedule a strategy session with me via my website at http://www.SabineGedeon.com.
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