So, do you consider your online business a real business or a hobby? Are you sure? 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.
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.
5 Questions To Determine If You Have A Business Or A Hobby:
- Do you have consistent 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.
You May Need To Hire a Coach
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 coach is necessary to set up your company to grow and generate profits. You don’t know what you don’t know and without a good coach, 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 coach will help you create a plan that will take you to the level you wish to achieve.
A 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. 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’re ready to turn your hobby into a true business, you want to know your next business step, you need help making a few key decisions – contact me to set up a complimentary 20 minute strategy call.
Stop the overwhelm.
Set up your call today.