Doing what you love can set you up for an enjoyable life. It can feel like an enjoyable hobby in the early days of running your solo or small business. However, treating it as such can lead to several problems and most certainly will not lead you to earn six figures. Here are some guidelines for determining if you’re treating your business as a hobby and why you need to make some changes to grow.
When treating your new business as a hobby, you’re likely to become increasingly
disorganized. This is manageable if you only have a few clients, but you’ll quickly find yourself
spending time trying to get all of your paperwork in order. To make your work into a business,
you’ll need to develop a system for managing your bills, receipts, and other paperwork, and
you’ll want to store it in a centralized location. Fortunately, digital programs make it easier to
do so, but it’s best to start as soon as possible. Even if your business is young, you’ll still need to
deal with taxes and other expenses, and the organization can streamline the process.
Setting a Schedule
Running a small business means unexpected events will pop up on occasion and some flexibility
is helpful. However, one of the keys of a business is setting and keeping a schedule as much as
possible. Make sure to budget time each day for handling business elements, and make sure to
turn this practice into a habit. Again, you may need to improvise on occasion, but setting a
schedule and sticking with it ensures you’re able to operate in a professional manner and
deliver appropriate services. It’s also worth tracking your time early in the process. If a
particular task takes up an inordinate amount of your time, outsourcing it can help you spend
your time more effectively
Communication and Advertising
If you only have a handful of clients, contacting them through your personal phone might be an
acceptable option. As you transition from the hobby to business phase, however, setting up
more formal lines of communication can help tremendously. Make sure to have a dedicated
email address and keep it separate from your personal inbox. Furthermore, hire a designer to
set up a website to show your dedication to your business; it’s cheaper and easier than you
imagine. Word-of-mouth advertising can be enough, especially if you have a solo business and a
full schedule. However, reaching out to your audience through online and offline advertising
can be essential for growing your businesses and generating sustained income.
Separate Work and Business Life
Making the move from hobby to business often entails taking steps to ensure your business life
and personal life don’t mingle too much. Bringing your work home with you can make it difficult
to unwind and relax, and it can make family life more challenging. If your business generates
enough revenue, a great option is to rent office space, even if it’s in a co-working environment.
Otherwise, setting up a dedicated home office can help ensure you’re able to mentally separate
yourself from your business. Taking a break from work ensures you’re able to be at your best
while focusing on your business tasks.
Work Smarter, Not Harder
You have the tools for growing your business to six figures and you have the desire to do so, but
do you have a guide to get there? In my next live stream training I’m talking about this exact
topic, How to Work Smarter (Not Harder) for Six-Figure Sales. You’ll leave with 4 action steps
you can work on immediately and even though it’s by no means easy, the road map will be a
little clearer. Follow me on Facebook to get the live stream notifications!