EPISODE 174: Hobby vs Business

In this episode, we are talking about the difference between running your business as a hobby versus running it as a business. What is the difference? So many people start their business as a hobby and to have something fun to do. But how do you know if you want this as a hobby or business, I’ve got a few questions to ask yourself.

In today’s episode we talk about:

 

The problem that arises when we treat our business like a hobby but want the results to be like a business. Ask yourself - Did I start this business because I want to build this into a 5 or 6 figure business or is this for fun something that helps me relax? If you don’t have focused work time, you don’t focus on growth. Hobby - Something that is done in your  leisure time, when you have time, with no expectations. It just makes you happy. It helps you relax. Business - it's a primary way to get income or a side hustle. More questions to ask yourself - What do you want out of this business? Do you want to grow a team? Do you have big dreams? Do you imagine walking across the stage or have a desire to be in leadership? If you answered yes, you need to start treating this business as a business if you want those outcomes. 4 steps you need to take to treat your business as a business: Set Goals. What do you want out of this business? Be the person you want to be - Do what this person should do and identify as this person. Figure out how to get there - have a plan. How much do you need to sell a month? How many team members do you need to add? Show up Consistently (Wealth and Worth Legacy Builders is a great tool for this - the accountability helps build consistency.) Even when you aren’t seeing results.

 

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