Do you treat your business like a hobby? Or is it really a business? And, no, I am not talking about it from an IRS (for those in the USA) perspective.
You must have an answer to this question. Why? Because it is an important question. And because most business owners I know don’t know the answer for themselves.
You know, there’s no right or wrong answer to it. Yet I know a lot of you out there who say it’s one and behave like the other.
I order a lot from Amazon (hello, easy Christmas shopping). The same guy comes to the house all the time. He drives for UPS. I asked him once and he said he loves his job. My husband drove a semi for most of his life. He loves driving also. They both feel it’s his form of meditation.
My husband fixes mechanical things for free. It’s his gift to the community. It’s a hobby for him.
I know a lot of heart-centered biz owners who seem baffled by the reason why their business doesn’t grow. What they don’t see is that they’re not treating it like a business.
They don’t invest in it. And, they don’t work on it, all they do is work in it. They don’t make systems. All they do is doing it themselves.
They have no idea who they are trying to attract. For them, their niche is the whole world.
Of course, none of these things matter if the business is a hobby. And, if it is a hobby, it will never grow like a business should.
Sitting on the Fence?
Whichever it is, acknowledge it. It is a huge relief to jump off the fence in one direction or the other.
If it’s a hobby, get a full-time job. Then, you can enjoy doing it when you have the time and space to work on it.
If it’s a business, then get yourself focused. Work on the things that are important for its growth. Keep moving forward day by day every day.
So, Is It A Business or a Hobby?
A business is operated for profit.
If you don’t operate the business for a profit, it’s a hobby. You do things things for pleasure – such as sports or knitting or restoring old cars or fixing mechanical things – not to make a profit.
Remember the old Gershwin song that goes, “You say tomato, I say tamahtoe … let’s call the whole thing off.” The same is true for business: “You say hobby, I say business.”
Do you really treat your business like a hobby instead of a real business?
Here are some things that can help you determine whether it is one or the other:
Let’s say that you like to restore old furniture. Once you’ve restored the piece, you sell it at a profit. What you do should be considered a business, right?
It’s all in the manner that you conduct yourself. The difference between a hobby and business is not a matter of volume. It’s all about intent.
The following can help you make the distinction between a hobby and a business:
How are you conducting yourself in the business? How do you carry your activities?
Are you keeping accurate track of your results and using them to improve your performance?
Do you seek professional guidance to improve your business practices?
Are you investing enough time to make the business a success?
Do you do the right things to ensure your success? Or are you getting sidetracked by bright, shiny objects that don’t do anything for the bottom line?
Are you planning to generate a profit from doing what you do?
Back to You
What will it be? Is it a hobby or is it a business? Do you say it’s a business but treat your business like a hobby?
If you are teetering on the fence or if you are trying to run a business but haven’t succeeded, I can help you. Check out my new program How to Get Clarity, Focus, Purpose: A Path to Success for Heart-Centered Business Owners. It will change your mindset and your results.