Do You Have a Business or a Hobby?

Almost everyone seems to have entrepreneurial dreams these days.

With remote work becoming the norm, self-employment soaring, and the barrier to entry shrinking, more people are hanging their shingle, claiming to be open for business.

But just because it’s easier to start a business doesn’t mean it’s easy to find success. All too often, people underestimate the level of commitment it takes.

You can approach this one of two ways: as a hobbyist or as an actual business owner. You’re either taking this thing seriously or you’re not.

Are you sincere about building something lucrative and sustainable, or are you just dabbling in a non-committal way?
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The answer may surprise you . . .

Because you can claim you’re in it to win, but if your results are showing otherwise, it’s time to get honest with yourself.

Here’s how to tell if your business is really more of a hobby —

1. You avoid talking to people. Rather than having a conversation with a potential client, you’d rather hide behind a website or steer clear of networking opportunities.
2. You don’t follow up. Instead of pursuing business, you leave it to luck.
3. You keep giving discounts. You’re so worried the prospect will say no (and you’ll have to go out and look for another one) that you won’t stand in your value.
4. You’re doing it all. Refusing to hire help, you remain chief cook and bottle washer.
5. You’re inconsistent. You try a little of this and a little of that, but you’re not sticking with anything long enough to make any meaningful progress.

Hobbies are great, but treating your business like a hobby is no way to reach your goals.

Here’s what to do instead —

1. Own it. Put your stake in the ground. Claim it and mean it: “I am a business owner.”
2. Make it clear. You need to get clear on your value, your offer, and your agreements.
3. Know your numbers. Reverse engineer your business to determine exactly what it takes to get the results you are targeting.
4. Identify your SS (your “Special Sauce”). What makes you unique? Know exactly how the value you offer is different from what everyone else is doing.

If you want to keep tinkering and tiddling around, be my guest. But if you want to own your business, make it work for you, and experience success, you’ll have to take a different approach.