You’ve heard it before…friends, family, and people ask you all the time, is your business really a business or a hobby?
You’ll find some helpful questions below to help you determine your answer.
Are you working on it every day?
My goal: To do something for my business every day.
Even if it’s a busy, hectic day and you can only squeeze in one thing. Just know that you’ll have to make up for that really busy day by putting in more hours and working really hard another day.
Do you have a website?
In case no one has told you, online is the place to be. In this day and age every business should be online, no matter what type. Even if you’re brick and mortar and have no desire to sell online or a local, service based business, you should at least have a basic 1-4 page site that tells potential customers where you’re located and a little about your business.
Resources to help you set up a website: (Note: The resources below may contain affiliate links, which simply means I earn a small amount when you make a purchase, while your price remains the same. Gotta feed the kids, you know!)
Do you have a separate bank account for your business?
This is an absolute must. Not only do you need to keep track of your income, but also your expenses. It’s never a good idea to mix your business funds with regular funds. If you pay yourself a salary or make a profit that you’re going to take, it’s always best to either withdraw it or transfer that amount over to your personal account.
Do you have a mission statement or an elevator pitch?
Your mission statement is simply a statement of purpose for your business that describes why you do what you do.
It should answer these questions:
- Who will you serve?
- What are you providing?
- What promise are you making?
- Does it describe the problems your business solves?
An elevator pitch is just a fancy way of saying a short, 30 second dialogue that describes not only your business but what you do (for people).
It should do the following:
- Show your excitement for your business
- Be simple to understand
- Be geared specifically toward the person you are talking to
If you don’t have one of those, sit down and start brainstorming. As KPI, a renown business developer stresses, “Even if you’re in direct sales, you need a mission statement or elevator pitch!”
An example for a direct sales business might be the following:
I help moms save money and time by eliminating wasted food and organizing their kitchen with Tupperware.
Is your business growing?
Unless your super successful right out of the gate (and I don’t know many people who have been), you should be working on growing your business. Even if it’s one small step at a time, little by little, you should be setting goals and working on expanding your offerings and doing more.
Note: This doesn’t mean that you have to try and become a huge business, remaining a small business is fine, but you still need to grow. If you’re totally content to stay right where you are and never expand even a little, you might just have yourself a hobby.
Do you have a blog?
Although not totally necessary depending on your business, it’s highly recommended. People love to learn as much as they can about the people they do business with, and a blog does just that…it gives your customers information and let’s them get to know you, your business, and what you can do for them.
It’s even beneficial if you’re in direct sales to blog (Unless your particular company has rules against it). It allows you to stand out and differentiate yourself from other reps in your company, especially since usually your website is the same one every other rep has…there’s really nothing that sets you apart.
If you have a blog, it’s yours! You can talk about your products, but also about yourself so people can get to know you. You can add other fun stuff, like giveaways and reviews, and you can use it as a way to connect with people. How can you help them?
For example, if your business is in the field of weight loss, show your progress, or the progress of your other team members and customers. Give helpful tips such as meal planning and exercise routines, and an open invitation for customers to contact you for support.
If you’re a jewelry rep, give suggestions of specific pieces that are popular for certain gift-giving occasions, or offer pointers to your team members of how to run a fun and successful at home party.
Resources to help you start a blog:
These are just a few of the ways that will help you determine if your business is really a business or a hobby. If you’re treating it like a hobby but are committed to having a business, try implementing the suggestions above to get you headed in the right direction.
Do you have yourself a business or a hobby? Let us know in the comments below!