Online business owners can easily “open their doors for business” without a firm business plan in place.
Some may test the waters to see if they attract any clients and some start out doing this online work as a side gig while working their full-time job.
So, if this is how you are opened your business (or are planning to), do you have a business or a hobby?
A hobby traditionally is an activity that brings you pleasure that you do in your spare time. A business, on the other hand, provides a service or products to clients, has regular business hours, and strives to make a profit.
Here are some questions to ask yourself to determine if you are working a business or a hobby:
• Do you have firm business hours or are you working sporadic hours as your family or full-time job allows?
• Do you make the most of your business hours or work time, working as efficiently as possible, or do you get distracted with social media or other behind-the-scenes tasks?
• Do you have a business plan, even for one year, which includes expected profits?
• Do you make opportunities happen or do you wait for them to come to you?
• Do you withdraw every penny from your account after clients pay or do you give yourself a pay structure and reinvest some of your profits into software, training, or other business expenses?
You should have an idea now if your business is truly a business.
Not everyone needs a business degree to start a business; sometimes a unique product idea or a strong desire to offer services is enough to get started. However, hiring a business coach is a great idea to set up your company to grow and generate profits.
You don’t know what you don’t know and without a business coach, you could make many trial and error mistakes, some of which may cost you substantial money.
Instead of closing your eyes and hoping for the best, a business coach will create a business plan with you and will guide you through the next steps of the plan with tried and true business advice and strategies.
I can’t tell a lie. I spent a lot of time during the first few years of running my own business, trying to fathom things out for myself before I eventually invested in a coach.
As I mentioned in my last post, a good business coach will also serve as your accountability partner, someone who wants to hear from you about your progress and who will call you out when you don’t do as you promised.
Just knowing someone is expecting results is enough to spur anyone into action, because they don’t want to let their coach down.