EPISODE 174: Hobby vs Business

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By Rachel Perry. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

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.

Links:

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165 episodes