Hobby/Part-Time Business or Full-Time Business?

Business ownership comes in as many levels of intensity as our workout options do.

Some people train year-long for triathlons, some walk or run daily, and some go for one long bike ride per week. How much anyone exercises depends on their fitness goals, physical ability, and mental stamina.

Not everyone wants rock hard abs, cellulite-free thighs, or toned upper arms. Let me rephrase that, not everyone wants to do the work it takes to have those attributes.

We all know, there is no magic pill or sit-up machine that will get us to that “physical perfection” state. It will take a considerable amount of time and energy. The good news is that most people who exercise are happy when they feel good, their clothes fit, and they get a clean bill of health from their doctor.

The same comparison is true for us entrepreneurial women. However, instead of fitness goals, we have business goals.  Because we have varying abilities (energy), resources (money), and other things going on in our lives (time),  goals vary greatly from one woman to the next.

Goals for hobby or part-time businesses are like goals for the lighter fitness enthusiast – health, wellness, social activity.

Goals for full-time businesses are like goals for those training for triathlons – endurance, distance, [prize] money (and, be honest, a little masochism).

In business, there are several indicators of how serious you take your own business regime at this stage in your life. Please note, I said “at this stage in your life.”  As with health, business dedication may fluctuate. One year, your business may be a hobby, the next, it’s all consuming.

It’s important for you to be clear on your business goals for this next year. Will you treat your business like a hobby or a full-time career? If you do not make that determination, the time you do spend on your business could be wasted on confusion and poor decisions.

How do you know if your business is a hobby or full-time gig?

The indicators below came from, Heidi Sloss.  Heidi is an expert in business development for entrepreneurs.  She is incredible supportive of women and is going to be helping Hatch Network with our Business Booster group. More on the Boosters later.  For now, Heidi offers workshops and one on one coaching for business owners.

Ten signs that show you’re in business:

1. You have professional business cards, printed on heavy cardstock.

2. You have a dedicated phone line with voicemail, and prospective customers can find you in the yellow pages or the information directory by your business name.

3. You have a standard or virtual merchant account and process credit cards through it.

4. Your funds are not commingled; you have a business checking account.

5. Your incoming and outgoing email addresses are branded with your company name.

6. You know when you’re available for new appointments or have regular time slots to talk with clients.

7. Your sample client services flyers are up to date and you can mail out easily.

8. You realize that working with a mentor coach is a business investment and may seriously lessen the learning curve.

9. You know the value of your work and initiate conversations.

10. You have a professional-looking website, that’s up to date, even if it’s only a few pages.

Ten signs that indicate you may be engaged in a hobby:

1. Your business cards look unimportant; they have perforations or the words “printed for free at…”

2. You use the same phone line for your business and home, and maybe also your mobile phone, and your line may have an answering machine instead of voicemail.

3. You do not have a paypal merchant account and thus cannot receive anything other than checks.

4. You use the same checking account for your personal and business finances.

5. You use an email account such as AOL, Hotmail, Yahoo, etc., or you use one of these for your outgoing mail and use your branded email address only for incoming mail.

6. You allow your new clients to select the best time for them, even if this means late-night, holiday, or weekend appointments.

7. You don’t have a system to create contracts or proposols, or have a surplus of information to easily give to clients.  You are frequently caught off-guard. Everything you need you have to make up on the spot and this takes too much time. You find errors and typos in what you send out later.

8. You get feedback and support inconsistently; you are a lone business persona and having your own coach is low priority.

9. You dread the part of the conversation when prospective clients ask how you work or what you charge. You lack confidence in what you offer.

10. Your website is terribly out of date or has said “Coming soon” for a long time. Or you don’t have one or a plan to get one. And you don’t know where to really start.

If you do not consider your business to be a hobby, but you said yes to more than half of the above indicators, it may be time to make a few investments to shift your image from start-up or amateur to professional. – Heidi Sloss

I look at this list as a check list for hobbyists and full-timers. Go though it and check the ones you are doing and circle the ones you want to do. Then . . . do them!

The moral of the story: we can have everything we want in life. The truth is, we just can’t have it ALL at the same time. Find peace in that and you will enjoy all that you have now.

Knowing that gives me breathing room and something to live for.

My business is 100% my source of income.  I may not ever have rock hard abs, cellulite free thighs, or toned upper arms, but I promise myself that my business will hit some pretty big goals before I’m done. My goals may not be your goals, and yours may not be mine. But by sharing our truths and our ideas, we can help everyone around us achieve whatever they desire.

Think about how happy the world would be if we all were praised and rewarded for getting exactly what we want in life.  I believe it can happen!

What’s your business? Hobby or full-time? Please share your thoughts on this matter. Thank you!