You,Have,Hobby,Real,Business,K business, insurance Do You Have A Hobby or a Real Business: 6 Key Indicators To
Small offices have unique needs, and thatincludes document shredding. Designed with the smaller business inmind, the Dahle 20314 is a cross-cut shredder that offers Level 3security and brings you into compliance with federal regulations. The As we all know to live in this world we have to perform some activity by which we can earn money. There are many activities by which we can earn money and meet the standards to live in this society. And from one of them is franchise. Franc
Most of us start our business with a very idealistic vision of whats possible, pour hundreds of hours with very little financial return for the first few years only to realize weve taken a very hard road to success.Take my client Michele PW for example. She started as a freelancer. She would work tirelessly, 10, 12, 14 hours a day, writing copy until she had enough money to pay her bills. Then, exhausted and burned out, she wouldnt work again until she needed more money. Frustrated that she couldnt break the $50k mark, she realized one day that her freelancer mindset was getting in the way of creating the level of success she really desired.Its at this point in the game that an opportunity surfaces. The entrepreneur must make a decision. Most of us up to this point have been playing with a hobby, thinking more like a free-lancer than someone who expects to be quite successful in business. The excitement of our craft is more interesting than all that stuff that it takes to run a business (like bookkeeping, marketing, sales, etc.) The future is unknown so we just focus on today. Profit is a mystery so we dont really even look at planning and revenue.But the problem is there are certain things you MUST DO to truly create a business. The IRS considers you a hobby, and taxes you appropriately, if certain success indicators are not in place. If you dont have these indicators in place in YOUR BUSINESS, you really dont have a business at all you just have a hobby.Now its OK to have a hobby that you love. But if you have a hobby you must be realistic about your income potential and goals. If you have a hobby, you just wont have the time, resources or financial capital to get past a certain point of success.Here are a Six Successful Business Owner Indicators:1. You operate in a business-like manner. You have an LLC or Corporation status, not a self-employed status with your bank accounts intermingled. You also have a business identify with a recognizable brand, marketing collateral and a presence in your industry.2. Cocktail napkin drawings and random post-it notes dont count. You take the time to create and follow a written business plan.3. You are making a profit (or are working towards it.) This is crucial. Viability is a major distinction between a hobby and a business. Hobbies dont have to make money. Businesses do.4. You continue to focus on improving your business operations. A hobby is there for the sheer passion factor. A business requires you to continually assess whats working and whats not and fix it.5. You have a team. You cant have a successful business without help. Its impossible. If you are doing it alone, you are missing a key ingredient for profitability and long-term success.6. You and your team continue to educate yourself on how to run a successful business. Do you have a budget set aside for education and training? Do you consciously plan not just for marketing training but real for leadership, management and fundamental business mentoring?These are just a few of the indicators to consider if you desire a business that is positioned for consistent six and seven figure revenue. If you are someone who wants to have meaning in your life, make a difference in your community and have passion for your work, creating a business with the proper systems and infrastructure is an important investment.Remember Michele PW? Michele joined our Platinum Mastermind group when she realized she wasnt running her business properly. She realized with the right training and support, she could develop a business owner mindset. Shes been consistently generating high six figures ever since.Do you see yourself ready to make this leap? Make a list of one or two Success Indicators that you commit to putting in place this year. If you need help, you know where to find it! Right here! Check out our Resources Section for proven tools and resources.
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