Do You Have a Online Business or a Hobby?

Online business or a hobby?

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Business Or Hobby???

Online business owners – and even coaches – 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 opened your business, do you have a business or a hobby?

Difference Between Hobby & Business

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. Do you have one?Click to Tweet

How To Know Which One You Are Running

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?

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?

Have a business plan, even for one year, which includes expected profits?

Make opportunities happen or do you wait for them to come to 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 about if your business is truly a business.

Hire a Business Coach to Guide You

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 necessary 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 will make many trial and error mistakes, some of which could cost you substantial money.

Instead of closing your eyes and hoping for the best, a business coach will create a plan with you and will guide you through the next steps of the plan with tried and true business advice and strategies.

A good business coach also serves 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.

Oftentimes knowing someone is expecting results is enough to spur people into action because they don’t want to let down the coach.

Next Steps

So, if you want to turn your hobby into a true business….

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Renee Lamb

Renee has over 15+ years of experience in the corporate world. She has had management roles in HR, international healthcare and project management. But the role she loves the most is Job Exit Strategist for her own company, Renee M. Lamb, LLC. Renee is not only passionate for, (well maybe obsessed) being an advocate for helping professionals to gain freedom and wealth via entrepreneurship. She believes her role is to give them wings so they can soar to greater heights on their entrepreneurship journey. She does this by her coaching programs and courses.

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