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?
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 about if your business is truly a business.
Hire a Profit Strategist 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 Profit Strategist is necessary to set up your company to grow and generate profits. You don’t know what you don’t know and without a Profit Strategist, 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 Profit Strategist 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.
A good Profit Strategist 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.
So, if you want to turn your hobby into a true business, click here to set up a Show Me the Money session.
Knowing What to Do is Not Enough
How many of you make a new year’s resolution to lose weight or go to the gym? How many of you actually reach your goals? This is a prime example of knowing WHAT to do but not staying motivated to actually DO it. Intellectually we all KNOW that eating healthy foods and exercising is the key to losing weight yet many of us never seem to stick with it. The same is true with growing your business. We all KNOW we should have a business plan and market our businesses consistently yet life gets in the way and our plans never materialize or we take a break from marketing because we’re too busy handling our customers’ needs.
Enter the Profit Strategist.
In this particular instance, a Profit Strategist will keep you focused on your goal and the individual tasks at hand. Instead of getting distracted, you will have a plan in place for your next steps. Plus, your strategist will want an accountability report so if you get distracted, you’ll have to admit that and own up to wasting that time. For some people, writing down the next steps in checklist form helps keep them focused. Whether it’s a paper note or a list on your phone, knowing the next steps helps drive you forward in your productivity.
Of course, life can get in the way of business and you may have to take some time off or shorten your business hours when emergencies happen. A Profit Strategist can help you reconfigure your business plans as needed so you’re not losing progress. Whether that means changing courses altogether or simply hiring an independent contractor to take over some of the tasks, your coach will be your sounding board if your mind is preoccupied with a life problem.
Your business progress can also be halted by technology. For instance, you may KNOW that you need an online shopping cart but indecision about which software to buy and uncertainty about how to install it can halt your next steps. A Profit Strategist will have recommendations about software or, at the very least, the name of a technical person who can assist you with the purchase and installation.
Keep in mind that Profit Strategists are available to give advice, not to do the work for you. Listen to your strategist’s unique perspective on your business and her advice then take action and follow through with your next steps. Likewise, you shouldn’t be so timid about making decisions that you are afraid to take action without asking your coach. Developing a coach/client relationship which allows you to feel confident in your own decisions is important to the growth of the business.
Are you ready to hire a Profit Strategist? Click here to schedule a Show Me the Money session to figure out if we’re a good fit together.