“Businesses are in business to make money. If it does not make money, it is not a business. It is a hobby.”
This was the most valuable piece of information I learned when I went to the University of Louisville for an MBA. (If I could remember the professor’s name, I would give him the credit. Unfortunately, I do not even remember the name of the class.) This forced me to take a very critical look at my business at the time. I have used it to assess my business many times since.
If you are self-employed, do you treat your business as a business? Or do you treat it as a hobby? Do you invest as much time into your business as you would if you were punching a time clock? Or do you fit in time where you can between personal pursuits?
I know people who run their businesses as a business. They put in the time and effort needed to achieve the success they want. I know others who consistently let everything else come first. It can be easy to do, especially if you work from home. There are many potential distractions.
This may be hard to believe, but the ones who are most successful are those who treat it as a business! They work extremely long, hard hours. If you want a business, that is the price to pay.
If what you really want is a hobby, that is fine as long as you have another way to support yourself. But at least be honest with yourself. A simple question to ask yourself is whether or not you would pay someone else to do what you do throughout the day.
Do you have a business or a hobby? Which do you want? Do you need to make changes?
