Business or Hobby?

Business or Hobby? (Video)

“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?

 

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About Susan L. Farrell

Susan has always loved to learn. One BS in college was not enough; she obtained a double major with a minor. Years later, she returned to college for an MBA. Susan also believes deeply in learning everything possible from personal and professional experiences.Her first career out of college was with a national health care company. She quickly moved from the facility level to division, field, and corporate levels. When she left she had been an executive director with national responsibilities for several years.As owner of SLF Consulting & Training, LLC, Susan assisted clients with the challenges of combining customer satisfaction, cost control, and regulatory compliance. Her business acumen made her a sought-after speaker which led to a successful speaking career. This, in turn, led to her current writing career on self-empowerment for women.A normal extension of a love of learning is a love of teaching. Susan has accomplished this in various positions through teaching and training her employees, co-workers, associates, and customers. She has taught as an adjunct instructor at business colleges. She has informally coached employees, associates, and friends in advancing professionally and personally. She now assists others through her books, blogs, and newsletter.She is the author of "Don’t Act Like Prey! A Woman’s Guide to Self-Empowerment," a book on respectful assertiveness as an option to passive or aggressive behavior. "52 Weeks of Wisdom, A Woman’s Guide to Self-Empowerment," is designed to provide ideas to encourage women to think about what they do, why they do it, and do they want to change. "3 Good Choices: Change It, Accept It, or Leave It; A Woman’s Guide to Self-Empowerment" discusses how to make positive choices in all aspects of life.Susan lives in rural Wisconsin with her husband and three cats.

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