Archive for July, 2013

Business vs Hobby

Business versus Hobby. It seems that there would be a clear enough distinction between the two right? Not necessarily. I have run into many ‘budding entrepreneurs’ that indicated they were ‘building’ there business yet in fact they were supporting their hobby.  So what separates the two categories?

multi directions

First, let me preface this with there is no right or wrong. The choice of business or hobby and which path to follow lies within you and only you can decide. Both have their merits and outcomes. It centers on what outcome do you want? So, you have a passion to share your skills, knowledge or product with the world. Many businesses started out as a hobby. What are the elements that cross the line to be firming planted on the business side of the spectrum?

 

 

1. Perception:

  1. How you view yourself and your business.
  2. How you present yourself and your business to others.
  3. How others perceive you and your business.

It is the mindset you bring to the process. Are you serious about making a profit?

Moving from hobby to business.

So how do you shift that perception from one of hobbyist to one of business owner? Many struggle with the perception of what you do as a glorified hobby. So what do you need to do to go from hobby to business?

You need to get serious.

And I don’t mean serious and never have fun. I believe an entrepreneur’s business is  grounded in passion so the enjoyment is ingrained in the process. I want you to enjoy what you’re doing.  What I mean by get serious is that you need to make a commitment to doing those things that make your business into – a business.

  • You need to get serious about the numbers.
  • You need to get serious about your time.
  • You need to get serious about the realities of running a business.

Get serious about the numbers

If you truly want to run a successful business, get serious about the numbers.  Numbers give you so much information – your income versus expenses tells you profit, sales data tells you what’s working and cash flow projections tell you if you’re going to have any money in the bank next month. If you are not tracking your numbers or paying attention to the number of sales or the number in your bank account, it’s probably for one of two reasons:

The first is that you legitimately don’t know how.  That’s an easy fix. Check out Quick Books or services like outright.com

The second reason, you think ignorance is bliss. While you may be able to get away with this in the short term, especially if you have a ‘pillow’ – income from another job or partner. This lack of strategy will eventually be the downfall of your business. Declaring independence from external support, will impact how you delegate your time and energy.

Businesses track their profits and at least a few other numbers. Until you do, you really aren’t running a business.

Get serious about your time.

Adopt this mantra. Stop saying “I didn’t have time for something,” and switch to “I didn’t make it a priority.”  Because often, lack of time is really lack of prioritization. To run a successful business, you need to carve out time to run your business.  And if that means you need to set a schedule for business hours, then by all means do so.

Running a successful business takes either time or money.  If you have one, you can make do without the other.  But you can’t run a successful business without investing significant amounts of one of those two things.

The next time you find yourself bemoaning your lack of time to run your business, ask yourself how you can reorder priorities to have time for your business.  If you never carve out some serious time for your business, you’ll find it hard to convince others (and eventually yourself) that you’re actually running a business.

Get serious about the realities of running a business.

Running a business is hard.  Sometimes you lose money.  Sometimes clients don’t pay on time.  Sometimes you want to bang your head against the wall.  Sometimes you’re filled with an overwhelming sense of panic about how you’ll pay your bills this month.  Sometimes you’ll stress over whether or not you’re making the right choices or heading in the right direction.

And in order to run a business, you have to understand and accept that some days it might not be fun or you’ll have to do tasks you don’t really want to do. Yes, it would be great to pretend all that stuff doesn’t exist.  To just try and sell your products.  But ignoring the fact that running a business is hard doesn’t make that reality go away.  It just means that you aren’t really running a business.

Wait, there is an upside to all this.  Once you accept the realities of running a business and that is not the same as a pursuing a hobby, you open up to the possibility to something really, really great.  You have a chance to create something bigger than yourself.  Something that can provide a great life for you and your family. 

Dr. Victoria Boyd, author of The Wealthy Teacher: Answering the question, What’s next?Boyd-WealthyTeacher CVR (2)

http://www.drvictoriaboyd.com 

0 to 60 What’s Next Business Development Program

What will you do?

Did you know that most people spend 1/3 of their life in ‘retirement’? The concept of retirement has changed drastically over the years. It used to be a term used to describe someone in the last quarter of their life, 65 and up. In a post by the Social Security Administration, contrary to common belief most people do not opt for retirement because of poor health, rather from a combination of reasons such as unpleasant job, cut backs or just wanted to do something else. They are yearning for ‘something’ much earlier.

I can totally relate to the new retirement era. I had the perfect combination of life events merge which allowed me to retire retirement next exitearly. At the time I might have called it the perfect storm but in reality it was the urging of the universe pushing me to my purpose. It was not ‘my’ plan at all.

As most of us do, we start envisioning the future and ‘what will I do” in retirement. At the time it was just a vision, forecast to be several years down the road. Being from Michigan my dream was to move to a warmer, dry climate.  However, believe in the power of manifestation. I released the vision into the universe and a higher power created a timeline for me. My 5 to 7 year plan went to a brief 4 month whirlwind. In a blur I went from working a prestigious job, receiving options for layoff or retirement, opting for the latter, moving to a totally new state, building a house then – “starting my retirement”. It was my life plan, it happened a lot faster than anticipated. In this vast whirlwind of events, I had some unfinished details. What will I do?

I went through a series of experiments and ‘worked in several capacities. Until the realization that I needed to get back to my passion and create my purpose. Retirement is actually the beginning of something new. It is an opportunity to shift focus and become more purpose driven. Delve into it and start asking What’s next?

Dr. Boyd is the author of, The Wealthy Teacher, Answering the question What’s next? Morgan James Publishing, NYC

Visit: http://the-wealthy-teacher.comBoyd-WealthyTeacher CVR (2)

It’s about Improving Life

In my book The Wealthy Teacher: Answering the question What’s next? there is a section on distinguishing between ‘selling’ and ‘serving’ in a business setting. It is the basis for creating your message. You are there to solve a problem or improve someone’s life.

Richard Branson, the consummate entrepreneur, wrote a dynamic article on this exact topic so I would to share it with you – Richard Branson on Social Entrepreneurship 

 

Boyd-WealthyTeacher CVR (2)

Follow your Passion and Success will follow you….

Dr. Victoria Boyd, Author of: The Wealthy Teacher: Answering the question, What’s next?

Pre-sales available at all major online outlets: Amazon, Barnes & Noble and Brick and Mortar Powell’s + many more

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