Guest post by Nadia Finer.
This is something many small business owners struggle with, and I have struggled with it in the past. Treating your business like an expensive hobby instead of a business. You might be doing this right now but you have no idea.
So, today I want to help you recognise the tell tale signs. If one or more of the statements below are true then please hop on over to my business podcast where I will give you some actionable tips to make sure you move away from hobby owner and move into the role of businesswomen.
3 Signs Your Business Is An Expensive Hobby And What To Do
I can’t tell the difference between mine and my business finances
If you and your business finances are all mushed up together this is a tell-tale sign that you are operating an expensive hobby, not a business.
If you are the sole owner of your business you might feel like this is a subtle distinction, you might think, why do I need to separate my finances – I am my business.
I get it, I’ve been there. But sole owner or not, it matters. You need to know exactly what is coming in and out of your business, ideally on a weekly basis.
Here’s a little trick, if a bank manager or an investor were to look at your finances what would they say? Do you track your money coming in and out? Do you track how much money you are investing into your business? Do you track how much you are being paid from your business?
If you are less analytically minded and more creative, even just the notion of this might make you tense up. If this is the case, recognize how it makes you feel. If it makes you nervous or worried then this is a clear sign there is something to be dealt with!
Want to start a business but don’t know how? Learn how to make your first $1,000 in businessBiz coach @nadiafiner tells 3 signs your #smallbiz is an expensive hobby and what to doClick To Tweet
I don’t really know how much money I make from my business.
If this is true for you then it is very much tied in with statement one. If you aren’t sure how much money you are making then you also don’t know if, or when your business will become profitable.
This is a clear sign your business is an expensive hobby. If you are more interested in buying little bits here and there for your business but not really knowing if the bits you are buying will help you make more money, then you have an expensive hobby.
When you are on Fiverr, People Per Hour or Elance, you aren’t shopping for business accessories. You are investing.
So, if this is you then please, please hop over to my business podcast and put an end to it now with my simple actionable tactics.
Check out these 4 ways you can promote your small biz that gives you the biggest return on investment!
My friends don’t take my business seriously
The energy that we give off about something reflects in those around us. If you are finding that your friends treat your business like a hobby, then it’s likely you are also speaking about it in this way as well.
What kind of language do you use when you speak about your business? How do you stand and how do you feel? All of these signals are emitted and interpreted by those around us.
If you’ve felt hurt recently by a friend or maybe even your partner not taking your business seriously, this is a sign that you probably aren’t either.
Learn how to increase your reach online without sacrificing your time & energy
I have struggled with all of these in the past, many first-time business owners do. And it’s something that I help my clients to deal with all of the time.
So, if any of these are true for you don’t panic! You are not alone. Actually, there are some really simple steps you can take to move yourself away from the expensive hobby zone.
The most important step is to become aware of and identify the issue, and if you have done this during the last few minutes that is a huge step, well done.
The next step is to come over to my podcast and I will give you some really actionable tips that you can implement straight away. I try to make it super entertaining as well so it’s worth a listen.
Nadia finer is a business coach for solo entrepreneurs who want to GO BIG IN BUSINESS, even if they feel little. Join the Profit Pack to learn how to pump up your profits…. and GO BIG! You’ll learn a range of techniques designed to ramp up your revenue and create consistent $5k months. Finally!