As a business-owner, have you ever found yourself feeling a little resentful because you’re working on a client’s project at a time when you had planned to spend with your family?
Or agreeing to a meeting or a coffee with someone and then wishing you had said ‘no’?
Perhaps you have clients visiting your home – or even friends calling in while you’re working – and you feel uncomfortable with the situation.
These sorts of scenarios, or something similar, are quite common for a lot of people and can sometimes be the cause of a whole lot of stress.
In this video I share my thoughts on why it’s so important for your customers, your team, your family and friends and for YOU that you have clear boundaries in place.
Go ahead and watch this video below now:
Then make sure you set aside some time this week to detail what boundaries you need to start implementing.
In the comments below I’d love to hear what boundaries you’ve set in your business or strategies you might have to help you to stick to them.
Who do you listen to?
Well, sometimes it is possible that one of these people doesn’t really know what they’re talking about. However more often you’ll find they are, in fact, both correct.
You see, there are so many different business models and different reasons for doing things. So those pieces of conflicting advice may each be correct for THAT PARTICULAR BUSINESS MODEL.
For example, someone may tell you that they make a lot of money from having AdSense ads on their web site. Yet another leading marketer advises not to have any unnecessary ads on links on your site in order to achieve the best results from your site.
This is a classic example of both experts being correct. For some web sites including ads is a great way to make money online. While for sites set up for other purposes, it’s vital to have as few links on your site as possible.
So the first thing to do in this situation is to determine the aim of your web site. Is your aim to sell a product or service, to share information on a topic, to grow your database, to get industry recognition and credibility, for like-minded people to come together and share or to make money the easiest way possible?
Once you know the aim of your site, look for someone who’s able to advise on the best way to set up a web site for that particular purpose.
Once you are clear on the purpose of your site you’ll find it so much easier to know who to listen to.
Similarly, if the conflicting advice you’re receiving relates to your business in general, advertising or other forms of marketing … whatever area it relates to, again consider first what your main aim is.
You can, of course, try the different strategies for yourself and see which gives you the best results, but usually, from a general perspective, you’ll find the expert’s advice does work best for that particular model.
Are you in business or just passing the time with a hobby that happens to earn you some nice extra cash?
Is there a difference? How can you tell when you’ve crossed the line? Why is it important to know?
It is important to know the difference between a hobby and a business for several reasons. First of all, if you are making money with your hobby you could be doing better by growing it into a full-fledged, dedicated and focused business. You could be doing more of what you like and earning enough money to support yourself. But there are also more serious issues at hand.
If you think your business is just a hobby but your government disagrees and thinks you are in business, you could be ignoring some very important responsibilities. Let’s take a look at the difference between a hobby and a business and talk about how you can find out more to decide which you are in.
Hobby Or Business?
By definition a hobby is something that you do for pleasure and relaxation, a regular activity that you do because you like it. A business on the other hand is a line of work, or a company or organization. Often people who have a hobby and somehow end up making money with it will think that they are in business. But talent alone does not make a profitable business – a business is much more involved than a hobby.
There are two basic defining lines between businesses and hobbies – legal and organization. And you should be aware that even if you don’t consider what you do to be a business, some authorities and tax agencies might.
Getting It Right Legally
From the perspective of the government, your level of income and/or time in a business is what normally determines which category your activity falls under. For some, there may be more defining terms as well, such as legal partnerships and corporations. In any case, you will need to be clear about what your legal status is so that you know what your legal responsibilities are.
Status and responsibilities will vary depending on where you live and do business. Start off by contacting the taxation agency for your country, or researching on their website. Next, speak with a good business accountant or tax attorney. They should be able to advise you whether you need to file any legal documents, and/or how to claim income and expenses.
Planning To Succeed
Real businesses are not haphazard, leaving their success to circumstance; they are planned and organized entities. It is true that not all businesses organize themselves well, but if you are thinking about turning a hobby into a business then you need to make some fundamental decisions and plan the business accordingly.
You will have to do more than find time to enjoy your hobby; you will have to make provision for all aspects of running a business, including marketing, legalities, record-keeping, market research, and more.
Success in small business is not only a matter of generating revenue. It is also a matter of planning and researching, along with dedication to developing a sustainable stream of income. To do that, you need to be clear about what your intentions are, as well as what is required of you legally.
When you want to do more than have fun with a hobby, you need to take those extra steps to transform your passion into a sustainable business.