Is it a Hobby or a Business?
In the final article of the Building Revenue Series, I want to pose this question.
Are you operating a hobby or a business?
In case you're wondering why I'm asking this question, I'll explain. Most of get into this business because we love nurturing others. We spend most of our time thinking about how to make our clients look great and feel better about themselves.
Many of us did not have previous business ownership experience. Because of this, it's really easy to lose sight of the goal of making a profit from our work, if that is something important to us. When this focus is lost it means we are at risk of our business becoming an expensive hobby.
The purpose of this article is to encourage you to take a step back for a moment and give this the introspection it deserves. What is it you want to accomplish? Has your business turned into an expensive hobby?
Ask Yourself 3 Important Questions
- Do I know the amount of revenue I need to generate to pay my financial obligations AND have money left over for profit?
- If I know that number, do I have a clear plan to make it happen?
- When was the last time I gave thought to, and wrote down, my business financial goals?
I'm not a business coach and I have no desire to be one. My intention is to inspire and motivate you. I do believe part of running a successful business is having a business coach. My business coach is Lori Crete. Her coaching was instrumental in my transitioning from a barely getting by business to a profitable one.
Working with a business coach helps us learn how to set goals that stretch us but that are attainable. We learn how to balance the love of what we do with the need to make a profit. We learn how to manage the many hats we have to wear in our business.
I encourage you to explore working with a business coach and if your goal is to run a profitable business, I'm here to say YOU CAN DO IT. There isn't anything you cannot learn to do if you put your mind to it. And, if there's a part of business that you don't want to do - you can hire someone to do it for you!
Sure, in the beginning of our businesses we have to do it all. But there will come a time when you have to take some risks, get help where you need it, invest in your business, and know when it's time to switch hats from the esthetician taking care of your client to the CEO of your business.
We are in this business to make others even more beautiful but we also got into this business to earn a living. I want to remind you, we CAN do both!
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