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Is yours a SERIOUS business or  LIFESTYLE business?

I asked that on my Facebook page one time and it sparked a big debate! What do you mean by ‘serious’? they asked; ‘Can’t it be both?’ they asked. Some people got defensive, others starting justifying their business. It’s strange that a simple question can spark off a heated debate, and that only happens when it touches a nerve. You see, I think that all the business owners on my page probably love their business – they run it because it gives them a chance to earn money doing something that they enjoy.

But are they ‘serious’ about it?

Well that’s a good question. They would all say and feel that they are extremely serious about it I am sure. But let’s look at it another way. How would I know you have a serious business?

Well, I’d ask you these questions:

  • Do you have a business vision?
  • Do you act like a business owner?
  • Do you have plans to grow your business?
  • Do you have a business structure designed for growth? Is it scalable?
  • Do you have 12 month goals and objectives?
  • Do you know exactly how much you need to bring in each month to meet your goals?
  • Do you know where that business and those sales are going to come from?
  • Do you have a marketing plan?
  • Do you have an exit strategy?
  • Do you invest in your business?
  • Do you manage your cashflow and accounts professionally?
  • Do you do everything yourself or do you outsource?
  • Do you have to make the business work?

Now, not all of these will apply but within a couple of questions I would be able to tell whether you have a serious business or whether your business is, in the nicest possible sense, a lifestyle or hobby business. There’s nothing wrong with having a lifestyle or hobby business BUT you are unlikely to earn significant money from this type of business – you just need to face facts. You can bring in some serious pocket money, don’t get me wrong. You can supplement your income by several hundred pounds or dollars a month by selling crafts, or offering therapy treatments or whatever you do. If that’s all you want then you just need to keep marketing consistently and you’ll do just fine! If you want MORE – like a SERIOUS income but you have a ‘lifestyle or hobby’ business then you’re probably going to be disappointed because your business will not be scalable – you will run out of time and if you DID get the huge order of your dreams, you probably wouldn’t be able to fulfil it…

I’m not judging.

One type of business is not ‘better’ than the other, as long as it’s right for you. What I AM trying to do is help you to understand whether your expectations and ambitions can be realised with the business you are running. If not, you can either change your reality or change your expectations!

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