When is a Business a Business?
When Does it Become a Business?
Five clues that you have stepped away from hobby-land.
As you all know, I’ve been working on this company since early 2016, February to be exact. But I’ve been working on myself through personal development since 2013, and now finally feeling some bits of mastery. =)
I’ve learned that you can maximize anything you want to see maximized and earn just about whatever you want, you can actually turn your hobby into a business. A full fledged business. Â I am in love with entrepreneurship, and I love when I read success stories of those before me and before their time. I remember when I tried to start many other Â businesses in my lifetime.
The first one was a hip-hop newsletter when I was 12 or 13. I believe I put out two newsletters and I know why it failed. Then I tried to start an record label later around age 16 and then later on in my early 20s … again I know why it failed. Later on in my adult years I started a delivery clothing company selling apparel I purchased wholesale… I know why that failed also, but I learned tons. Then after that, I wanted a real clothing label, private label with designs created by my company.. again that failed, but I learned the most. In 2016, I tried again, this time it made perfect sense to take action first and make it a business later. This is what I’ve learned. This is how I took it out of hobby-land to an actual business.
CLUE #1 – You begin to seek support from other professionals, and experts.
In my pastÂ attempts, I tried to do everything all by myself. Spend long hours reading about copyrighting and going to the library for research during my record label phase. I would then create a logo on my own. In my wholesaling and retailing gig I would be the buyer, seller, promoter, delivery person and customer service.
I am grateful for the lessons but now I realize early that I cannot win on my own, I need people and all types of people. Artsy folks to work on the creative side of my business. Marketing experts to help with copy. I need a lawyer to handle legal aspects of the business. This frees up time for me to do what I do best. Create content and products.
If you are doing everything, then you are doing nothing. When you are in an expansive state – you are a business
CLUE #2 – You begin to organize your day and prioritize your efforts.
In many of my past attempts, even though I was younger, I was disorganized and all over the place. I spent time doing things that was’t important to the business, such as speaking with people who will not ever be my customer. Wasting time delivering my content to a blank audience. I spent energy in the wrong areas of business. This made them a hobby.
If you want true clarity in business and life, make sure you plan your day with business building and expanding tasks. You can send 50 emails and call 50 customers, you can write a blog post or create a podcast. Don’t spend your energy looking at companies you believe are your competition and trying to come up with a plan to do what they are doing.
CLUE #3 – You begin to FOCUS on CASH FLOW, REVENUE, DEBT, – INVESTMENT
In all of my hobby businesses, I always thought bootstrapping was the way. I was always working hard in a 9-5 (or not) and expecting my hobby to take off. I believe I only formally asked my family for money for my clothing brand. I didn’t even get any money from any of them either.
I am currently conscious of all of this. I know and understand that growth is vital and expansion is needed very early on. It doesn’t matter that I’ve been ‘in business’ for only 6 short months. I need to constantly do a temp check of the financials of the business. You want to grow. Your going to need doe. Or else it will take you longer than you thought.
There’s nothing standard in business. There is however your intention, input and inflow. Know your finances. Believe it or not your personal finances no matter how bad or good they are, has to be confronted before you can even deal with business finances. Get real about money. Here, Here and Here. (Listen to them in order)
CLUE #4 – You hire employees
I would have never even imagined the need for an employee in my previous startups because, they were already my friends just helping me out and giving me hand. Really they were just hanging out and we were drinking beers and laughing about stupid stuff.
I am hiring for The Comfort Killers because I know that I need someone in place to handle the day-to-day operations. I put an ad out and I am currently learning about this process in conjunction with my lawyer – not my best bud from high-school. You see, in business you need to expand and even if you outsource work to a virtual assistant in India or you offer a 3 hour a day position remotely or from your home office. You begin to realize its importance.
I would never think that I am in the game to hire my first employee/assistant. Â I want at least 100 Comfort Killers working here and helping the economy. If your interested email firstname.lastname@example.org tell us about yourself.
Clue #5 – You have targets, goals, deadlines, timelines, and focus
Monthly targets, quarterly targets, weekly or daily targets to crush. In my hobbies, I didn’t even know or understand what these were. I just went about my day being busy but not actually producing or graphing anything. Just like you have a graph on your life – you need one on your business too. This is currently where my focus is for The Comfort Killers and I will definitely keep you updated.
How much are you trying to make? What’s your profit margin? Where are your customers? How do you get them? How do you connect with them? Where are you going to market? How are you going to be seen in this noisy world. You make targets and programs to answer all the questions in business. No more hobbying, no more just winging it. Have a purpose about your life and business.
We can help you remain uncomfortable and achieve your goals! If you want coaching – we are ready to help you expand.