So, which do you have a business or a hobby? With huge numbers of small businesses failing within the first five years, you cannot afford to treat your business as anything but a business. ....Tom Perkins of perfectbusiness.com
Continuing the conversation from our weekly newsletter....
If you treat your business like a business, it will pay you like a business should. If you treat it like a hobby, it will cost you, because typically, hobbies do not pay.
If you are looking for success, you either commit to your business or you don’t. There is no middle of the road.
If you choose to commit yourself and your resources to developing your personal training business,
learn to stay consistent, to use the best tools possible, and to take your business seriously. The end result will be both professionally and personally rewarding.
7 Signs You’re Treating Your Business Like a Hobby
1. The Problem: You have an email address that ends with @gmail.com or @comcast.net or @yahoo.com, or any other free email service provider.
The Fix: These services are just fine, but they do bring professionalism to your business. Purchase a domain with your business name or your personal name and get a new email address with that domain. If you already have a domain of your own and you just don’t know how to set up the business email, there are several options…start with company from which you purchased your domain…or connect here and we'll get it sorted out.
2. The Problem: You have not incorporated or even created an LLC.
The Fix: Incorporate or set up an LLC so that you legally separate your business from your personal finances. Don’t risk losing your home, property and life style in a liability suit You don’t need to spend hundreds of dollars on legal fees. Just go to legalzoom.com or BizFilings.com for a fast easy and affordable process. You may have other questions or concerns so connect with right resources and let’s get you started on incorporating your business.
3. The Problem: You do not have a business bank account for your business.
The Fix: Open a BUSINESS bank account. There may be a small monthly fee associated with this, but you’re going to need a place to deposit all that money you’ll be earning! Most banks do not charge a fee if a minimum balance is maintained.
4. The Problem: You don’t pay yourself a salary and you’ve been in business for more than two years.
The Fix: Follow IRS standards and pay yourself a regular salary. This is a frightening yet profoundly empowering move. Once you start paying yourself regularly, you’ll realize how it makes you act differently: You make different decisions in your business because you are always thinking about how you will be able to pay your salary next month. It really puts a fuel under the fire.
5. The Problem: You see your business as a part of your host agency, so you don’t have a separate website and have not established a different name.
The Fix: If you’re an independent contractor, it’s also time to realize that your host agency is not your employer. You must act like a business owner by getting yourself a different name and marketing yourself and your business separately. If the host agency wants you to sign a contract to place your business “on the down-low”, start looking for a new relationship, don’t allow your business to take a back seat. If you are looking for ways to build contract relationships with agencies connect here to get a list of some real resources.
6. The Problem: You don’t have a separate phone number for your business.
The Fix: Use a phone number that's dedicated to your business. Do you answer the phone? "Hello"? How professional is that? When your business has it's own phone number, you can answer with a professional phrase like "Good afternoon, this is Paulette, May I hep you?"
7. The Problem: You do no marketing activities on a regular and consistent basis.
The Fix: Finally, commit to doing one single marketing activity on a regular and consistent basis. Try electronic newsletters and blogging , but if you want to choose something else, that’s fine. Just decide on something, commit to it and do it. Take action.
Your assignment? Go through each and every item on the list and make a point of correcting it before this year is over. It’s time to take your business seriously – I promise you’ll profit from it.
From: Meredith Hill is founder and CEO of the Global Institute for Travel Entrepreneurs (GIFTE).
GIFTE helps travel professionals monetize their passion for travel so they can go from surviving to thriving.
If you are looking for success, you either commit to your business or you don’t. There is no middle of the road.
If you choose to commit yourself and your resources to developing your personal training business,
learn to stay consistent, to use the best tools possible, and to take your business seriously. The end result will be both professionally and personally rewarding.
7 Signs You’re Treating Your Business Like a Hobby
1. The Problem: You have an email address that ends with @gmail.com or @comcast.net or @yahoo.com, or any other free email service provider.
The Fix: These services are just fine, but they do bring professionalism to your business. Purchase a domain with your business name or your personal name and get a new email address with that domain. If you already have a domain of your own and you just don’t know how to set up the business email, there are several options…start with company from which you purchased your domain…or connect here and we'll get it sorted out.
2. The Problem: You have not incorporated or even created an LLC.
The Fix: Incorporate or set up an LLC so that you legally separate your business from your personal finances. Don’t risk losing your home, property and life style in a liability suit You don’t need to spend hundreds of dollars on legal fees. Just go to legalzoom.com or BizFilings.com for a fast easy and affordable process. You may have other questions or concerns so connect with right resources and let’s get you started on incorporating your business.
3. The Problem: You do not have a business bank account for your business.
The Fix: Open a BUSINESS bank account. There may be a small monthly fee associated with this, but you’re going to need a place to deposit all that money you’ll be earning! Most banks do not charge a fee if a minimum balance is maintained.
4. The Problem: You don’t pay yourself a salary and you’ve been in business for more than two years.
The Fix: Follow IRS standards and pay yourself a regular salary. This is a frightening yet profoundly empowering move. Once you start paying yourself regularly, you’ll realize how it makes you act differently: You make different decisions in your business because you are always thinking about how you will be able to pay your salary next month. It really puts a fuel under the fire.
5. The Problem: You see your business as a part of your host agency, so you don’t have a separate website and have not established a different name.
The Fix: If you’re an independent contractor, it’s also time to realize that your host agency is not your employer. You must act like a business owner by getting yourself a different name and marketing yourself and your business separately. If the host agency wants you to sign a contract to place your business “on the down-low”, start looking for a new relationship, don’t allow your business to take a back seat. If you are looking for ways to build contract relationships with agencies connect here to get a list of some real resources.
6. The Problem: You don’t have a separate phone number for your business.
The Fix: Use a phone number that's dedicated to your business. Do you answer the phone? "Hello"? How professional is that? When your business has it's own phone number, you can answer with a professional phrase like "Good afternoon, this is Paulette, May I hep you?"
7. The Problem: You do no marketing activities on a regular and consistent basis.
The Fix: Finally, commit to doing one single marketing activity on a regular and consistent basis. Try electronic newsletters and blogging , but if you want to choose something else, that’s fine. Just decide on something, commit to it and do it. Take action.
Your assignment? Go through each and every item on the list and make a point of correcting it before this year is over. It’s time to take your business seriously – I promise you’ll profit from it.
From: Meredith Hill is founder and CEO of the Global Institute for Travel Entrepreneurs (GIFTE).
GIFTE helps travel professionals monetize their passion for travel so they can go from surviving to thriving.
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