This is why your “business” pays like a hobby

by Melissa West on February 24, 2013

Are you suffering the postpartum dumps that occur after a new business launch? Your idea sounded so great! Everyone was excited and even invested some startup money for the cause. But now the money is almost gone and your future is not looking so bright. I’ve been there. If I were a betting woman ($20 is my limit in Vegas), I’d put my money on the fact that you have been operating your business like a hobby instead of a true enterprise. Read on for my tips to transform your “hobby”

Cubicle Hero vs. Entrepreneur

In preparation for your corporate job, what is your routine? Exactly, what is your plan for cubicle success? Does the cutting edge technology provided from your employer deliver that extra mojo to your work day? Does the fact that your business attire is dry cleaned, and crisply pressed days in advance, give you that extra confidence? Let’s take a look at what you do “Do” in corporate settings,
that you omit from your personal enterprises.

Operational Mediocrity

Operating your business “just enough to get a C” is not going to elevate your business to the next level, and corporate employers know this. When you work a 9-5 you have a clear outline of things that MUST be done. Most often there are numbers that MUST be met. Apply this same sense of urgency to your small business. Work just as hard (maybe even harder) for yourself, than anyone else.

Take time to make sure that your organization is profitable. Many times we are more concerned about owning a business, than actual profitability. If you are spending $2,000 a month to operate, but your profits average $2,200 monthly, then you have to make adjustments. Please believe that there is no major corporation that is willing to just “break even” and neither should a small business owner.

Build Your Team, The Right Way

Major corporations go through rigorous procedures to recruit talented employees, aka team members, and you should as well. Interview your contractors or employees, with the same intensity that you felt during your last job interview. The “small” business does not have a large staff, so it is important to avoid personnel dysfunction at all costs.

Remember, this is your business! McDonalds, Sears, Proctor & Gamble, all started somewhere. We must break the cycle of working harder for others, than we do for ourselves. Apply the same discipline to your personal enterprise that you would to the 9-5. Otherwise, it is just an expensive hobby.

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