Do you have a Hobby, a Job, or a Business?

The “American Dream” – to own a business and create a lifestyle that you love.

So why is it so darn hard?!?

We start a ‘business’ doing what we love and end up working way more hours than a traditional 9-5. But do we really have a ‘business’ or do we simply have a hobby, or have created a job for ourselves?

What is the difference between a hobby, a job, and a business.  Let’s explore what the distinction is and you can then decide what YOU want for your life. There is no right or wrong. We have both a business and a job! 

NetworkBuildGrow.com is a business.

RodgerandMelissa.com is a job.

Simply put, a hobby is something you do in and around your other responsibilities. You may (or may not) make an income from it. The problem is that if YOU don’t make it a priority and take it seriously why would anyone else?

A job requires YOU. Oftentimes a LOT of you 😊 But the consistent and steady income is the reward – and, or course, the impact you are making.  However, once you step away from doing the work – the checks stop rolling in.

It is conceivable that when you have success at a job you are restrained via ‘golden handcuffs.’ You can’t stop working because if you do your lifestyle will need to change drastically. Many times people mistake a job they have created for themselves as a business. It is not, it is a job.

A business doesn’t need you 24/7 to operate. Leads are generated, sales are made, client deliveries are completed – all without you needing to be a cog in the wheel.

YOU are not your business. The business is a system that continues to deliver on its promises, continues to provide value in exchange for compensation. A business is able to function without you there – both physically and mentally.

A business gives you the lifestyle you desire.

So how do you progress (if you want to) from a hobby, to a job, to a business? How do you determine which is right for you and the lifestyle you want to live?

Here are some thoughts:

Determine what your ‘business’ is at this time (a hobby, a job, or a business)

Look at this chart and see where you are now (be honest with yourself)

Next, determine a few things (some are simply for a hobby, job, or business but many of these only apply if you want to move your hobby or job into a business):

Establish a clear Vision and Mission and Core Values

Turn those Core Values into the behaviors you expect from you and your team based off these guardrails. (in 2023 we posted several articles and videos on this subject)

Have a separate Personal Vision for the lifestyle you want. (This will help you determine if you want a hobby, job, or business)

Create a business model clearly defined for growth

Don’t just take into consideration the here-and-now. Having a broken or undefined model is a sure-fire recipe for business suicide.

Start with how the business delivers value and what differentiates you in the marketplace. Then you need to define how the business will be compensated and create an integrated product suite or menu of services that all don’t require YOU to be there (if you want to be a business).

Be sure to include a plan for repeat business and increasing the lifetime value of each client. A revolving door of clientele is not only exhausting – it won’t scale as quickly or consistently. Having a model with a consistent monthly revenue aspect provides that consistency and will be less susceptible to unexpected happenings.

If you want to be a business, you need to ‘treat it like a business’ and have systems and processes in place

YOU can’t be the bottleneck where things get stuck. You need to implement Standard Operating Procedures (SOP) and get the right people in place around you to execute them.

Without clear SOPs in place the business will be inconsistent, quality control will be compromised, and your reputation will take a hit. Plus, if you don’t have the SOPs defined and implemented, there is no hope of duplication or growth, and you certainly will never be able to walk away and have the business sustain or even scale.

There needs to be clear numbers and metrics you are tracking. Create a ‘scorecard’ for yourself to stay on top of things.

Hire and outsource aspects of the business

Once you have SOPs in place you can remove things from your plate. I know, without a shadow of a doubt, that there are aspects of your business you do NOT enjoy. For me it is social media marketing – UGH! So, I outsourced it. I also outsource aspects of our follow-up from events, lead generation, sales, and even bookkeeping. We have systems in place, people we can rely on and trust. We know that in our absence the business will continue to operate and even grow.

If you don’t invest – you don’t grow. It is that simple. Think about it:

• You = 40 hours a week
• Add just 1 team member and that doubles
• Add 10 team members and your business now is operating at 400 hours a week
• Add 40 people and that increases to 1600 hours a week

Think of all the impact the business could make with those kinds of hours being dedicated to it!

We hire for ‘fit’ – we make sure that every member of our team is committed to the mission, vision, and core values of the business. We can train on the SOPs, tasks, and projects. Plus…they may have a better way to do things – which brings us to the next point:

You need to outgrow yourself

What got you to where you are won’t take you to the next level. You can’t be the sole source of execution, understanding or knowledge for the business. Check your ego daily. Get the mentorship and guidance you need.

There are many proven methods, frameworks, concepts, and systems out there – don’t reinvent the wheel. You may have a ‘better’ way of doing things but probably not for ALL aspects of your business.

Hire and outsource talent smarter than you in their respective areas. YOUR way of doing social media marketing might not be the best – and when you hire a virtual assistant that specializes in it – listen to them. Make amendments and tweaks to the SOPs as you learn and grow.

Always remember there are multiple ways to get to the same result (or better result). 2+2=4, but so does 3+1 and 4+0.

You have heard this before – get uncomfortable

You don’t know what you don’t know, so seek help. Firmly plant your feet in the unknown zone and have a mentor, coach, consultant, or guide to help you.

I hear it all the time, “I’m good! Business is growing. We are moving forward.”

Upon further discussion, yes, they are moving but they are working 16-18 hours a day – 7 days a week, stress levels are skyrocketing, and they don’t have the lifestyle they envisioned when they started the business. (They created a really stressful job for themselves). Remember, ‘success’ and ‘moving forward’ are not the same as progress. Progress is when you get closer to the lifestyle and income you desire. ‘Moving forward’ can actually send you in a tailspin of backwards progress.

I know, I know…some of these take an investment on your part. Of money and time. Look at it this way – if you are not willing to invest in you and your business, why should anyone else? If you want to be the best at what you do, if you want your business to thrive, then invest time, money, blood-sweat-and-tears to get it to the point where you can have the business and the lifestyle you desire.

The longer you wait to invest what is needed the longer it takes to get where you want to be, or the faster you get to where you don’t want to be.

The choices that you make directly impact your job or business.

• Choices on how you spend your time.
• Choices on how you structure your business.
• Choices on what you want as a lifestyle and if you want a job or a business or if you simply want to have a hobby you sometimes get paid for.

ALL of these choices are yours, and there is no ‘right’ choice. What I want for my life may not be the same for you – and that is absolutely OK. What is not OK is not knowing. Make a choice – do you want a hobby, a job, or a business, and act accordingly.