Friday, October 30, 2009

Building a hobby or building a business?

Are you running a hobby or running a business?

This is a very important question for the beginning entrepreneur. It’s also a good question for the business person who seems constantly in motion but isn’t experiencing any significant results with clients and, therefore, income.

I like the video with commenting on this very topic with Allison Babb who offers several cogent comments to help people answer this question.

I’ve seen the similar behaviors in my coaching practice – people who sincerely have good intentions about starting a business and good things to offer. However, they   find themselves discouraged when their plans seem to lead to nowhere.

Research. Make sure there is a real need for your business service or product. Determine your niche market, how you will deliver your message to your niche market, how your competition presents itself and how you will stay financially afloat as you pursue your dream.

Focus. Focus. Focus. Do you offer so many services – dog walking, piano lessons, cupcake baking and car detailing – that people are confused about exactly what you do? Focus on one service or product – or products that services that are clearly related – will ease your marketing activities and create a clear message for your niche market. This is a very challenging task for creative people who constantly see so many possibilities in their world.

Be able to commit to building your business, financially, emotionally, spiritually and practically. Conventional wisdom says that it takes about two years to reap significant profits with a full-fledged business. This means that you will need to have finances, moral support, information and a clear but flexible business plan to follow. Of course, if you have a spectacular niche, absolutely no competition and an amazing business plan, you can find pay dirt a lot sooner.

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