Are you running a small business on the side?
Maybe you have a small online store, an affiliate site or a monetized blog? If you are, and it’s not making much money, it could be your mindset that’s slowing you down.
If your business really is mostly for fun, it’s no big deal. If you are looking to do as little actual work as possible, and you are happy with whatever income it generates, then great. Keep up the good work and for goodness sake enjoy it. But, if you ever sat and wondered how to squeeze a little more juice out of it’s time to sit back and take stock.
The problem here is the thought pattern of having a “Hobby Business”. It’s a contradiction in terms.
A Hobby COSTS money – A Business MAKES money
You shouldn’t have a Hobby Business, but you can have a Business Hobby. It’s all about the mindset in how you approach it.
I’m not saying that you shouldn’t have a small operation on the side, with the intent of earning some pocket money, what I AM saying is; the way you use the time allotted, will determine the outcome. Treating it like just a hobby, will result in it becoming one – which means it will probably cost more than it generates.
Even the Small Should Think Big
Whenever you deal with your business, you should think like a mogul. Make solid decisions, stick to them, and see your plans through. How long it takes will depend on how much time and energy you spend, just avoid sitting down on Saturday morning to “see what’s going on.” You’ll flounder around and probably end up fixing what isn’t broken. Approach each and every decision with the clear intent of being Rockefeller. Even if this is your hobby, its more fun to have a hobby that you are successful at.
Set your goal – Make the plan
First step to any successful business is to have a goal, and a plan on how to get there. If you have a side business that you want to do because you think it’s fun, then by all means, set those goals low. But set measurable goals. It’s the single most important way to ensure that you are in fact doing things right.
Once you have your goals, figure out what to do to get there. Pick your plan of attack, and sketch out what the steps are. This way, you can spend the time you have on your side business the most effectively. Not having a plan of attack figured out is the best way to end up wasting your time.
Make your Schedule
Take your steps, and set a schedule on when you want it done. If you don’t want to spend a lot of time every day or week, then spend a little time – But follow your schedule.
When you are running a business as an extracurricular activity the big risk is that you keep getting off track. Having a plan and schedule keeps you from running around in circles.
Measure and Correct
If something isn’t working right, find out why and make the adjustment. Just don’t adjust every time you sit down and do some work. Try to consider that the less time you put in, the longer it will take to get anywhere. So allow things to level out a little before you decide that it isn’t working.
Success is Fun – Having fun Breeds Success
If you break down your overall goals to smaller steps, little things that can be reached on the way, you’ll find yourself being more motivated to get to the next one.
When you reach a goal, celebrate your success. Even if it’s just coffee and donuts with your friends or significant other, allow yourself to be proud of your successes and reached milestones. Sharing your enthusiasm will make those around you enthusiastic about it, and that will be a great motivator.
Give it a Try
Running a business on the side is rewarding in so many ways. It can generate a little – or a lot – of income. It will however with certainty be a growing and educational experience that few other hobbies can measure up to.