Oct 16 2008
What Kind of Business Do You Have?
Do you have a full time business, a part time business or a hobby? This question was raised in my seminar this week and prompted an interesting discussion about choices. Just like the colors in the picture, it has to do with what you want to create for yourself. It’s all about your intentions. If you intend for your business to be a full time that means that you’ll put out full time energy and your business is your main focus. Part time business usually means that it’s something you do on the side. Your intention is to keep the business small so your goals will reflect this. People often have part time businesses that are not their main income stream. Part time businesses can also change to full time.
example:
John had a full time job as an engineer with a good income but he wanted to get into real estate so he’d have some extra income when he retired in a few years. He ended up having six or eight deals the first year and he earned an extra $50,000 that year from just working a few hours on the weekends. After a couple years, when he realized the potential, he decided to make this full time. He quit his job and began to focus full time on his real estate business.
Some people just have a hobby. Their intention is to have fun, help people or be creative. Money is not important. They might make some money from their hobby but that’s a side benefit rather than the main focus.
I have two clients who are both doing their business part time while raising small children. Being with their kids is their main focus and they both see themselves growing the business into a full time venture as their children grow up.
Whether you choose to do your buisness full time or part time there are some important things to remember that will support your success:
1. Be consistent. Be clear how many hours a week you plan to work and stick to a schedule.
2. Develop goals that reflect the growth you want to accomplish.
3. Give excellent customer service. Whether you have one client or one hundred, it’s important to do what you say you are going to do and give the best service possible.
If you have a hobby, enjoy yourself and the freedom to do what you want to do when you want to do it! What kind of business do you have and do you struggle with this issue?
