- You’ve been in business for more than three years, but you still break even or lose money every year.
- The money you make comes out to less than minimum wage.
- You aren’t reporting all your income on your tax return.
- You rely entirely on word of mouth marketing but don’t do anything to help generate it.
- You sell a product but haven’t figured out how to offer a service.
- You offer a service but haven’t figured out how to sell a product.
- You tell yourself the next upgrade you make to your gear/software/website will (finally) launch the business. (Hint: you can usually start small and make money before you go big)
I am all about hobbies, businesses, and everything in between – but it is essential to be realistic with where you are in your journey. It is impossible to use a map unless you know where you are on it now.
Be honest with yourself about the work you put into your potential business. Set goals and measure whether you reach them. How long did it take to reach it? How much investment did it take to reach the goal? Is it scalable? Most of all, figure out what the business is and then decide what you want it to be.
Plop a huge, “you are here” on your business map and then start creating your route forward.
In the next post, we will look at seven ways to turn that hobby into a business!
