How to Run a Business, Not a Hobby
Listen up. There are FAR too many talented entrepreneurs thinking small. They're creative, so growing up they are told "you won't pay your bills with your art" or "get a real job". All of these phrases are simple way to tell someone that they're not enough.
Do you know why the world says it's "not enough"? Because so many people don't take the steps and precautions to put themselves in a position of strength.
If you treat your livelihood as a hobby, no one is REALLY going to take you seriously.
Want to know the easy ways to tell if you're running a hobby instead of a business? Then keep reading!
No contract / loose agreement terms
Make decisions emotionally
Has "enough" in the account or has no idea how much money is flowing in or out -> you're head in the sand with your numbers
Limits business hiring only to people you already know
All working relationships operate on a contract
Have set business hours and processes
Knows what money is coming in and out of the business, and when
Looks to expanding the team and growing the revenue streams
You're licensed, insured, have an operating agreement, pay taxes and basically anything else that isn't fun but is setup to protect yourself!
Side note: It's OK if you want this to be your forever side hustle. Just know treating your creative hobby like a business will give you FAR less heartache and headache! You'll have more time to get creative, and spend less time and money on pain points that are slowing you down. Seriously - if someone is paying you for a service or product, they better not be taking your own hard earned money too!
Are you already operating a business and looking to level up? Once you hit step 1 in setting up a business, here are 3 other ways you need to be looking to your future:
Brooke Olsen Consulting is a pricing and business strategist team. We specialize in pricing + profitability, financial education and business strategy for creative business owners and entrepreneurs just like you! We're focused on creating an intentional business and life by breaking down the black box of your financials and system processes. Check out our core values for more of the heart behind our corner!