Are You Running a Business or a Hobby?

Fb.me/WhispersInMotion 1September 20, 2015

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Objective ► Answer the question: Am I running a

business or a hobby?

► Understand why this is important. ► Assess your KNOWLEDGE, SKILLS & ABILITY?

► Commit to TAKING ACTION

September 20, 2015


Hobby = an activity you pursue without expecting to make a taxable profit.

Business = Reasonable expectation of earning a profit with multiple activities you pursue to accomplish your goal.

BUSINESS vs. HOBBY

September 20, 2015


In the Eyes of the IRS

Intention to make a profit Knowledge to carry on activity as a

successful business Maintain Business Records Profit in 3 of the last 5 yearsThat isn’t all! Find the Small Business Publication at

www.irs.gov/pub September 20, 2015

http://www.irs.gov/pub


SO… Do you have what it takes

to build a business?

September 20, 2015


In Your EyesQuestions to Ask Yourself Desire, Energy Business Mindset Growth Oriented Innovative Problem Solver

September 20, 2015

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How Do You Classify WhatYou’re Doing?

Business or Hobby?Attitude (casual vs. driven)Forward-thinking and PlanningObjectives (short term & long term)

NOTE: A business follows one path while a hobby follows another.September 20, 2015


If you aren’t seriously

considering building a business… STOP RIGHT

HERE!September 20, 2015


Time to Nail It Down!

Start with the Basics, build beyondo Where are you stuck?o Where do you need to focus?

Knowledge, skills, or ability?Create a Business Model

custom fit for you and your business.

Start Small

Build BigSeptember 20, 2015


Inventoryyour

KNOWLEDGE

SKILLSand

ABILITIES

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Practical understandingof a subject.

Knowledge

September 20, 2015


Define your

SkillsA learned ability to carry out tasks with

pre-determined results.

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Abilities

The qualities of being able to do something. Levels like beginner, intermediate or advanced.

“You might have a basic knowledge of a process but if you haven’t studied it enough to call it a skill, your ability is

basically ZERO!.”September 20, 2015


Build a Business Around Your Knowledge,

Skills & Abilities

September 20, 2015


Self-Assessment WorksheetIntersection of Skills, Passion, and

What People Will Pay You For

September 20, 2015


CREATE A MAP TO REACH YOUR

DESTINATION

Mindmap It, Outline It

Get It Down On Paper

Brainstorm Your Ideas

Choose Your Project

Create a Navigation

Structure

September 20, 2015


Reverse Engineer

Your Business

Worksheet: Define your end goal, divide by 12. Start where you are now. Do the math! What do you have to do to reach your goal?September 20, 2015


Are you ready to take

ACTION?

September 20, 2015


Find this helpful?Join me at http://Fb.me/WhispersInMotion

for moreTips & Mini-tutorials

Melodie Licht

September 20, 2015

Online Strategies for Small Biz Solopreneurs

http://fb.me/WhispersInMotion