Hobby, Side Hustle or Future Empire?
During this current economic state a lot of people are exploring more ways to increase their income. For different people these income-earning activities are categorized differently. So I have two questions for those of you who are exploring your business spirit:
• Do you have a hobby, side hustle or a business you hope to make into your future empire?
• Do those around you view your business in the same way that you do?
There will be a mixture of responses, some people will agree with you, some will rate you lower and some will rate you higher than you see yourself. The difference is perception and while this is not something that you have total control over as a business owner you do have a strong level of influence.
One of the first things you have to do as an individual or group is to determine how you want to label your venture. After deciding how you want to be perceived you have to market yourself accordingly. The way in which you market yourself is how the potential consumer will develop their perception of you. This can be difficult when you are new on the scene just because initially you are cautious with sharing information but once you become established and are comfortable putting yourself out there, it’s time to talk. It’s all in the attitude!
A hobby is something that you truly enjoy doing as an activity; it may be a stress reliever or just a source of interest. The hobbyist usually just creates for themselves and friends and seldom do they charge for their services. This person will occasionally provide the service to reap some financial compensation but this is only when it is convenient.
The Side Hustle.
Then there is the side hustle. This is the midpoint between hobby and small business. At this level you are definitely making money off the skill but it is not considered a full-time venture. This person typically has a full time commitment, such as work or school and this business comes after that to supplement income. For this reason availability is limited, so scheduling is usually a must. Because time is limited, the side hustler will definitely charge for their service. And though the side hustler is testing the waters to see if this is something that they could potentially do on a full time basis, s/he is also using this time to build clientele and reputation so that when the leap towards declaring themselves as a small business is taken, there is a foundation built already.
The Small Business.
Typically, an individual or group takes ownership of the small business like it’s their child. This group does their best to present themselves as a viable and professional business. They have a professional name; have taken care of their business filings, professional email, marketing plan, budget, and business plan. Whether this individual has a ‘day job’ or not this business is a priority. Marketing is essential for a small business and the owner should be sure to always present a professional front and have any legal protection documents in place as well.
The point of distinguishing the difference is beneficial for potential business owners. If you do not effectively present yourself, than how can others know how to receive you? If you want the respect of a multi-million dollar organization, present yourself as such.