It’s perfectly all right to have a hobby that can earn you a little money, or experiment with methods of advertising that can pay a dividend or commission. But don’t make the mistake of calling your hobby or experiment a business. For one thing, the taxman won’t agree with you unless you can prove a serious commitment to operating in a businesslike fashion

If you have been dabbling around, Now is the time to begin defining and measuring all the chores and duties your business will require.

How you frame your actions determines how you will respond to challenges and obstacles.

*Develop a set of clearly defined steps to take every day, to make sure all the important work is done on time.

*Ideally, your “action plan” could be read by someone else and executed as if you had done the work yourself.

This is very important! Eventually, you will want to think about delegating work to others, so that you can devote time to planning and growing your business.

*Finally, you need to apply your greatest strengths to earning a profit from your business.

Your “core competence” should also be your main method of earning and receiving income. The best use of your time and energy is to use whatever you do best as the hub of your profit making work.

All the rest of your chores and duties must come second to this in importance.

Of course, there will be times when the chores and duties are urgent enough that you must attend to them, first. That may be a sign that you either must revise your plan or begin “hiring out” work to others. Only you will be able to tell which step to take, based upon your plan.

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!