Your online business will be one of two things - a real business or a hobby. What are the main differences in the two?
- A hobby is an activity that you enjoy doing at your own pace and in your spare time. A business requires certain time demands on a regular basis.
- A hobby usually does not have a formal structure and is usually an activity that relaxes you and helps you unwind. A business has a formal structure and requires concentration and focus to make it develop and grow.
- A hobby usually does not require a license and a formal setup. A business requires a formal setup that includes licensing, possible incorporation, and other legal formalities.
- Most hobbies do not require that you keep records and pay taxes on earnings. Businesses have to keep records and pay taxes on earnings as well as possible taxes on employees.
These are just a few of the distinctions in hobbies and businesses. There are many others, but this will suffice.
Now we come to the crux of the matter. Do you treat your online business as a hobby? Yes it is possible to do so. How can you know for sure if this is the case?
The greatest test is this: do you work on your business with a consistent plan for growth or do you work on your business only "if you feel like it"? Do you have a consuming passion to grow your business or do you just work with spasmodically "when the mood hits it"? If your answer is the last part of the two questions, your business is just a hobby.
Only with passion, drive, and a real plan can your business grow and become successful. The choice is yours.
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