Freelance Tip #8 Business vs Hobby – How to tell the difference.
MAY 11, 2020 - FREELANCE, TIPS
This is all about reminding yourself you are the captain of your ship.
Knowing when and how much of your resources to dedicate into your craft and your hobby can be challenging, although I have a solution for you.
The Challenge
Do you ever find yourself struggling to split yourself between your work and your hobby?
It's all too common to have a blurred line between 'work' and 'play', we then need to define which is which.
Once we know the difference, we can dedicate the amount of time, energy and finances in the appropriate way.
Work
For those of you who are focused on your career, you are steering your company towards success street.
However, at what point does 'what you do', become a hobby?
Play
If you find yourself enjoying your craft but find yourself putting the majority of your time into it and not getting the rewards that a business should. You will need adopting a business-orientated mindset.
Although your hobbies and business can fuel each other, there are key differences in a business which we list below.
Tips
Treating your craft like a business means:
• You are driving sales EVERY DAY.
• You spend an allocated time and energy on it and you prioritise it.
• You earn a livelihood from it.
• You may put a considerable financial investment into it.
• There is a necessity to grow, innovate and scale it.
Treating your craft as a hobby means:
• You are orientating it around fun and leisure.
• You prioritise it over your career.
• You may not have the financial or social pressures of succeeding.
• You sell the product produced from your craft, at the cost of the materials (non-profit)
So, how do you turn your hobby into a business?
How
- Create specific goals. Set clear objectives with goal-setting. Having a mix of short-term and long-term objectives creates focus.
- Dedicate time and energy. Spend significant time and energy into honing your craft. Refine your approach as you make 'mistakes' and never give up on your goal.
- Invest in it. Back your passion with resources to take it to the place it needs to be. Acquire equipment, knowledge, software and materials, anything that will help you leverage effectivity and growth.
- Remember: loving what you do is an incredible position to be in. Just remind yourself you are a company and you’re allowed to love what you do and to be successful at it at the same time.
Because you enjoy your livelihood, you are also entitled to charge what you deserve.
Action
Write two headings, business and hobby. With the tips above, categorise what is a hobby and what is a craft. With this, you'll be able to allocate your time, energy and funds accordingly.
To defining your career,
NK
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