Top 5 ways to mean business

Tax time isn’t that far behind us and, well, you just know it’s going to be sneaking up again. Via the IRS website, I found a guide to telling whether your business is a hobby or not.

But, let’s look at things another way. What are five things you can do so that you run your business like a business and not like a hobby?

  1. Focus on profit — make decisions designed to help you make more money from your business. As always, set your consulting fees so that you make money.
  2. Pursue lifelong learning to help you run your business better (if you’re reading this, you’re already doing that)
  3. Plan to make a profit and generate a livable income — write a business plan and use it as a guide in building your business
  4. Build your business on your expert knowledge — you’ll be more likely to succeed if you have knowledge of the market you’re in
  5. Use contracts — you’ll be taken more seriously, even by the IRS.

Oh, and one bonus tip: separate your personal finances from your business finances.

What do you think distinguishes your business from a hobby?

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