Business Tips and Tricks

Home Business or Hobby?

It is Monday morning and the last week to get Thirty One’s Summer Essential Enrollment Kit to start your own business for just $50.  Are you wondering whether you want to be a true home business owner or just a hobbyist?

The truth is not everyone has the same goals. Some people treat their business as a business and others dabble basically running a fun hobby.  You can do either one which is why direct sales is perfect for everyone.  If you want to truly run a home business which leads to financial success, you need to know the difference between the two!

There are five questions which can help you determine which category you are in – true home business or hobbyist.

1. Do you have a plan of action?

Although having a successful home business can be flexible, you need to have a plan. The plan needs to include what needs to be done and when.  It can also include plans for marketing, knowing your competition, and follow-up.  Customer specials, hostess benefits and company incentives are usually set up by the company so you will just need to include these in your plan when they are announced.  Have a plan on what you are going to do to grow your business?  Contacts?  Parties? Fundraisers?

2. Do you have a schedule?

Remember I said, your business can be flexible?  It is BUT you need to work at your business on a consistent schedule.   Set aside time in your day – EVERY DAY- to work your business in a profit producing way.  Have you scheduled and SHARED your “office hours” with your loved ones and your customers?  Remember working your business doesn’t include reading emails, checking Facebook, blogging, etc – these are all time-consuming activities to help maintain your business.  Working your business ONLY includes actual person-to-person interactions, such as making sales calls, booking parties, setting up recruiting appointments, Hostess Coaching, pink bag calls, etc.

3. Do you have a budgets for your business and are you investing in your business properly?

I struggle with a budget in my business but I am learning to reinvest in my business and myself.  Remember – you must spend money to make money.  I know it is difficult when you want the extra money to pay off debt or for emergencies in the house but your business will not grow when you put zero dollars into building it.  No one “got rich” without some investment.  You invested in the initial Enrollment Kit but it doesn’t end there.  I always tell my team, you are in this to make money – not spend it.  You need decide what to spend, how much and where you are going to spend it so you can grow your business. It doesn’t mean you need every product in the catalog. Things like: business cards, thank you cards, giveaways, etc.  According to the Diva Success System, you should never invest or spend more than $50 per month into your business.

4. Do You know if you ARE making any money? 

The enormous difference between a hobby and a business: Hobbies COST money, Businesses MAKE money. So, do you  KNOW if you are making any money?  I don’t mean, do you have money in you bank account because it only shows what you took in and spent during a given month.  You can use a calculator or a spreadsheet to figure it out.  Let’s look at your last party and see if you made a profit. Look at your expenses  for the party – including gas/mileage, any giveaways or freebies you offered to guests or your hostess.   Once you see your “profit”, look at what you did with the money.  Be honest.

5. Are you investing in your education?

Continuing education is important for business owners as well as in Corporate America. Learn something new- every day. Invest in your education through seminars, courses, and magazines or books. You are investing in yourself, your business success and your future when you take the time to continuously learn. This is a great investment in your greatest business asset … YOU.

I have been working my business for six years, and I will admit, I have fluctuated between hobby and business at times.  My ultimate goal is for a business 24/7 so I have been making changes this year to achieve my goals. You don’t need to do it all at once, take baby steps… Trust me, I get it.  Having tried my own home based business before, it is tempting to play and enjoy your new-found freedom but in order to succeed, you need a solid foundation.

Have a ThirtyOne-derful day!

So You Want to be a Leader?, Throwback Thursday

Throwback Thursday: Working for Yourself……..

Sometimes I like to go back to “this day in history”, well not really but I do like to go back to posts I wrote when I first started blogging.  Those days when I draw a blank and wonder if I should continue to write daily.   The original post was called “Working for Yourself” but I have updated it just a little…

I think dreams of being my own boss go back to a time when I made pre-mature baby clothes.  I did it all – design, cutout, sew the clothes, sell and deliver to the local stores.  I don’t remember the year but I was working at the Ocean Club in Atlantic City and had the support of the AMAZING Sid Ascher, a marketing genius.  Was I ready to be my own boss?  No.  Did I even know what it meant? No.  I just liked the freedom of making my own hours but at the time, I was not very good at time or money management.  To say the least, I went back to working for someone else.

My next leap into being my own boss was when I was a single mom…. I took my grant management skills in the non-profit world and opened “H.O.P.E. Consultants”.  For Belinda’s four years in High School, I was my own boss.  As things changed in the grant management world, I joined the 9 to 5 workforce to help a grassroots non-profit.  Then after 6 years of long commutes (4 hours round trip, 4 days a week),  I left the job I LOVED (and hated – LOL) to be my own boss as a Direct Sales Consultant. Why? The freedom to make my own hours with no long commute far outweighed the fear of owning my own business.

Has it been easy? No.  Did (or do) I let fear get in the way? Yes.  I hopped back to part time work when I lost faith in myself.  I hopped back into part time work when fear took control.  In January, I stepped away again to rely on God to help me grow my business.

Are you considering being your own boss?  Whether it is a direct sales business or a storefront or a service business, here are some things you can expect when you work for yourself…

#1 – It’s Just You:

Obstacle: As a sole owner all responsibilities fall on you. Or maybe it’s not just you and you have teamed with someone or have an employee or maybe even an intern to manage, which could all be new territory.  Managing your own schedule can be difficult if you’re used to structure. Are these insurmountable? No but you need to be ready for them.  Time management can be a little tougher as you learn how to maximize your productivity.

Advantage: It’s just you! No more office politics, micromanaging, or working for someone who doesn’t appreciate you– the list goes on and on.

#2 Blending Your Work Life with Your Home Life:

Obstacle:  The upside of an office job is in most cases the ability to, both physically and mentally, leave your work at the office.  This can be tricky when you’re working from home, and could be a struggle for family members.  Renting a separate office space isn’t always practical or necessary.  I have set up a separate area for my “office” which has helped me to stay more organized. It also prevents my business from intruding into every aspect of our personal lives – for the most part.  Of course, we do have bags and organizing products throughout the house.

Advantage: No commuting! Hubby and I joke about my “long” commute now when I head down to my office.  Blending your work life and your home life isn’t bad when you build your business around something you’re passionate about.

#3 You Will Work Longer and Harder Than Ever Before:

Obstacle: You may work from the minute you wake up until the minute you go to sleep BUT you will not regret it because you are building something you love.  This will be true in the beginning because you will do whatever it takes to get your business off the ground.  Things will change as your business grows.

Advantage: You will work longer and harder, but for your own gain. Nothing is more satisfying!  While you will make some time sacrifices, you’ll also have more flexibility.

I am always grateful I am my own boss when there is a crisis, a family emergency, a holiday gathering or an unexpected guest because I can make my own hours.  I have learned over the last 6 years how to overcome the obstacles (most days) and embrace the advantages.

There are sacrifices toward owning your own business, but for successful entrepreneurs, the advantages far outweigh the difficulties.

Want to know more about owning your own Thirty One business?  Click HERE to see all the details. 

Have a ThirtyOne-derful day!