Episode 06: Business vs. Hobby

This is a topic Lynn and Amanda address far too often.  Are you running your business as a business or a hobby?  What’s the difference? And how can you (and the IRS) tell the difference?

Today’s episode is all about the difference between a business and a hobby.  From the side hustles to the complicated structure of a corporation and everything in between, there is a lot more to business than just calling yourself a business owner.

In today’s episode, Lynn and Amanda discuss:

  • What makes a business a business?
  • Are you working for profit?
  • The legal side of running a side hustle vs a business
  • Uncle Scam
  • Setting your structures to scale
  • Proactive vs reactive
  • On vs in the business
  • Hobby mindset
  • Implementing plans to create sustainability
  • The cost of doing business
  • Make it easy for people to pay you
  • Looking at the whole picture of your business
  • Putting down the foundation
  • Thinking of longevity
  • Asking yourself the hard questions

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