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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