Treat IM like a Business: Not a Hobby

I would think it's more about the way you approach the work.

Are you consistent, giving yourself a set schedule and specific tasks?
or
Do you take days off whenever you feel like it?

Are you focused when you're working?
or
Are you watching TV, listening to the radio, chit chatting on faceBook while "working".

Is your financial and other paperwork in order?
or
Non-existent?

Rashell

Rashell hit it on the head. I will say this though, some people can be productive while doing those other activities, so, there is no set rule.

Just remember who's shoes you're wearing.

Comprende?

I think that's a great question and you'll likely get a lot of very diverse answers. I'll preface my reply by telling you that I just had my first $3000+ month online and I've only been working online for a year.

For me, it's just "always moving forward". So many people online think about what might work, don't move forward, don't take action, take action and don't continue to move forward, spread themselves too thin in too many areas, etc... I think the key is to realize where your money is coming from and just as if you had your own company, make sure the steps you take every day are targeted towards that objective. Don't spend half your time every night cruising flippa for some cool new site to make you money, downloading and reading material how everyone else is making money, checking out twitter links of people that have the latest, greatest product to get you rich, etc... Instead, know before you go online every night exactly what your objective is. Establish short term and long term goals for you and your website, make them tough to reach and then reach them.

Goals are where most people fail. Write them out, decide what you want to achieve and check them off as you reach them. If you reach them all, you probably didn't set your goals high enough.

Best of luck!

Form an LLC, separate your personal and business finances, and look at all your actions in terms of either relationship building and/or ROI. Focus on high value actions as much as possible. Put your profits back into your business, not into that Corvette you've always wanted.

Too many people consider this a hobby and fail at doing so. Believe me, I was one of them. I'm not really that successful but I became immensely more successful when I started setting real goals on what I wanted to do each day and didn't fuss around while I was doing them.

I use to always be on facebook, games, watching tv, etc. while doing this and it never worked out for me. I was spending 4 hours a day "working" and didn't get a whole lot done. Now I do this maybe an hour a day with a set goal in mind and get way more done.

All in the mindset.

to be successful at this you have to treat IM like you would a real job and that requires a set schedule and responsibilities. You just don't decide not to go to work one day so you shouldn't do that with IM either. It's going to take time and dedication.

I found when I had a full-time job that my online income started growing when I was serious in terms of being sure to do some tasks each day. It is very easy to read online information and be in a learning mode. When I started writing 3-5 articles a day and submitting them that got my momentum rolling. Decide how much time you want to put in each day and give yourself some tasks that can be completed in that time. Of course a 15 minute forum reading break is good to do as well but don't get too lost in jumping from link to link as that is an easy distraction.

Debbie

This is very true... If you don't treat your online business as a 'real world' business such as separating finances and records....and TIME. Things will be harder for you. Stay dedicated to your BUSINESS 150% and you will reap the rewards!

If you are extremely passionate about your hobby, then, yes maybe you can treat it like a hobby

With, sincerity, perseverance, motivated mentality if a person runs his set up this will be the best policy to do maintain and manage his online business whether part time or full time.

Yes this is a good post.

But here is how we took our business to above and beyond that annoying hobby status.

1) Build list of customers.

2) Built a list of people that buy your stuff

3) Help your customers and give them meaty stuff they can chew on and make money

4) Offer them stuff.

If you do this, and do this well, you can say goodbye to your crappy 9 to 5er pretty quick.

I did this many years ago, but I had to work my ass off. There is no such thing as a free lunch as they say. So if you can do these 4 simple steps and keep at it everyday you will see FAST results.

I owe a lot to this forum, and coming in here everyday and reading stuff and implementing it will help you win the race.

Once you start making money, you will probably change your mind as to whether or not IM is a business or not.

If you are not yet in a position to quit your day job, i.e. if your IM is not equal to or greater than your off line job, then you'd need to be cautious about stepping out on a limb and sawing it off. It would be premature to stop your day job to work on your IM if it's not yet generating the green stuff.

Try setting achievable goals with the time that you have dedicated to your IM.

Being focused and meticulously dedicated to a workable system will help you change your mindset on your IM business.

If you don't believe it's a business yet, then I'm assuming it's because the "kaching" factor has not yet been part of the process.

Is it me or people are crazzy here?

I've quitted my day job about 3 months ago and this month is the best I ever had. If you're inside IM to do "business" like if you were at your day job, what's the point?

I wake up at the time I want and I go to bed when I want. If I want to go train in the after-noon, I can do it.

I do agree with setting goals and focused chunk of work but don't take yourself too seriously. The overral goal of most people here is to be free to do what they want when they want and if you don't focus on working to work less every day, you're wasting your time.

I prefer going to gym or train while my own employees are doing the "business". Me I am the idea guy, the Artist!

Probably, it means you should do your work professionally. But being an IM is an enjoyable job.

Unless it is your hobby of course by even then, you should have some kind of structure and plan set out. I understand some people like the full time job part time business thing.

I think it has a lot to do with whether you are organized or not about your business.

Do you have a goal for it?
Do you have a plan for reaching that goal?
Do you take daily actions towards reaching that goal, or do you just log on to your computer every evening without a plan of what actions to take?

With hobbies we usually don't have specific goals, we just do them because we enjoy them.

When you find your satisfaction on a certain work that will tell you that you are doing just fine. But if you are not satisfied with it then search for a better one that can both satisfy your pocket and your happiness.

My interpretation of treating IM like a business instead of a hobby is to be consistent with your work and have a plan of action. Agreed how much time you want to or can dedicate to your online activities and take it as seriously as you do your day to day job.

Tiptopcat

Hmm, I have been trying very hard recently to be serious about my businesses, but since I stopped doing the guaranteed free things that made me money like article writing, I've been making less. If you're not careful, you can lose money by trying harder.

Just plan your tasks and work on priorities first..

Stop procrastinating and you'll be fine

Cheers,

~Gary

It really depends on how you view your IM business. It really doesn't mean that in doing your IM business, as in real and serious business. I have to agree with what fellow warrior had stated earlier, that treating your IM like a business means that we have to be professional to our work. Setting a time for work and focus on it, too much distractions often results to unproductive work. Just like in the office, we have to render 8 hours a day of services, doing some paper works or any task that our boss wants us. In the IM world, it should be still on the professional level. We are now the boss of our work but we have to set the rules of the time for work and time for leisure.
Work should be enjoyed, and not because we are forced to do it just for the money. It should love the work that we do, so that the work will also love us.

I think they're really just saying that you should take your work seriously. IM isn't something that you do once in a while and hope to see success with. You either need to work your ass off or be willing to invest a lot of capital in your business in order to make it successful.

Let me give you a different take on the importance of treating IM like a business and not a hobby, and that is to follow guidelines the IRS uses when evaluating whether your activity is a business or hobby.

Do that and suddenly you may be deducting your IM expenses, Internet, cell phone, health insurance, portions of your housing expenses, etc., and being in a position to convert thousands of dollars from taxable money into tax free money.

If you want more money have a business.

You do not need a LLC like someone previously mentioned. You don't have to spend a lot of money.

There is plenty you can do. One is keeping good records of your business activities. Another is taking continuous actions showing an intent to make a profit. Hopefully, you actually are.

Being a member of a forum like this, which is not a social club but a business forum trying to help members make money, is one type of activity that shows you are not just goofing off but serious about making money.

.

I think when people say treat it like a business, it means just that, if this was your business which it is, you would take it serious, devote time and effort to it, not have constant interruptions while doing it. Some people can have the tv going, skype calls and texts, playing angry birds, but for me I turn everything else off and focus on internet marketing for the time I have set aside to do it.