June 2009

Join me at World Internet Summit in Auckland, New Zealand, from July 23-26!                            Download your free Google Adwords interview   audio featuring Adwords specialist, Arran Robertson.                       "If you are even thinking of starting up a new business, you MUST read the DIY Business Planning Manual.   It will clearly explain and give you the know-how to successfully start up a business or repair an older one. This is the most thorough and well-organised business plan I have ever seen; it is an essential tool for new business owners.   If you plan to succeed, buy this e-manual now! The money you spend will come back to you a thousand-fold in profits and success." Karen Campbell, Importer, Sunshine Coast Australia             How Did One Website Owner Increase Sales By Up To 300%? Simply by adding audio! Now you, too, can quickly and easily add audio to your website too with Audio Wiz.

Things have been go-go-go around here, as always, with so many exciting things happening. I was honoured to be interviewed on Steven Essa's popular "7 Experts" webinar, sharing the 7 Most Common Mistakes Online Newbies Make with his listeners. This was an awesome experience for me as Steven's webinars are always full of positive, high energy. Thank you to those of you who were listening and shared your feedback and congratulations with me after the show.

In just under four weeks time I'm heading off to New Zealand for a couple of weeks. I'll be enjoying a few days of well-deserved R&R with my family, followed by running a workshop in Auckland, then 4 days at the World Internet Summit. While I'm away, I will be checking emails but may not respond straight away.

Often when people start a business they will consider doing something they're passionate about. In fact, often people will start by looking at their hobbies - activities they love and enjoy doing day in, day out - as a way to start earning extra money.

In this month's feature article we look at the difference between a hobby and a business ... when does a hobby become a business and what's the difference anyway?

Read on to find out how you can learn what makes Steven Essa's webinars so popular, what you need to know about turning your hobby into a business, and where you can find out more about the latest, greatest WordPress Theme around. Enjoy! 

 

Get The X-10 Effect:  

 

How To Boost Your Internet Income x10 Through One Simple Secret

Last month I told you about the X-10 Effect workshop being held in Sydney, Australia, showing business owners how to multiply their results x10 by using webinars effectively.

This one-day X-10 Effect seminar, being run by Steven Essa, was so well received that Steven is taking it national (Australia).

I'll be at the Gold Coast seminar on June 20th and would love to see you there. Check out the X-10 Effect for full details about when and where you can see this event. Tickets are only $47 and you get to take a friend for free, with all ticket proceeds being donated to the Heart Foundation.

 

 

Feature Article:

Do You Really Have A Business Or Is It More Of A Hobby?

 

Are you in business or just passing the time with a hobby that happens to earn you some nice extra cash? Is there a difference? How can you tell when you've crossed the line? Why is it important to know?

It is important to know the difference between a hobby and a business for several reasons. First off, if you are making money with your hobby you could be doing better by growing it into a full-fledged, dedicated and focused business. You could be doing more of what you like and earning enough money to support yourself. 

But there are also more serious issues at hand. If you think your business is just a hobby, and your government disagrees and thinks you are in business, you could be ignoring some very important responsibilities. Let's take a look at the difference between a hobby and a business and talk about how you can find out more to decide which you are in.

Hobby Or Business?

By definition a hobby is something that you do for pleasure and relaxation, a regular activity that you do because you like it. A business on the other hand is a line of work, or a company or organisation. Often people who have a hobby and somehow end up making money with it will think that they are in business. But talent and passion alone do not make a profitable business. A business is much more involved than a hobby.

There are two basic defining lines between businesses and hobbies - legal and organisational. And you should be aware that even if you don't consider what you do to be a business, some authorities and tax agencies might.

Getting It Right Legally

From the perspective of the government, your level of income and/or time in a business is what normally determines which category your activity falls under, however this will differ depending on your region. For some, there may be more defining terms as well, such as legal partnerships and corporations. In any case, you will need to be clear about what your legal status is so that you know what your legal responsibilities are. 

Status and responsibilities will vary depending on where you live and do business. Start off by contacting the taxation agency for your country, or researching on their website. There, you should be able to learn whether you need to file any legal documents, and/or how to claim income. Another essential resource for this type of information is your accountant or a tax attorney.

Planning To Succeed

Real businesses are not haphazard, leaving their success to circumstance; they are planned and organised entities. It is true that not all businesses organise themselves well, but if you are thinking about turning a hobby into a business then you need to make some fundamental decisions and plan the business accordingly. You will have to do more than find time to enjoy your hobby; you will have to oversee all aspects of running a business, including marketing, legalities, promotion, selling, record-keeping, market research, and so much more.

Success in small business is not only a matter of generating revenue. It is also a matter of planning and research and dedication to develop a sustainable stream of income. To do that, you need to be clear about what your intentions are, as well as what is required of you legally. When you want to do more than have fun with a hobby, you need to take those extra steps to transform your passion into a sustainable business.
 

 

 

 

 

I hope you've enjoyed this month's newsletter. Remember, if there’s a particular topic you’d like to know more about, please email me and let me know. 

I hope you have a brilliant month. Here’s to your success in small business!