Is Your Hyperlocal Business Actually a Hobby? (Most Are)
Let’s get straight to the point today:
Is Your Hyperlocal Business Actually a Hobby…. (MOST ARE)
I hate to ask this question but it’s an important one to ask,
because it’s the questions that separates the TOURISTS from the LOCALS.
The short timers from those of you who will stay in the game over the many years to come.
In a phone call a few days back I was talking with a gentleman who is
running a hyperlocal web portal. He had big dreams of get rich quick monetization
and community media mogul status.
Overall everything looked pretty good… BUT THERE WAS ONE BIG PROBLEM!
He was making absolutely no money while investing tons
of time and his own resources to run… a HOBBY PROJECT!
Now, I’m sure you’ve heard this before… you might even be doing it yourself.
But the key is that you don’t do this for several years all the while telling yourself you
are building a business.
In the hyperlocal game you need to Fail and FAIL FAST rather than
build the Taj Mahal in the middle of Antarctica only to discover
…your business was a dream.
So, how can you take steps towards insuring that you run a business and not a hobby?
Obviously money is important but the real key is to be clear with yourself.
Here a quick list of the process you need to take towards insuring your future:
1. Be Clear – First Ask your self are you running a hobby or a business?
2. Create & Establish Value – Create and establish value with what you are doing.
3. Monetize – Even it means trading on the value you have established
4. Metrics – Finally establish metrics and keep track of your success.
For some of you just getting started, this might seem like big steps to take…
and it’s critically important that you establish from the start that you are setting out to run a business and not a hobby.
Once you do this you have taken the first steps towards seeing
the real value you will be providing to the communities of which you serve.
LET ME SAY THAT AGAIN –
You need to establish value in what you do!
This is very important and will contribute directly to both the
long term and short term success of your business ventures.
Remember: The BOTTOM LINE depends on you in the hyperlocal game.
And… sure if you want to run a hobby that is fine.. just don’t call it a business.