Episode Details

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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