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How to Convert Your Practice From a Hobby to a Business

The article and podcast episode content is produced for white-collar small business owners to include: attorneys, CPAs, certified financial advisors, dentists, plastic surgeons, insurance brokers,

The hobby-business phrase emerged in my life about 20 years ago when I had the potential to earn a six-figure independent sales rep income after leaving a corporate six-figure salary.

Mentally, my financial services industry was not a business even though product knowledge was high. I still had money in the bank from leaving corporate America. Then, the money ran out.

321 Biz Development needs the help of a trained psychologist to clinically diagnosis why people keep their businesses in hobby-mode. My story is my story and the transition out of hobby-mode is clear to me. Since I am not a psychologist, the burden to help people get a sound, mental foundation in their businesses is overwhelming.

What does it mean to operate a business in hobby-mode?

Hobby-mode is defined several ways:

  • Not giving your business the attention it needs to grow

  • Bypassing easy opportunities to connect with qualified prospects

  • Laying low behind the scenes instead elevating yourself in the spotlight

The biggest, tell-tale sign a business is in hobby-mode is there is no plan to make more contacts to add new clients.

If marketing activities have social media in the top position, hobby-mode is in full effect.

What businesses are exempt from hobby-mode label?

  • Businesses operating at full capacity.

  • Retail in nature where there are many competitors

  • Corporate marketing large investments

How can a business transition from hobby-mode to business-mode?

  1. Put money, time and effort into professionally developing contacts and prospects.

  2. Define and consistently refine your sales system to achieve high prospect to client conversions.

After a few years developing sales systems for small businesses, it is a near certainty most companies need help taking actions to move from hobby-mode.

321 Biz Development provides sales system and business development programs to guide companies from hobby-mode to business-mode status. Please do not hesitate to call us.

Thanks for reading this article and listening to this podcast episode.

Rick Nappier, President

321 Biz Development

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