Is your hobby a business? Is your business a hobby? Let’s look at a few key indicators to see if you are on to something.

Does it make money?

The IRS asks this question and it’s a big one for you. Are you making any money? The IRS requires businesses make a certain amount before they can be claimed as a business. Your goal should be growing your business to support your lifestyle. If not, you have a hobby or at the most, a side hustle.

Do you have a plan?

Every business should have a plan. Types of clients, where the business is projected to be in 5 years, plans for cash flow, etc. If you consider your business viable and do not have a plan for growth, you may have a hobby state of mind.

Do you have a passion?

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