Do you have a hobby you love?
Perhaps you are thinking about turning that hobby into a business.
If so, here are a couple of questions to consider before you take the plunge.
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Will you be able to make enough money?
Making arts and crafts for family and friends may give you a lot of joy. The question is can you make and sell enough to sustain a business?
Three key considerations to take into account: money, time and the market.
Can you make enough money to live on? As an example let’s say you make teddy bears.
Consider the time it takes to make each bear and the cost of supplies and fabric required for each one? Will that allow you to make and sell enough bears to turn a profit or for that matter break even?
Who will be your customers? Is there a market for your product and service? No matter what you are considering doing, there have to be people prepared to spend money on what you have to offer.
If you decide to turn your hobby into a full-time business you need to make sure you can make money out of the business. As with most businesses, it may take some time but ultimately turning your hobby into a business needs to be a viable financial proposition.
If you are looking for some guidance and expert advice about starting a new business, CreativeLive have an excellent range of entrepreneur and business courses. Check out their range to see if they have something that suits your needs.
Will you get sick of working long hours on what used to be your hobby?
If you are going to make a business out of your hobby you need to have commitment and passion.
You may enjoy spending a couple of hours on your hobby over the weekend but would you be happy doing the same work for hours every day sometimes 7 days a week (at least in the beginning)?
If your hobby is not something you would enjoy working on long term, you may want to give your business idea further consideration.
Sometimes hobbies are more enjoyable precisely because they are different from what we do in our normal work.
You don’t want to lose the joy and passion you have for your hobby.
Can you run your business part-time?
Maybe you are thinking about moonlighting – keeping your day job and setting your business up on the side.
This may seem like the perfect opportunity (and for some that will be the case) however bear in mind that after roughly 8 hours in your day job, you then have to work on your business.
If you struggle with self-discipline this could see you struggling to put the hours required into starting and running your business.
If you have the discipline and energy to work two jobs this may be the perfect way of turning your hobby into a business. That way you can focus on establishing and building your business while still being supported by a regular income.
Can you deal with the extra types of work required?
Loving your hobby may not be enough.
Starting a small business will involve much more than just working on whatever your hobby may be.
You will suddenly find yourself the salesman, marketer, bookkeeper, IT specialist and admin person (just to name a few.)
And that’s before you take on any staff and become someone’s manager and leader.
Remember to give some consideration to all of the other roles you will need to undertake if you turn your hobby into a business.
Lots of people have successfully turned their hobbies into booming businesses. Could you be one of them or would you rather enjoy your hobby as is?
If you don’t currently have a hobby and would like to start one, CreativeLive have an excellent range of interests for you to pick from. They cover arts and crafts, music, photography and much more.
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