Do you have a hobby you love? Perhaps you are thinking about turning that hobby into a business. The question is, should you? Should you turn your hobby into a business?
Here are a couple of questions to consider before you take the plunge and turn your hobby into a business.
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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.
A book to help you turn your hobby into a business is Artpreneur: The Step-by-Step Guide to Making a Sustainable Living From Your Creativity by Miriam Schulman.
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 in the hours required to start and run 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.
A book that can help you start a side business is Side Hustle: From Idea to Income in 27 Days by Chris Guillebeau.
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?
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Hi Thea,
I came across your blog while searching for resources related to converting a hobby into a successful business venture. You have brought forth many relevant and valid points. As you have rightly stated, one needs to be clear that a business is a business, whether it is based on a hobby or not, and therefore it requires all the due diligence and lots of hard work. If one can make money out of what one is passionate about, what more could one ask for?! But at the same time, a good deal of self-introspection and awareness of the market conditions is a must if one wants to run a profitable business without losing the love for the related hobby.