Hobbies are a great way to unwind and relax. People derive a lot of satisfaction and enjoyment by indulging in their hobbies. It is a good idea to make your hobby into your business. This way you will be doing something you enjoy and are passionate about while also making money and fulfill your business goals. However, running a business is quite different than just having a hobby.
We look at factors to consider before turning your hobby into a business:
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Will the hobby help you reach your business goals – The first step is to identify what you really want for yourself and your business. The next question is to ask whether converting your hobby into your business will help you achieve your goals. You need to be fully convinced and satisfied before moving forward.
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Be realistic and honest with yourself – Your hobby may be something that you do occasionally that helps you relax. If you turn it into a business then you may have to do it all day, every day. You need to ask yourself whether you are prepared for this. If not, it is better to let it be a hobby and choose some other activity for your business. The same hobby when turned into a business may not be a source of relaxation and enjoyment.
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Remember that a hobby as a profession is different – A hobby is something you do without expecting money or growth as a result. However, all businesses require meeting deadlines and meeting financial targets. You need to work hard and be able to handle pressure. Doing something as a hobby and as a profession are very different and requires a different approach. A hobby is a recreational activity while business involves making a livelihood, staying ahead of the competition and the generation of monetary profits.
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Business involves many different responsibilities – When you start off your hobby as your business, there are many things to take care of before doing so. Usually it takes some time for a new business to get settled and start making money. You may not have money to hire a team initially. Hence, you may have to handle several responsibilities. You need to be mentally prepared for this situation.
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Running a business is not easy – If you are a first timer, you may not realize how tough and challenging running any business is. Bills need to be paid and initially you need to invest a lot of time, money and effort. Also there is no guarantee that you will succeed. That depends on factors you may not have control over of such as the existing competition, the state of the economy and others. A hobby is usually risk free but most business ventures aren’t.
It is better to start off with a limited amount of time and money investment while starting the hobby turned business. This way you can test the waters and get away with minimum loss in case of business failure. Do your research and ask others with relevant experience for advice before venturing fulltime. Ultimately, if you are making money while doing something you enjoy, you will be more successful and motivated.
