Tuesday, September 11, 2018

Should You Turn Your Hobby Into A Business?

A hobby is usually something that we do for fun to fill our free time, however it could also be a source of income. Many people have turned their hobby into a business, making money whilst doing something that they love. This could involve anything from becoming a freelance professional photographer to selling homemade jewellery. For those considering such a venture, here are a few questions to ask yourself to ensure that you make the right decision.

What extra resources do you need?

Turning a hobby into a business could involve buying a few resources. This could be anything from custom basketball uniforms for a sports team to a sewing machine for a clothes making company. You should shop around for these resources to help find the most practical one for your business.

How much will it cost you?

Buying resources will cost you a lot of money, as will licenses and insurance. Make sure that you’re aware of these costs when turning a hobby into a business. It could be worth seeking the help of a financial advisor that ensure that your business is feasible.

Is there a market out there for your business?

You should also ensure that your business is marketable. There may already be businesses in your area that are providing the same service as you – check that you’re not treading on anyone’s toes by creating your own startup . It could even be worth giving a few free tasters to people in your area to see how they react.

Are you qualified enough?

Turning certain hobbies into a business could involve obtaining certain qualifications or licensing. An instructor qualification could be needed if you’re planning on starting a business teaching people, whilst a retail business qualification could come in handy if you’re planning to start  a business selling products related to your hobby. Not all businesses require qualifications and you may be able to launch your hobby as a startup with no extra credentials. Still, this something you should look into anyway.

Do you feel happy committing everything to your hobby?

For some people, a hobby is something to that they do to destress and unwind. You may not want to add routine and structure to your hobby, which you will need to do is you’re starting a business. If you like to bake cakes as a hobby, be aware that turning this into business could result in deadlines and expectations. That said, you may love your hobby enough that you don’t mind doing it all day, every day.
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