Will I enjoy doing my hobby on a deadline? That's the first question that you need to ask to yourself before turning your hobby into a business. It is actually everybody's dream! To work like as if you are playing and getting paid on what you really love on doing. But here's the drill, I'm sure that you love doing make up and hair styling services on occassions for your friends and family. But will you enjoy turning them out day in and day out? under time pressure for years on end? For some people, working on their hobby is like working on a long-term art project. They do it to learn, to create something beautiful, to have fun and in an attempt to attain perfection and satisfaction. But entering on a business is different. Unless that you are planning on selling your services to earn fortune or selling your items to earn more cash, you definitely need to make things differently and faster to squeeze money from your hobby. For that reasons, here are the following factors that you need to consider before deciding to turn your hobby into a business.
Hobby Is Part Time, Business Is Full Time
There's a difference, psychologically, between doing something for fun and doing it because if you don't, you won't be able to pay the rent. Anticipate this truth and think deeply about it. If you want to turn your hobby into a business because you think it's going to be as much fun as it was when it was only a hobby, well, you could be in for a surprise. Turning your hobby into a business will be a full time work. It requires a lot of dedication, commitment, perseverance and patience to your craft for you to earn from what your doing. Compare to hobby, in which it doesn't require a huge amount of your time and the only motivation that drives you to your hobby is the fun it brings.
Business Is Stressful
Is this hobby my outlet for relaxation? Because, if it is, you're going to have to find something else to do to unwind. Why? because your hobby will no longer have that effect if you turn your hobby into business because business is stressful.
Your Main Motivation Must Be Money
Sure, starting a business based on your hobby can be deeply fulfilling, but it almost definitely won't be easy. If you're looking for an escape, a life break, or simply a less effortful alternative to a straight job, then turning your passion into a business probably isn't it. Starting up will be tough, especially if this is your first business. You're probably going to be wearing a lot of hats for a while. You will be an accountant, customer service rep, brand ambassador, CEO, and so on from time to time. This is also a good time to think about what it takes to be an entrepreneur. Business people think entrepreneurship is very simple. If your business is earning, then continue. But if your business is not earning, then stop the business and invest on other businesses that has a better earning potential. The thing is, if your business is your favorite hobby, you will have a hard time letting go of it. Especially, if time came that it doesn't give profit to your pocket anymore. Why? because of emotional attachment and that will turn your business into liabilities instead of assets. For that reason, the main motivation that you should have on a business is to earn more and not to have fun.
Marketing Your Business Is A Must
Don't fall prey to the 'field of dreams' delusion that sometimes strikes first-time business owners. If you build it, they definitely will not come. Not unless you market it, anyway. Start up business owner always assume that once they built the business, it is already done without realizing that Marketing is mandatory on a business. It is not enough that you finished baking cookies, you finished the furniture project you are working in. What matters is to promote directly or indirectly your products or services that you provide for you to earn. There are a lot of ways for your potential customers to know what you are offering like posting on social media, promoting on events and etc.
"Five years ago I was abysmal at selling the jewelry I made, as well as my writing services. I was far too modest and I didn't want to push people into making a decision," confessed Landau, but she says, "I'm not the same person today. Today, if you ask about my jewelry or my writing, I'll offer you a business card or give you my rate per word. This is a skill you can learn and I believe it's something you will have to learn. Be prepared to sell."
For those who have successfully made the transition from hobbyist to business owner, what advice would you give those thinking of making the leap?