Hobby or business? What’s right for you?

Wondering if your hobby could be a viable business?

Want to do what you love, but not sure if it’ll make money? 

Times are changing and so is business. Having to find alternative forms of income has resulted in many people successfully turning their hobbies into viable businesses. Deciding if your hobby could make you money can be confusing and difficult. Here we’ll discuss ways of deciding what’s right for you. 4 questions to consider when deciding if this is the right path for your career include-

What if I stop enjoying my hobby?   

How committed am I to making this a success?   

Do I like making decisions? 

Do I have the money to make it happen?

What if I stop enjoying my hobby?

Deciding on a course of entrepreneurship isn’t for everyone. The pressures of working to a schedule and meeting financial goals while still providing excellent products can take away the fun, relaxation and enjoyment of your hobby. You may even dislike the activity so much that you never want to do it again. This change is what you should consider and be ready for.

How committed am I to making this a success?

To be a successful entrepreneur, you need to be committed to your business. When facing a task, successful entrepreneurs are committed to excelling and won’t give up until it’s done. Considering your level of commitment is vital before moving your hobby into the business world.

Do I like making decisions?

Decisions mean commitment. Very few people actually like making decisions for this very reason. Owning a business is all about making decisions and often with limited market research and flawed information. Some decisions you’ll need to make are whether you should work from home or an office space, if you need staff and who they would be, pricing on your products and much more. Deciding that you have what it takes is your first step to turning your hobby into a business.

Do I have the money to make it happen?

Writing a business plan will often give you some indication if your hobby could be profitable or not. Once you’ve got this information, you will need to decide on which critical factors need to happen first, in order to set up your business. Often times there will be a capital outlay of some sort. Quantifying this figure will help you figure out if you have the money to get started. So, you’ve decided to make your hobby profitable. We’ve put together some tips to help you succeed here.