Turning your hobby into a business is a dream for a lot of people. Many of us who have a desire to turn something we are passionate about into a way to earn money and build a new career doing something we love. But is this always viable?
Whether you want to create a side income to help you save up for something, fund travel, get out of debt or just to have more disposable income, if you have the passion, there is nothing stopping you!
You have probably heard the stories of people starting successful companies with nothing and building up from their homes thanks to the power of social media and good marketing. It’s inspiring to hear these types of stories but this isn’t something that happens for everyone looking to start a new business.
A lot of people running successful companies have trained long and hard to get where they want to go. Some have benefitted from taking mba accredited programs to help gain skills to help them build their business. Others have put years of experience to the test as they branch out on their own in a sector they know well.
But when it comes to turning hobbies into careers, what is the best way to go about this?
Is There a Market For It?
Have you checked to see if there is a market for what you are offering? Chances are if there is a market someone else will already be offering the same or similar to you.
Whether you are looking to sell homemade items, crafts or baked goods, you need to find an opening you can fit into.
Look at ways you can offer something different to others and focus on what isn’t currently being offered. This could be creating a vegan line of cakes or meal options to appeal to the growing vegan movement.
Or even creating a way to assist busy mums in your neighbourhood as they juggle family life, school runs, work and more.
Will You Still Enjoy It When You Have To Do It?
This is something you need to think long and hard about. Sure, you enjoy your hobby now but will you still love it when you have to do it to create an income.
The last thing you do is to find that you suddenly have lost the passion for what you love and no longer want to continue to do it.
Do You Need to Get any Insurance or Permits To Carry Out Your Work?
Finding out you are running your company outside of local or state regulations or without the correct permits can be a costly mistake.
You could run the risk of being shut down, fined or even being taken to court.
Make sure you meet all the regulations in place and you have applied for the correct permits to carry out any work you need to.
For example, those offering financial advice will need to make sure they are acting in accordance with the rules set by the Board of Certified Financial Planners (CFP Board).
This could save a lot of worry and stress further down the line if you are unaware of appropriate regulations in place.