By now, almost everyone has heard the saying “Do what you love and you’ll never work a day in your life,” or any variation of that phrase. While many may agree with this sentiment, there are some that have argued if you do what you love for a living, you’ll work even harder due to the passion and dedication that comes with pursuing your dreams. While this sounds like an ideal career path, the notion can be much more glamorous than reality. Here are a few things you’ll need to consider before deciding to turn your hobby into a business.
Is this a lucrative career?
For some, money may not be an issue when the career path chosen is one that can eventually lead to achieving an individual’s dreams. However, it’s an extremely important consideration for one who may be relying on this job to pay the bills, especially if he or she has a family to support. A safe strategy is to continue working your day job while pursuing this as a side project if money is an issue. It can be an enormous risk quitting your job and entering a new field that does not guarantee success. But, that is not to say that no attempts should be made, rather smart ones. The more time and effort you dedicate to your hobby as a business, the more it may begin to generate income. Many claim to be tired after work. Perhaps make sure you are receiving the proper nutrition and exercise. Sounds like too much work on top of all your existing responsibilities and limited schedule? Then it’s possible being an entrepreneur is not for you. There is a saying that entrepreneurs are people who leave their 40 hour a week jobs to work 90 hours a week. This may be what it takes to succeed, and if you’re not willing to commit to it, don’t quit your job.
Do you have a fail-safe?
As previously mentioned, the chances of developing your hobby as a business failing are just as likely as it succeeding. There is no guarantee that everything will work smoothly. Should your pursuit fall short, you must have a backup plan to avoid a financial catastrophe. Like I’ve stated above, keeping your day job while developing this new business is one of the safest decisions you can make. If you do happen to drop all responsibilities, you should at least have enough money saved to fall back on for months at a time. However, it’s important to note that a small failure does not mean your entire business has failed. Learn to recognize small mistakes versus bigger or more significant ones and if they are able to be overcome. Persistence is key.
Do you have the time?
Starting any business from the ground up takes a great deal of time and effort. Before deciding to turn your hobby into your profession, think about how much time you are willing and able to devote to this task. The responsibilities go far beyond finding a building in which you can run your business. You must be able to meet your respective market’s demands. Do the goods or services your hobby provides hold value to potential customers? Or, are you catering to a very specific audience that would yield a low level of profit? The analytics of your business must be studied daily in order to keep up with market trends. Though that is just a few of many considerations, you will need to devote a decent amount of time to developing your new business, which could be difficult for those with day jobs, families, and other major responsibilities.
All in all, if you’re confident that you have the ability, time, and finances to turn your hobby into a career, making that first big step can be extremely rewarding. No one wants to look back on his or her life and think “What if?”. But, the pros and cons should be weighed.