From Hobby To Career: Taking That Leap of Faith

More than ever, people are starting their own businesses and working from home. But it turns out that around half of the people that work for themselves, started out with something as a hobby, that they then pursued to make it their career. Having the flexibility of your time and finances is a dream for many people. But if you’re thinking of taking the leap from hobby to career, here are some things to think about. Will it be worth it for you? 

Learn How To Run a Business 

Even if you know your hobby inside out, there are still many things about running a business that you will need to learn. Do you know how to file a tax return or what business expenses can be tax deductible? Do you know what insurance your business might need or are there any plans in place if you need to offer a refund to a customer? Taking the leap will be a big learning curve. So start early to learn all that you can. 

Cost of Making It a Career

For many people, there will be a cost implemented in turning your hobby into a career. Even if it is relatively low costs and just need some more money for inventory, there will be a cost involved. Take a baking or cooking business, for example. If you’re planning on taking it to the next level, will you need to hire out a warehouse or kitchen, to make room for walk in coolers and extra storage space? If you wouldn’t have space in your home, this is something that you’d have to think about. So look carefully at costs. You might be able to afford it already, but you might need to speak to your bank. Just other things to think about. 

Seek Tough Questions 

If you have been doing your hobby for awhile, you will know it inside-out and have a passion for it. But what about people who don’t see it the same way as you? Market research, even if it is just asking honest friends and family, is important as it will give you different people's point of view. Do they see it as something that can become a business? Would they buy it or use the service you provide? Ask for what improvements they think you would need and advice on price point too. You get a dose of objectivity that is needed if you want to be a success. 

Think About Work and Life Balance 

When you are working for yourself, especially when you work from home, it can be hard to get a work life balance that you need. It can be a real struggle for many. So think about how you can organize that. You could set yourself strict work hours and make sure you stick to it. You could look at other things to help at home, like hiring a cleaner, for example. The more you think about this, the more it will help you to keep your passion for business alive and not end up resenting it.

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