July 6, 2017
Many people dream of making a living by indulging their passion or hobby. Sounds great, doesn’t it? And it can be done, but it’s important to understand that taking this path has no guarantees and that there are important questions to answer honestly before you take the leap. A few of these questions include:
- Will I enjoy performing my hobby on a deadline? It’s one thing to enjoy a hobby when you feel like doing it, it’s quite another to do it day after day on a tight timeline. Make sure that you’ll be happy pursuing your passion as your job.
- Is my hobby marketable, or just my outlet for relaxation? If you love to take pictures as part of your leisure time, you will have to find something else to do to unwind. Your hobby will no longer be as relaxing once you turn it into a financial venture.
- Am I up for a challenge? Starting a business based on your hobby can be deeply fulfilling, but it is unlikely that it will be easy. Consider talking to some successful business owners before launching your own company so that you enter into business with your eyes wide open.
- Am I willing to sell myself? All business owners need to market themselves. Don’t fall into the fallacy of thinking that you won’t need to exert considerable time, money and effort marketing yourself and your product and services. Be prepared for this reality.
Be realistic about the risks and the rewards of entrepreneurship. Sometimes it is just not feasible to launch a business that incorporates a particular passion. Make sure that you examine the business potential of your ideas carefully, starting by asking yourself the questions above. If you are honest with yourself and do your homework, you’ll be able to determine if you really will be able to turn your passion into a profitable business.