It’s not as simple as it might seem though. Turning your hobby into a business requires a commitment of time, money and energy. It requires a long-lasting interest in your passion, and a long-term interest by others in your product.
Things you might like to consider if you want to turn your hobby into a business
• Could it be profitable? After material, labour and other costs, could you make a profit from your hobby? If not, then you’ll probably end up resenting what you’re doing pretty quickly and burn out.
• Is there a market? If the market is incredibly small or limited, it might be worth keeping your hobby as a source of side income, rather than a full time role.
• Can you afford to leave your current role/position to focus on turning the business into a hobby? You might want to consider maintaining a part time job for a while, until your hobby earns you a full time wage.
• Can you work from home? Or would you prefer to rent an office space?
• Have you considered sites like FOLKSY or ETSY? These handmade marketplaces allow you to create your own small shop online without the heavy overheads of a real shop or website.
• Are you on Twitter and Facebook? Bloggers and social media users are supportive and enthusiastic about new businesses, and particularly those born out of a hobby. Reach out to them and they might return the favour.
• Can your hobby knowledge be used in additional ways? For instance, can you offer tutorial service, create an online course or eBooks based on your hobby as a side income.
I’d love to know … Have you got a hobby you’d love to turn into a business? Let us know in the comments below!