Be Your Own Boss in 2023

Would Your Hobby Make a Sustainable Business?

Turning a hobby into a business can be a great way to earn a living while doing what you love. Before you make the shift from hobbyist to entrepreneur, ask yourself some key questions to ensure your hobby will make a sustainable business.

The dream of earning a living doing what you love is the reason so many business owners enter the world of entrepreneurship. Especially during the start-up phase, passion for and dedication to your product or service and those you serve are the necessary ingredients for a successful venture.

The desire to turn a hobby into a business is one way to grab ahold of that entrepreneurial dream. But, before you quit your day job and jump in headfirst, you need to answer the question, ‘Will my hobby make a sustainable business?”

If you want to earn a living doing what you love, you’ll need to shift your mindset and operate your hobby as a serious business. One of the hardest parts of making that shift for a lot of owners is looking at your hobby as something you have to do and no longer something you only do when you feel inspired.

When you’re making the business case for a hobby, distance yourself as much as you can from the love of it and think through a few of the realities that come with being a small business owner. Here are a few questions to ask yourself.

· Will you still enjoy your hobby once it becomes your job day-after-day? This means fully dedicating yourself to your passion, even on days when you’d rather be doing something else.

· Are you willing to put yourself out there? This is a big one. Many of our hobbies are reasons for us to escape the world. When your hobby is your business, you need to be shouting about it from the rooftops.

· Is there a market for your product or service? Is the market large enough to support and sustain your business and are there customers out there willing to spend money on what you create?

· Can you and are you willing to become more than just a hobbyist? As a business owner, you’ll also be the accountant, the salesperson, the marketer and fill every other roll during the start-up phase.