Turning A Hobby Into A Business

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“When work is based in passion, it doesn’t feel like work. It feels fulfilling and empowering.” ~ Martha Stewart

Do you have a hobby that you absolutely love? Do you think you’d like to turn it into a business? According to Julie Wilson’s article titled Launching a side business, there are a few things you’ll want to think about:

  • Is your hobby a solid foundation for a business?
  • Do you have the capacity to devote time / money to this new business venture?
  • Can you make money (profit) from your idea?
  • Does it solve a problem or give people personal satisfaction?
  • Seek out associates that do similar things and get information from them (i.e. your local chamber of commerce would likely have information like this)
  • Research possible funding by the U.S. Small Business Administration – they also offer additional resources, such as mentoring, counseling, and other resources
  • Research (and attend) workshops on how to start your business
  • Research business licenses, insurance, permits, taxes, etc.
  • Create an action plan and a business plan

Martha Stewart’s ingredients for a successful entrepreneur, as found in the article by JoBeth Jamison in her article Martha Stewart’s food for thought:

  1. You have to be very persistent
  2. You have to be very persuasive
  3. You have to be very curious about what’s going on around you and in the same field
  4. You have to be as innovative as possible
  5. You have to be hard-working

Sometimes, for some people, hobbies can turn into full-blown, profitable careers. Just be sure that it’s not something that will take your joy away in the end.

What hobby do you have that you believe would make a good business? Have you created a business or action plan yet?

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