Turning A Hobby Into A Business
“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:
- You have to be very persistent
- You have to be very persuasive
- You have to be very curious about what’s going on around you and in the same field
- You have to be as innovative as possible
- 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?