Many People dream of turning their hobby into a business and getting paid for doing what they love to do. In fact there are many successful home based business stories where people have been able to turn their hobbies into businesses. The idea of turning hobby into business exciting, as nothing could be better then earning money by doing things you enjoy. But not all businesses that are created from hobbies become successful. In fact many of these businesses fail just like any other business. I’ve compiled a list of questions which you should ask yourself before making the decision to turn your hobby into a business.
Can you trade your passion for money?
This is the first question you should ask yourself before turning your hobby in to business. Doing something for yourself and then doing the same thing for money is entirely different. Pursuing your passion as a business will make you accountable to your clients. Time and again, I see business owners who complain about how they are not enjoying their work after they have turned it to a business.
Do you have what is needed to run business?To run a business and make it successful you need a lot more skills besides those needed for your hobby. You need to be good at marketing, administration, customer support, production and a lot more. Many businesses fail not because of lack of customers but due to poor management. So, if somebody is good in baking cakes, it doesn’t mean that he would be equally good in marketing and selling them.Do you have enough funds?Starting a business takes money. Launching a business and generating profit from it takes time. You can’t expect to earn profits from the first day. So make sure that you have enough funds to operate business activities for a few months, even if you don’t earn anything from the business.Is your hobby scalable?Before starting a business you must find out if your hobby/idea is scalable or not. You must see if scaling up of your business over time is possible or not. Most of the hobbies have a natural limit to their growth and can’t grow after a certain limit. So it might not be a good idea to pursue certain kinds of hobbies into business.Is the market ready for you?This question is divided into two parts.First, you need to figure out if people will buy. Ask yourself these questions: Are people really interested in buying your products? Will they like to spend their money on them? Do they really need the products?Second, you should know what the competition looks like. Find out the answers to these questions: How many people are already doing this kind of business? How much competition will you have to face in your market?You should have answers for all these questions so that you can take a good decision before turning your hobby into a business.What makes you different?If your hobby is baking, it doesn’t mean that you should start a confectionery because there may already be a lot of them in the market. You need to find out which qualities can help you to stand out from the rest of the crowd. If you can’t find any good answer for this question, it would be better to not to turn your hobby into business.These are the six questions which every person should answer before turning their hobby into a business. Can you think of any other question you would like to share? Please share it in the comments below.Source link:
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