I'm coaching a senior manager right now who has an interesting choice to make. Financial security and a solid career path. Or start a business around a hobby he is passionate about.
It's the dream life, right? You take that hobby, that passion, that thing you love to do, and you make a business out of it. You follow your bliss, and the money follows you. Doesn't everyone have that dream? Some people are content to keep their hobby a hobby and live life working for someone else.
If you've thought about turning your hobby into a business, there are some questions you should ask yourself first.
1. Can I Start This Business Part-Time?
Businesses of any kind are rarely profitable from the get-go. Is it possible that you could start this business as a side hustle? Can you structure you regular job around starting a side business?
2. Is Your Hobby Profitable?
How are you going to monetize this business? Are you creating something that people will buy? Is it a physical product such as jewelry or furniture? Or is it a service, like photography? Are there other ways you could monetize your hobby, such as creating courses or writing an e-book?
3. What Will You Need To Invest To Start?
Do you already have everything you need to scale this into a small business? Do you need additional products, supplies, services or equipment? Will you need employees to help?
4. How Will You Market Your Business?
What's your plan? Word of mouth? Paid Advertising? Social Media? Are you going to be selling online or will you have a brick and mortar establishment? Who is already doing a similar business and how do they market themselves? What makes you different from them?
5. Is Your Business Scalable?
Is this something you could see growing and expanding? What does that look like for you? Is you credit good enough to get a loan or another credit card that you can use for supplies and equipment? Do you have someone that might make a good partner?
6. Are You Willing To Turn Your Hobby Into Work?
This is probably the most important question to ask yourself. Once you make that leap from hobby to full-fledged business, your hobby is no longer just something you like to do. It becomes a profession, and that takes the fun out of it for some people. The questions is will your hobby still be fun when you have deadlines, customers, and finances to manage?