Have you ever thought of turning your hobby into a business? Like all career moves, this one comes with a laundry list of things to consider before making your decision either way.
You Get To Be Your Own Boss
Being the sole decision-maker in your own company certainly has it’s rewards. No more feeling like a mere cog in the wheel. In addition, it’s a great feeling to be able to take credit for your company’s successes. But remember, you’ll also be solely responsible for the company’s failures as well. No more passing the buck. In the end, you’ll need to weigh the greater freedom that comes with being your own boss against that increased responsibility.
You Get Paid For Doing What You Love
It’s pretty empowering knowing that people really value and appreciate what you do, enough so that they’re willing to pay for it. We all know that income is a necessity. But being able to earn it by doing what you love is priceless.
You Get To Make Your Own Schedule
Being self-employed allows you to make your own schedule. Many people find this flexibility a real plus. However, not everyone is cut out for this type of arrangement. Are you self-motivated? Are you disciplined in your work habits? If your answer is yes, then maybe self-employment will work for you.
You Have To Have A Business Plan
You’ll need to create a business plan, or have it created for you. It will need to encompass your vision for the company starting with initial research, going all the way up through production, marketing and sales. Once that plan is created, can you see yourself effectively carrying it out?
You Have To Have Start-Up Capital
Your business will never become a reality without sufficient start-up capital. For example, if you’re a handmade crafter, you’ll need to factor in costs for:
- Crafting supplies
- Licensing fees
- Craft show fees
- Overhead for the traditional brick and mortar sales
- Cost of establishing an online store
The list goes on and on. These are just a few examples of the types of costs you may need to consider. And a word to the wise: it’s always better to be over-capitalized rather than under-capitalized. Plain and simple: where are you going to get the money for this?
You’ll Have To Face The Bottom Line
It’s extremely important to be able to bring in enough money to support yourself and/ or at least replace your prior income. To that end, it’s probably not a bad idea to preliminarily test-market your wares to get a ballpark reading on how much you can expect to earn from sales, at least initially. In today’s still fragile economy it seems more daunting than ever to put yourself out there and risk financial failure. Can you afford to fail?
It’s scary, yes. But the rewards can be priceless.
Don’t go quitting that day job yet, though. Ease yourself into the ranks of the self-employed. Be sure to take yourself seriously, and think through all the pros and cons of turning your hobby into a business before making that big move. And good luck!