Is Your Hobby Career Material, Or Something You’d Be Better Off Leaving For Your Evenings?’

hobby

It’s now possible to monetize most things. After all, the internet gives us immediate access to global audiences. Plus, we constantly see success stories of people who have turned their hobbies into side hustles, and then fully-grown successful businesses. 

Unsurprisingly, your mind may go to potential business opportunities whenever you take up a new hobby like painting, knitting, or writing. But, not all hobbies make great career material. Make sure your hobby has what it takes by asking yourself the following crucial questions.

Are you good enough?

In an age where we’re all monetizing our hobbies, sub-standard skills just won’t cut it. You need to be great at something to sell your wares, or at least have a unique style. So, do some market research. Are you as good, or better than what’s already out there? Are your creations unique enough to sell?

Is there an audience?

To some extent, you will have begun answering this during your market research, but it might be worth going even further. Consider whether anyone else is selling similar products, and if so, how many people? If a market doesn’t seem to exist, there’s probably a reason for it. Equally, if there are already a load of similar sellers, you might fail to find your place. Instead, you want to find a gap in an existing marketplace, such as affordable homemade clothes, or commissioned paintings in your unique style.

Do you love it enough to do it full-time?

working

People often speak about the risk of losing the love for a hobby when it becomes a career. And, considering that this thing will go from enjoyable to pretty high-stress, that’s a genuine concern. With few exceptions, you also won’t just be able to create what you love, but will instead need to work to someone else’s brief and vision. If you love the simple act of your hobby and feel like you could do it all of the time, then you shouldn’t have anything to worry about. But, if you feel like you would get bored pretty quickly, then perhaps keep it for fun.

Do you have a business mind?

It also matters whether you have a business mindset. After all, turning any hobby into a business requires some technical know-how. You’ll need to develop a long-term business plan. You’ll also need to understand legal considerations, such as the need for an employment identification number (EIN). While you can apply online to get your ein same day without much trouble, you’ll need to understand what it’s for, and when to use it. Not everyone will be in the mind to delve into business considerations to that extent. And, if that’s the case, even the best-suited hobbies are unlikely to become viable enterprises anytime soon.

Turning your hobby into a business can be great, but it can also turn something you love into something you hate. Avoid that by always asking these questions before you monetize the hobbies that make you happy!

Do you have a hobby that you are planning on taking to the next level? What is it? Let’s discuss it in the comments below.

Until our next rendezvous…

XOXO

Trudy

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