Tue 28 Oct 2008
From Hobby to Business
Posted by Megan Dorn under Entrepreneurship, Small Business
Turning your hobby into a business can be a great idea. One of the most important characteristics an entrepreneur can have, and the one that most often results in success, is passion. So if there’s something out there that you love to do anyway, why not make a living out of it?
Unfortunately there are issues with transforming your hobby into a business. For starters, many hobbies are difficult to monetize. One of my hobbies is collecting shot glasses. I doubt anyone could come up with a way for me to make money off of it though. Another issue, and probably the biggest one, is viability. So many people engage in hobbies that have the potential to bring in some cash. The problem is that either most of these people aren’t talented enough at their hobbies or their work isn’t distinct enough to result in a profitable business venture. You have to be realistic about your abilities. You may love to take photographs, but do you take good photographs? And if you do, then what about your photographs makes them distinct and will cause them to stand out in the marketplace?
If you can monetize your hobby and have the ability to turn it into a viable business, then go for it. But here’s one last little warning. Running a business takes a lot of work and commitment, so be careful that you don’t turn something you love into something you hate.
