Hobby or Career? Turn Your Passion into a Profitable Business
When we were young we were taught to pursue our passion in life. We were told if we chose a career we loved we would never work a day in our lives. But as we grow older and begin to navigate our careers, we’re often faced with a choice between following that passion or moving up the corporate ladder.
Luckily, we live in a world where entrepreneurship is more viable than ever—one where turning your passion or hobby into a thriving business is entirely possible. But there are a few things to consider first:
What Currencies Will Your Passion Pay You?
The first piece of advice I give to any budding entrepreneur is this: Understand that your passion is profitable in many different currencies. If you love to paint and decide to make a go at selling your art, you will be paid in the currency of creative happiness—but that may not pay your mortgage.
It’s important to weigh the different types of currencies your passion project may pay you because although that currency is valuable to you, it may not be one that supports you economically.
Is This a Full-Time Business, or Part-Time Side Gig?
You don’t have to go all-in on a business in order to consider yourself an entrepreneur. There are plenty of small business owners who operate their business as a part-time side gig to complement their 9-to-5 income—we’re talking artists, trades people, furniture makers, culinary masters, and beyond.
Not only is operating a side business a good way to mitigate risk in a changing economy, it’s also a good way to see whether your business has the potential to grow and become your main source of income down the road.
Are You Ready to Manage a Business?
Managing a business and managing your passion are two very different things. Understanding the cost of turning your passion into a business is the only way to measure how profitable your business can be. Not only will you have to consider the cost of materials and your time, you’ll have to think about operating costs, business licenses, and marketing expenses.
You’ll also want to consider how a business may impact the currencies that are valuable to you. Your hobby or talent is unique and special to you, but when it becomes a paid gig you have may have to change your craft in order to fit your customer’s needs or become competitive in the market.
This may sound daunting, but when you’re working towards something you’re passionate about, the process becomes a lot more rewarding when you get the hang of things.
If you’re looking for help turning your hobby into a profitable business don’t hesitate to get in touch. As a group of serial entrepreneurs, we’ve been there—and we don’t charge to chat. Give us a call to see how we can help: 289-466-5210.