Now that you understand the pros and cons of turning your hobby into a business, you’re ready to consider taking your hobby to the next level. But there are some real clues to know if you’re ready to make that leap. Here are six ways to know if you’re ready to turn your hobby into a business:
1. People Want Your Offer
You may have started out providing your service or product to family and select friends. But before you knew it, there were other expressions of interest and now you find yourself with way more customers than you anticipated.
2. You’re Investing a lot of Money in Your Hobby
If you find yourself putting more money into your side hustle than intended, this could mean that the requests are steadily coming in, which is good. The problem is you can’t write your hobby off on your taxes. If you had a business, these would be valid business expenses that could be written off.
3. You’re Making Pretty Good Money
This is a sure sign that you’ve got a chance to earn some real profit if you turn your hobby into a business. If you spent more time investing in it as a business than a hobby, chances are you could earn even more money from it, and it could outshine your day job.
4. You’re Willing To Make the Sacrifices
As with any startup, starting a business requires significant attention to get it up and going. The truth is most businesses don’t make it past five years. If you want to beat those odds, you have to put the time in to ensure its success. If you don’t mind doing that, it’s a sign that you may be ready to turn your hobby into a business.
5. You’re Willing To Learn
It’s important that every businessperson takes the time to learn, do research, find mentors, etc., in order to learn as much as they can about their industry and business in general. There will be a lot to learn. If you’re coachable and don’t mind following someone else’s lead, it’s a sign that you welcome turning your hobby into a business.
6. You Talk About Your Hobby All The Time
If you spend most of your time talking about your hobby rather than your work, you’re probably enjoying your hobby more than your day job. And why shouldn’t you? Your hobby is what brings you passion. That’s a feeling you should experience whenever you’re working, not just on the weekend or the few hours of the day when you’re not working.
Conclusion
It sounds like it’s definitely time to turn your hobby into a business. Keep your eyes on what comes next. My next blog will tell you how to turn your hobby into a business.