The Pros and Cons of Turning Your Hobby Into A Business
Throughout most of my adult life, I had gigs on the side … apart from my full-time job. Those gigs went from designing greeting cards to producing live stage plays. That creative side of me kept bubbling up and here and there I would do some things to keep it in check.
What I came to realize is that the side gigs weren’t enough for me. After 30 years of federal service, I decided to step away and turn my hobbies into a business. Now, as an entrepreneur, I’m finding that I should have started much sooner.
I’m not the only one who’s been in this flux. Many of us never consider turning our hobby into a business, but some of us do. We step out there because we realize life is just better living each day doing what brings us passion. But there are pros and cons to turning our hobby into a business. If you’re considering turning your hobby into a business here are some considerations.
Advantages of Turning Your Hobby Into a Business
You’re The Boss: You get to be the boss and decide how it will work. That means you have control to work the business as you see fit.
Get Paid Doing What You Love: It’s good to have a full-time job and regular pay. But imagine getting paid to do what you’re passionate about.
Try It Out: Starting a business doesn’t have to be an all-or-nothing mentality. You can test the waters of a small business even while working a full-time job. You can work the business part-time to determine if it’s something you’d want to do on a full-time basis or if it’s what you want to do at all.
Tax Expenses: You can’t deduct the expenses you put into your hobby on your taxes. But you can deduct expenses from your business on your taxes. Expenses you put into your business are tax deductible and could prove helpful during tax season.
Disadvantages of Turning Your Hobby Into a Business
Immediate Pressure: Some people love doing their hobby on their terms with no pressure. When they turn it into a business, all of a sudden so much more is on the line. There’s more pressure and seemingly more hoops to go through. As a result, they end up losing the joy from all the stress of trying to be a business.
Being Business Minded: Becoming a business means you need to be more business minded. It means selling, financing, competitor research, planning, etc. For some, this can be too difficult, and they find themselves losing themselves. They may even find themselves losing interest in their hobby. They feel they’re trying to be someone they’re not. On top of that, there’s too much to learn.
You’re The Boss: For some, this is a good thing, but for others, not so much. If you’re not good at being business minded, you realize in the world of sink or swim, it could mean tanking your business. You may not be the best fit to run your business.
Let Me Help
If you’re considering turning your hobby into a business but feeling a little lost about how to go about it or feel you lack the experience to be successful, that’s normal. Most people who pursue entrepreneurship for the first time feel lost. But you never have to go it alone … because I have resources to help. Visit my website to get entrepreneur information through my blogs and podcast. Visit my freelance writing site if you need help creating content for your business, or schedule goal setting with me just to talk about the next steps.
It took me a while to get from doing gigs here and there to thinking more like a businessperson. Building a business takes time; it’s nothing that can be rushed overnight. The important thing is having a realistic game plan going into it. Never start a business without a plan.