Should Your Hobby be Your New Business?
September 29, 2015
You love to [insert hobby] but does that mean you should make it your livelihood? Here's what you should consider before making the leap.
Am I up for the challenge? Starting a business based on your hobby can be deeply fulfilling, but it almost definitely won't be easy. If you're looking for an escape, a life break, or simply a less effortful alternative to a straight job, then turning your passion into a business probably isn't it. You may want to talk to a few successful business owners before you start.
Learn about the risk and the rewards of an entrepreneurship. In an ideal world, we would all love our jobs and be pursuing our passions while we make a great living. Sometimes that is just not possible or it will involve extraordinary circumstances.
Will I enjoy doing my hobby on a deadline? You love baking cakes for friends and family, but according to Candice Landau entrepreneur and BPlans site editor, you need to dig deeper and be honest with yourself: Will you enjoy turning cakes out day in and day out under time pressure for years on end?
Will I enjoy doing this with a financial gun to my head? Landau writes, "There's a difference psychologically, between doing something for fun and doing it because if you don't, you won't be able to pay rent. Anticipate this truth and think deeply about it.
Is this hobby my outlet for relaxation? If you love to take pictures as part of your leisure time, you will, as Landau states, have to find something else to do to unwind your hobby will no longer have that effect.
Making your hobby your new business is not an easy task as stated above. However it has been done by many people and they love doing it. If you have truely considered making your hobby your new business please give Compton Accounting a call so we can help point you in the right direction 309-484-8888.