Everyone has a hobby they use to relax. Whether it’s mountain biking, knitting or paragliding – we all have something we enjoy that helps us stop thinking about work.
But is it time you took your hobby to the next step? Many people create successful business ideas from their hobbies, so why shouldn’t you do the same?
If you’re considering starting a new business based on your favourite hobby, you’ll probably want to make sure it doesn’t ruin that hobby for you in the future. Here are a few ways you can help create a successful small business, while avoiding turning your favourite past time into a dreaded chore.
How does it fair up under a deadline?
Creating a vase or two might be a relaxing extra-curricular activity, but when you’ve got deadlines to meet and orders to send, is it still a good idea to turn your once a week pottery class into a business venture?
Test your hobby by giving yourself a deadline before you set up at the business. That way you can get a feel as to whether it will stand the test of time, or whether you’ll resent it before you’ve made it to finishing your second fruit bowl.
Consider the length of time you’ve been doing it
If you’ve been doing your hobby for a fair few years, then you probably know just about everything there is to know about it.
However, if it’s your third attempt at fishing without having caught anything, it might not the best idea base an entire business model around it.
Your experience will be paramount to the success of the business, so don’t rush into anything before you’ve learned everything you can – both practically and in theory.
Find something else to relax you
Once you’ve created your own business, you will eat, sleep and dream it. It’s still important to have time away from work and clear your mind, but when your business is based on your favourite hobby that might not be something you can do to relax anymore.
While you might still enjoy doing it, that doesn’t mean you won’t constantly be thinking about work when you do, and how to capitalise on every second of enjoyment.
While you’re still welcome (encouraged, even) to continue with your hobby, it is worthwhile finding another past time to keep you relaxed – something that you definitely won’t associate with work!
Be wary of investing too much
You want to go in with guns blazing and do this thing properly, trust us, we get it. The issue is that while enthusiasm is always encouraged, putting all your eggs in one basket can be problematic.
Any start up has the ability to flop (and the harsh truth is that 90% of them do) but it doesn’t mean you should sacrifice the enjoyment of your favourite hobby too.
Start gradually and build up the amount of time you invest in your business. This way you can get used to the demand for the business and keep employed work while you find your feet.
Once your start up has found a decent income and steady clientele you can begin to think long term and quit the day job.
Create a business plan
A business plan is a must for any start up, but it is especially important when you’re working to turn your hobby into your dream business.
Fine tune your idea with details on your company’s mission statement, timeline and an insight into your competition.
Now is the perfect time to foresee any pitfalls that might occur and detail how you would overcome them should they occur. This will help you stay on top of obstacles and keep your love for your hobby burning that little bit longer.
Are you planning on taking your hobby that step further by turning it into a business? Share your experiences in the comment section below!