What is that one thing you look forward to doing after toiling away at your 9 to 5 job? Is it playing video games? Making origami animals? Writing short stories?
From knitting to collecting baseball cards, your hobby has all the potential in the world to become your business venture.
The only question is, how?
The answer is simpler than you might think, but it will take a ton of hard work to make it possible. Read on to explore all the tips and tricks you’ll ever need to make money off your hobbies!
Make Sure You’re Ready to Launch!
Starting a business doing the thing you love might be exciting at first, but if you aren’t prepared to tackle the roadblocks that will inevitably come your way, you may be in for a rude awakening.
This is why it’s best to outline your approach to making your business profitable before getting started. You’ll want to ask yourself these questions:
- Can I afford to launch my business?
- How much work will I have to put into it to make it profitable?
- Do I have the scale factor on my side?
- Does my business satisfy an unmet need or want?
If you answered yes to any of these questions, you’re well on your way, but you’ll want to prioritize all of them and more if you want to create a path from start to finish.
The Scale Factor
Perhaps the most important but least understood factor in starting a successful business is the scale factor. With the advent of the internet, a mom and pop business venture can transform into a national or even international product.
Think about it.
Why would you restrict yourself by starting an upholstery cleaning business in the middle of your neighborhood, when you can have that and create an e-commerce platform around it that exposes you and your business to the entire world?
With the advent of the internet and delivery apps like GrubHub and Doordash, there’s no excuse not to get with the times and turn your mom and pop business into a global sensation.
Be Aware of Business Expenses
Starting a business often isn’t cheap. If you want to reduce expenses, you’ll need to learn about tax liabilities and benefits. You can save exorbitant amounts of money in taxes just by deducting business-related expenses and reducing your tax liability.
That’s right. If you have customers lining up to buy your silly balloon animals for their children’s birthday parties, you’ll want to get in touch with a tax advisor. They’ll help you to determine what parts of your business expenses you can write off when tax season comes around, including balloon costs, helium costs, boxes, stickers, brand labels, etc.
You’ll also want to make sure you protect yourself from liabilities so your business gets sued and not you. You never know if Little Sally will be allergic to the material you use to make your balloons. Protect yourself and your house by incorporating your business.
Know What You’re Getting Yourself Into With Your Business Venture
What was once a fun hobby can turn into a chore if you aren’t prepared for the hard work that comes with managing your own business. There’s nothing quite like being your own boss, but all of that hard work can have an adverse effect on the relationship you have with your hobby.
Consider whether or not you’re willing to allow stressors such as meeting strict deadlines and receiving occasional negative product reviews to interfere with what was once a relaxing hobby.
When All Is Said and Done…
If you’re willing to push past these roadblocks and sell your passion to the world, then, by all means, march forward and turn your hobby into a business venture that could impact millions.
Here’s a little tidbit to unlocking success in your business:
Don’t do it for yourself. Who cares about what you want. Find out what your clients want and how you can use your hobby and your skills to meet their needs and wants!
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