Everybody has an activity outside of their regular jobs that they love doing, like reading, knitting or cooking. You enjoy it, but you always have to find time in your busy schedule to squeeze it in. What if you could turn that task into a career? While it may not work for every hobby, it does happen. If you're considering ditching your day job for a profession you think you'll love, here are a few details you should consider.
Before you commit
Make sure turning your hobby into a business is something you're positive about. Once you start, you can't go back. You love doing it in your spare time, but will you still love it when it becomes your work instead of your pleasure?
Research is key, Nina Ries, principal of Ries Law Group, told Bplans, a resource that helps entrepreneurs get started. If you're going to start a business, you need to know if there is room in the market for your product. As part of her five-step process, she recommends learning the industry and brainstorming with your friends and family. If you decide to go for it, great! From there, you'll need to come up with a financial plan and begin the process of starting a business.
Changing careers
You decided to follow through. Good for you!
When you're first starting out, it's better to go slow, business development consultant Michael Kaleikini explained to Entrepreneur. Sell to your friends and family, talk to local stores, or open an online store using a site like Etsy to host your product. Etsy can even help you market your business through social media and eblasts. Once you start to garner feedback, you can alter your business plan to fit your needs.
Along with deciding where and how to sell your product, there are other details you should consider. Do you have enough money to make this into your primary job? If not, check out financial services at your community bank. Founder of Perfect Fitness Alden Mills said talking to business experts can help you succeed. You can also try one of the many crowdsourcing platforms, Trident Design, LLC president Christopher Hawker suggested in an article for Entrepreneur.
No matter how you go about it, once you make a decision, go all in, Ries explained to Bplans. Make sure you know what you're selling and why you decided to go down this path. Learn to market your product and put yourself out there. If you're successful and want to increase your business, look into licensing your product, which will make it more official, according to Hawker. If you love your hobby enough, you won't even feel like you're working.