Most people aspire to love their jobs. While this is a good goal to live by, some individuals also want to turn their hobbies-past time activities such as making arts and crafts, baked goods, or clothes- into a profession.
For these entrepreneurial individuals who want to take their hobbies into a business yielding sizable profits, it’s important to consider a few key factors.
First and foremost is the notion of whether or not a hobby is viable as a business option. Whether it’s considering the cost in producing the finished good or calculating the amount of time that it’ll take to produce the product, it’s clear that not all hobbies can be profit-making machines.
In most cases too, turning a hobby into a business means a greater investment of time, money and energy. “A lot of creative people don’t think about what it means to turn their hobbies into businesses,” says Kari Chapin, author of The Handmade Marketplace: How to Sell Your Crafts Locally, Globally, and Online. “You go from being a potter to also taking on the role of accountant, photographer, Web designer, HR manager and errand person; there is a lot more to it than just deciding to start selling things.”
It may be the case for some that turning a hobby into a business may be too daunting a challenge. It may interfere with the full-time job one already possesses, as Erin Francis, a full-time legal assistant who runs a Richmond Hill, Ontario-based baking business Cake Pop It Like It’s Hot on the side found out. “It took so much more time (to fill an order) than I thought it was going to,” said Francis.
Ultimately however, those that manage to overcome some of the obstacles will find a very rewarding job that they themselves have built from something they love. If you feel inspired to start a business or expand a current business that you operate, look no further than Overnite Capital for financing.