You are talented. You are skilled. Maybe you are even blessed in a particular area. You might be an incredible artisan or a creative gourmand or a gifted musician. Your friends and family stand in awe and the people you meet constantly tell you “Wow! You should do that/sell that/play that/make that for a living!” And you think, “Hmm, I really love doing this in my free time. maybe there’s a way to make money from it!”
Besides trying your luck at singing/dancing/cooking/designing/ reality show-fame, this blog will give you the pros and cons of seeking to turn your favorite activities into a full-time career.
The pros should be obvious. You have found something in life that you are good at and enjoy. It probably brings you constant joy, satisfaction and fulfillment. Additionally, you may get really positive feedback on what you do from friends, family and even strangers! It’s not hard to see why you shouldn’t try and pursue your passion and also reap monetary reward- especially if you see other people seemingly doing it around you. Let’s look at the cons to bring us down to earth.
Monetizing options will vary from hobby to hobby, so let’s take one example and then expand it to other areas. Let’s say you make the most incredible earrings and believe that they can be your ticket to fame and fortune. Great! The path from making nice earrings your mom loves, and building a moneymaking earring brand is filled with different elements that have nothing to do with the actual creation of those earrings. Take a look at these questions and see how you would respond.
Do you have basic business skills? Do you know how much materials will cost, how time intensive the earrings are to manufacture?
Do you want to sell them yourself? On the internet? At crafts fairs?
Are you ready to work in all areas of your business? ie not to just be the artisan, but also be the accountant, manager, and marketer?
Do you want them carried in stores? Do you have the ability and temperament to reach out to vendors?
Do you do well with deadlines? If a vendor needs 5,000 pairs of earrings in 2 weeks, can you make that happen?
Will you be working alone, or are you open to taking on help? Can you afford to take on help?
Would you want a partner in this venture? Investors?
Will you market them on your own or outsource to a marketing company?
Are you producing something the market wants or needs? Is this something niche that only a few people will want, or will it have widespread appeal?
Will you enjoy making these earrings all day, every day, for months and years?
If you use this hobby for relaxation purposes, will you be able to find another outlet to relax?
These questions are only a sampling of what you will have to think about when embarking on a new business, but it’s definitely a good starting point. Don’t forget to consider what your day-to-day work life would look like, and how your schedule might change. And if you’re still motivated to transform your hobby into your profession, use an position as the ultimate testing ground. Browse our placements, or contact one of our advisers to see if we have a placement to match your interest.