Is Your Business A Hobby?
The term “business owner” is a sought after dream by many. We imagine the freedom of being our own boss. No one to answer to. Maybe you can even turn that hobby of yours into a goldmine. It does work out that way for some and we applaud them. It takes talent, perseverance, and dedication to turn a hobby into a family-supporting endeavor. We aren’t here to throw cold water on your dreams. What we do want to do is get you thinking before you quit your day job. It is terrific to be able to make a living from things you love to do. The key is to make sure you CAN make a living at it, before wasting your time and efforts chasing that dream.
Can Your Hobby Be A Business?
How do you know if it is a Business model or a Hobby? We put together these three steps to help you decide if the opportunity before you is a viable business. This is by no means a complete list of things to consider, but they should get you thinking:
How do you know if it is a Business model or a Hobby? We put together these three steps to help you decide.Click to tweet
#1. What do I know about business?
Before you ever decide to start your own business, take some time to learn how one operates. No matter what the business, they all have profits and losses, expenses, taxes, insurance needs, budgets, the list is quite long. Consider brushing up with some Adult Education Classes on the subject first.
#2. I love it but am I good at it?
You love to play guitar, does that mean you should start a band? You love to cook Thanksgiving dinner and everyone loves your potato salad, does that translate to a four-star eatery? Try to take a realistic look at how good you are in the eyes of strangers.
#3. Is there a long term, ongoing need for what I provide?
You may love quilts. You may be the best quilter west of the Pecos. How many people actually use quilts today in Las Vegas? How many people will buy a quilt in July? Can you sell your quilts for enough to compensate for all the hours it took to create? If your quilt took 24 hours of work to make and you only sell it for $1oo, your hourly wage is quite low.
It Doesn’t Matter What You Call It
Business or hobby, ultimately you are the one to decide whether you can make a living from working at your hobby or some cause that you love. There will be tradeoffs. You may have to sacrifice while you build a clientele. Like continuing your hourly job until you prove the concept of your business. You may have to eventually decide that you really can’t make a business of the thing you love. There is no shame in that. The shame comes from not being prepared for the challenges of running a business. From unrealistic expectations or imagined demand for what you are selling. A realistic, critical review of your abilities, knowledge, and dedication are the real cornerstones of starting or building a business. Are you ready?
Test Your Business Model At The Beacon Center
From pop-up shops to product introductions, staff training and more, The Beacon Center is here to help you test, vet or build your hobby into a business. You can count on us to have affordable, flexible and professional space to introduce your business, train staff or roll out new products and offerings. You can take a virtual tour or book your own private visit with our Owner, Becky Stonebarger to see how we can help you.