by: Carly DeFelice
Have you ever wanted tips on how to turn a hobby into a business? Do you hate your job: whether it is having a bad boss, lousy pay, or a nonexistent work-life balance? Everyone is constantly changing jobs, and often times adults, still wonder, “What do I want to be when I grow up?”
Is the answer then ditching your 9-5 jig and turning your passion for yoga, sewing, or whatever it may be into your very own business?
Be warned, The New York Times reported that, “Career switchers have found that going solo comes with its own pitfalls: a steep learning curve, no security, physical exhaustion and emotional meltdowns.”
Pursue your passion, but before you do here are three tips on how to turn a hobby into a business.
1. Get ready to wear a lot of hats
If you love baking and dream of opening up your own bakery, realize that a lot of your time for the business will not be spent on that activity. Inc. magazine estimates that only 15% of your time will be spent doing the activity that you love. In the beginning you’ll be wearing a lot of hats and most of them you will have no experience in. You’ll be the baker, but also the CEO, brand ambassador, accountant, social media expert, web designer, customer service, and sales rep.
2. Don’t quit your day job
You have so much passion for your hobby and you know you’ll do everything in your power to make this business a success, but you haven’t yet. The last thing you want when building your business is a having a double digit balance on your bank account, or worst yet raking up high interest credit card debt to pay for the necessities like food and housing.
Sara Blakely, founder of Spanx and Forbes listed youngest female self-made billionaire, had a day job of selling fax machines door-to-door while she started her women’s shapewear company, Spanx. Take the financial pressures off by keeping your day job or having at least steady part-time work when you start your business.
3. Dream big, act now
Keep dreaming big about turning your hobby into a business, but also start acting. It is natural to fear failing, and be timid in starting a business. Or to let perfectionism and the need to have a grand launch, put you into overwhelm and then delay you from starting. Action cures fear.
If you want to turn your hobby into a business start acting now.
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About The Author:
Carly is an Austin entrepreneur, millennial, marathon runner, world traveler (20 countries and counting!), and University of Texas finance graduate. She went from owing over $34,000 to becoming debt-free with a nest egg over $100,000 by age 26. She created a class about money to teach how to get out of debt, invest, save for a rainy day, and plan for the fun things in life like buying a car, home, or even going on a once in a lifetime trip. Get her weekly posts on life and money here.