Do what you love, and the money will follow, right? Not necessarily.
While it may seem like a good idea to turn your passion into a business, there are some downsides that you should consider before taking the plunge.
- If you are doing something creative (eg making wooden toys) as a hobby, will it ruin your enjoyment of the craft if you have a huge order for toys and have to churn out a lot of the same item? If you spend days and days doing the same thing, you run the risk of ruining your hobby.
- If you enjoy doing what you are doing, perhaps other people also enjoy it. This might mean that you have a lot of competition and can’t command a high enough price for your items. Your hobby might not generate a profit.
- There is a lot more to running a business than producing the item (or service) you are selling. I’ve read of people who have found that they end up getting caught up in the paperwork and marketing side of the business, whilst having to pay someone else to do what they themselves wanted to do!
- Is there a market for your product or service? Who will your customers be? How much will they pay for your offerings? People might like what you do, but they may not wish to pay for it. Don’t be disheartened, just keep your hobby as a hobby.
A business of your own can be a great way to set yourself up financially. So I’m all for giving it a go!
From the autobiographies I’ve read, there appears to be conflicting views on whether you need to be particularly passionate about your product/service’s industry, or whether you just need to be passionate about the benefit of your product/service to your customer.
A business is a creation in itself if you are starting it from scratch. Your creativity can be expressed in how you go about growing your business.
Ultimately, your business needs to solve a problem that many people experience. If you love doing something that solves a problem for someone else, then perhaps you do have a viable business.
Go for it!