by Deborah S. Hildebrand

Created on: January 08, 2010

Ten Things to Consider Before Making a Favorite Pastime a Business

Do what you love, and the money will follow. – Unknown

For anyone who has ever considered turning their hobby into a full-time career, here are ten essential questions that need to be asked before taking that first step. Feeling a passion for something makes it that much more enjoyable. And for people who have hobbies they truly enjoy, turning them into a money-making venture could be a dream come true.

However, there are some very key things a hobbyist turned pro needs to consider before they start.  Here are ten questions hobbyists should ask themselves before turning their passion into a business.

Will it still be enjoyable if it’s work?

Repetition can breed dislike. Think of all those people on the factory floor manufacturing one widget after another. Many times people take up a hobby because it relaxes them and takes their mind off their work and worries. Turning a hobby into a career will remove this element. Be sure to consider that this will now be a day in, day out venture or what was once a passion can quickly sour.

Does the amount of money earned measure up with the amount of time invested?

It is important to understand how much people are willing to pay for services or products. Just because it takes someone five hours and lots of pain-staking love to put their item together, doesn’t mean it will have the same value to both people. That’s why proper pricing becomes crucial. If it is priced too high, it may not net a great return. If it is priced too low, the seller could be giving away the store.

How much space and time will it take?

It is very important for the hobbyist turned pro to determine the amount of space and time needed for this venture. Sufficient physical space for storage of inventory of both unfinished and finished goods as well as a reasonable number of hours needed each week should be determined in advance. Having a home-based business requires self-determination and motivation, and lots of hours may be required in the start-up phase.

Are there start up costs? 

Having sufficient financial backing to be able to meet expected production demands may seem far-fetched when first starting out, but it is important to be prepared for all situations, this includes investment in equipment such as computers or secondary phone lines. Along with having sufficient finances, it is equally important to have raw material resources. Even if that just

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