Everyone dreams about turning a favorite hobby into a career. What’s not to love about working for yourself and earning money while having fun? Unfortunately, not all hobbies can produce full-time incomes. How do you know when it’s time to turn your favorite past-time into a career? Three signs that your hobby might make a good career:
You’re already earning
If you already make money from your hobby, it’s a good sign that it could become a career. Making money is not the same as earning a profit, so be sure the costs of your hobby don’t exceed the income from it.
A good network
Having a network of contacts that know and appreciate your talents will help as you transition from hobby to career. Your contacts can provide referrals, which means more customers or clients. Marketing is a huge challenge for any entrepreneur and your network can be a tremendous help with getting the word out.
A high degree of motivation is necessary for anyone trying to turn a hobby into a career. You won’t have a boss standing over you or set hours you have to be at work. You’ll also need to handle the functions of a small business, including marketing and accounting.
A passing interest shouldn’t be counted on for full-time income. You’re much more likely to succeed with a hobby that you’ve been committed to for many years. Not only will you possess more skill and knowledge with a long-term hobby, but you’re also less likely to give up or get bored.
Turing your hobby into a full-time job takes a lot of hard work and patience, even if you’re already earning money on the side. Realistic expectations and careful planning are required before making the leap. For more on earning money from your hobby, read Home-Based Business For Dummies