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Turning a hobby into a business: what are the pitfalls?
WHEN you’re good at something - something other people value - it seems the obvious choice to think about monetising that skill.
That initial
euphoria when starting your own business can turn to deep sighs as the reality of the situation kicks in."
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You might be someone who can paint, someone who can write, someone who can sew or someone with an eye for carpentry. Turning a hobby into a business has an awful lot going for it: you already possess the skills needed to be at the top of your game, you’ll have an excellent idea of your work rate (how much you can produce and how often), you can accurately predict your overheads, and chances are you’ll probably already be in possession of most of the materials and the space you need to produce the end result.
If you do need to stretch out a bit, then renting office or workshop space is an exciting option and one that you may embrace. Feeling like you’ve gone the extra mile to give your business its own professional identity can help immensely. Then there’s the fun of setting up, deciding on a business name and bringing a website to life... what’s not to like?
Well, there might be a few things. Aside from the fact that you may find your once-relaxing hobby turning into a chore, there are one or two more factors to consider.
That initial euphoria when starting your own business can turn to deep sighs as the reality of the situation kicks in. While plenty of start-ups have to get used to the idea that the money may not come rolling in initially, it can be far harder for hobby business owners to accept. After all, everyone you know said they’d buy your product and by your calculations you should be raking it in by now. Sadly, it doesn’t always work like that and while your expectations are high, they must be managed to avoid confidence- eroding disappointment.
Another factor to consider is the need to learn other disciplines to help run your business. Alongside the art of doing what it is you do, there’s marketing and your accounts to name but two. Throw in some admin and managing customer relations and it may seem like the fun part of your job is taking a back seat. If you find any of these
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