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A lot of people have been starting online businesses recently, and it’s a welcomed trend. Customers just have to browse through a seller’s online product inventory, fill out the online order form, submit their payment information, and wait for the product. Other sellers even go as far as to get services like InfoTrack’s Electronic Contract for Sale to make the online purchase experience even more legitimate for the customer.
Handling an online business is not that easy though. In fact, the pressures that come with managing an online shop are the same as business owners experience with a physical storefront. This is why people started turning their hobbies into work. If you think about it, profiting from doing what you love seems like a good idea. Plus, you’ll be your own boss, and who doesn’t love that?
But many people will tell how toxic even that can be, so before you decide if you want to turn your hobby into a lucrative business, you should ask yourself these questions:
Is my hobby my only source of relaxation?
If this hobby is something you do as an escape and something to keep your mind off of the stresses that come your way, then it would be best if you find another hobby to do in order to relax. Once you turn your hobby into a business, it may lose its relaxing effect.
Will I be okay with deadlines?
Depending on your hobby, you will probably be churning out one product after another at a speed that is faster than you normally would have done it for fun. Would that be okay with you? If not, then it’s best to find another interest to turn into a business — one where you would not mind the quantity and speed that will be expected from you.
Am I ready to face the challenges that comes with starting a business?
There are a lot of challenges in starting a business. It doesn’t matter if you love what you’re doing or if you’re merely doing it because you’re sure it’s going to sell well. One of those challenges is the financial pressures you’re sure to face. Remember that now you are pursuing this hobby in order to pay your bills, it’s no longer just a simple activity. It means a lot more.
Additionally, there are business roles that you’ll need to fill — the accountant role, sales, manager, etc. — especially if this is your first foray in business. To help you, read up on entrepreneurial tips for beginners and techniques on how to get started.
Would I be willing to market myself?
Prepare to sell yourself. Do not hesitate with aggressive marketing. Remember that starting a business is more than just building it. People will definitely not come if you leave it at that. You need to market it effectively. Right now, the game is being at the top page of Google, being visible on social networks, and keeping up with other traditional marketing. Make use of these, and do not hesitate to give out business cards whenever you can.
If you answer these questions and find you’re still game to turn your hobby into a business, then you’re definitely ready to take on the business challenge.
Most successful start-ups were born out of hobbies. As long as you have a healthy business plan and you consider what it takes to invest into your new business, it shouldn’t be a problem. Depending on the type of business, you don’t even need a large capital. And it’s always a good ideea to work with a business consultant.
OMG, I am constantly teaching my fashion entrepreneur clients that starting a boutique requires more than just a love of fashion. There’s the behind the scenes work that can quickly turn people off from fashion retail. Or any hobby turned biz. I totally agree with this article 👍🏾