Having a fulfilling work life is all about loving what you do. That’s why, if it’s all possible, turning a hobby into a new job is one of the best things you can do in terms of a career move. For most people, this almost certainly mean self-employment or a small business start-up, so it’s vitally important that you do your research and plan thoroughly for the move. Above all, don’t give up your day job until you’re know you can make a living from your new career.
Transitioning a hobby into a profitable business isn’t going to be easy. It takes a lot of work and commitment. The good news is, it can be done. Anything that takes skill, time and effort – and can generate money – is a job.
Cash In On Your Passion By Transitioning A Hobby Into A Profitable Business
Everyone is good at something, whether that’s writing, cooking, a craft, art, music or sport. If you’re truly passionate about your skill and want to turn it into a business, the first thing you need to do is find out if you can monetise it. The best way to do that is to see what demand there is out there for what you do.
Start by researching ways you can get you skills out there and get paid for your efforts. This might be through a freelancing or sales platform, a community hub, or the gig economy. Just be aware that if you’re already working a full time job, you’ll have to build up your business in your spare time, so you mightn’t have much time for anything else – until you’re confident to transition into your new career full time. If things are going well, one way to gradually facilitate the transition is to ask your boss if it’s possible to reduce your hours in your current role – even if just temporarily. That way, you can see if it’s actually possible to make a living from your new job.
Have You Got What It Takes?
No matter how good you are at what you do, you will need to learn new skills to success as a small business start-up. The first of these, and arguably, the most valuable, will be marketing. You’ll need to sell yourself, as well as your business idea and you’ll need to acquire the tools you need to operate your new venture successfully and efficiently. This may require investing some of your own money. Other skills will be needed to complement your primary talent. You can be the best piano player in the world, but if you don’t have the ability to teach, then you won’t be very successful as a piano tutor. So, in terms of career development, it might be beneficial to undertake the necessary training to gain these skills before going full time with your hobby.
One final thing to take into consideration is, if you commit to your hobby full time, will you still enjoy it? Sometimes taking a part-time hobby and making it full-time with all the pressures of running a business can take all the joy out of something you used to love.
But that hasn’t stopped more people from trying. In 2012, just 17% of new start-ups were based on the owner’s hobby. By 2017, that figure was 40%. It’s not for everyone, but making a living from something you love can give a huge sense of pride, achievement and be incredibly fulfilling. And it’s never too late to try.
Interested in finding out more about the subjects raised on this page?
Simply click on the tags below to read related blog posts...