These days, many people are picking up side hustles to earn more money. Many of these hustles end up as business “pet projects” that are based on the owner’s hobbies and interests. While this might sound exciting for you, it’s important that you make a few considerations before you get into one yourself.
To help ensure that your passion turns into a successful business, here are the three essential questions you should ask yourself first:
1. Is there a market for it?
The first thing you need to consider is the market for your business idea. There’s no point in investing time, effort, and money into something that people are not interested in. Sure, passion is an essential factor behind a thriving business, but passion alone can not sustain it. Keep in mind that just because you have passion for something doesn’t mean it’s something that a lot of people want.
Identify the market and determine its size. You can talk to professionals, such as a business coach and consultant, to help you direct your efforts appropriately. Another thing to do this is to test it out by going to events, fairs, or opening an online store. This will show you whether your idea generates interest and how much people are willing to pay for the product or service.
2. Do you have the time?
Getting into a business is not a part-time job. Once you commit to it, you have to work on it to thrive. An important question to ask yourself is the amount of available time that you have. If you have a full-time job, are you willing to give it up to venture into a business? If you don’t want to leave your job, then how are your time management skills?
It’s not impossible to juggle a few things at once, but it’s going to be a tedious task. That said, you need to have time for it to achieve the results that you want.
3. Are you ready to get down to business?
A hobby is something that you fully enjoy, but when you mix business into it, that’s when you need to deal with less enjoyable parts. Are you ready for that? There are many responsibilities in owning and running a business—from creating a business plan, getting loans (if needed), scouting for a place, and hiring people.
You need to be 100% ready to turn your hobby into business before you fully commit to it. Always remember that running a business is not the same as pursuing a hobby.
Turning a hobby into a business is not a walk in the park. As mentioned, there’s a significant difference between pursuing a hobby and a business. When you turn your passion into a business, you need to be ready for the responsibilities that come with—and to tell you, some are not exciting but nonetheless necessary.
By asking yourself these questions, you will know whether you’re actually ready for a business or you should wait it out. One thing’s for sure, though: a business that stems from passion is a worthwhile endeavour that could lead you to success
One of the things that you need to have when starting a business is an accountant. Fortunately, there are online accounting firms that you can reach out to, such as The E-commerce Accountant. We help entrepreneurs minimise their tax and increase their profits. Contact us today.