There’s the old saying that a person should “do what they love and money will follow,” the implication being that if you love what you do, you’ll put forth a better effort and money in the form of profit will surely be the reward. You do know there’s no guarantee with that way of thinking, right? Not every hobby is a great business idea – but some might be.
You’re still going to have to work it, market it, bring in new customers, sweat the bottom line, and work your fingers to the bone. No surprise there. That’s the case with any business. And there’s no doubt that, all other things being equal, being interested in the topic you’re building a business around is easier than dealing in something you’re ambivalent about – or worse – disinterested.
So how do you know whether or not your hobby would be a good business? In short, you don’t until you do all the standard preliminaries that you would for any other business prospect. Research demand, write a business plan, talk to people you trust, check out the competition.
Remember, a complete absence of competition can be a good or bad thing. Could mean no one else has had the same brilliant idea, or it could mean others have already tried and failed miserably. One thing is for sure, doing what you love is ever so much better than what you don’t, and if it can be turned into an operation that pays the bills, so much the better.
The Creating Wealth Team
Flickr / TheHobbyGuy
