Business Advice by MsFiscallyFit

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MY OWN BIZ
A Guide for the Business Professional


Hobby or Business with Potential?

Do you have a hobby that you just love?  Do you have a talent that others admire?  Would you enjoy making an income out of your hobby?  Then maybe you can turn your hobby into a business.

Points to Consider:

    • Is there a market for your hobby?
    • Are you willing to work at your hobby instead of playing with it?
    • Start small -- think Big!

Is there a market for your hobby?

If you are very knowledgeable or if you have good business contacts can you leverage these to start making money?  Do people always consider you to be a source of information or do they occasionally buy things you make?  Let's say that you are very good at designing and making gourmet food gift baskets at holiday time.  You know where to find the best baskets at some of the best prices, you have knowledge of where to find delectable gourmet foods that amaze your friends' taste buds, and you have a knack for selecting elegant design touches for these baskets.  Your friends, impressed by your talent, order baskets from you. This may be the foundation of starting a gift basket business.

Are you willing to work at your hobby instead of playing with it?

Hobbies are fun and done at one's own pace.  Hobbies are to enjoy one's time and to escape the pressure of the day.  So will you be willing to work at it and take on responsibility of servicing customers.  Customers expect to be serviced and to receive their purchases in a timely manner.  After all, they are paying for performance.  Turning your hobby into a business means adding some time commitments and some pressure to perform.  If you are not willing to meet these head on then you will not be successful in your endeavor.

Start small -- think Big!

If you are not sure if you have a market for your particular hobby or whether you are willing to make a business commitment then start off small.  Tell people you know that you are starting your own business.  Let them be some of your first customers and ask them to refer other customers to you.  Starting small will give you the feeling of being in business without having to dive into it full time.  Even though you have started small, you must think big.  If you later decide to go after your new business on a full time basis, these first customers (your friends) can become your best advertisers.  Treat them as if they are important.  Impress them with your talent and businesslike manner!  Remember, you are looking to the future -- first impressions are lasting impressions!

Take these points into consideration when deciding if you should take your fun hobby and turn it into a business that has the potential to turn into a full time venture.

 

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