How can I turn my hobby into a home business?

How can I turn my hobby into a home business?

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It depends entirely on what you make and why you make it. If there’s a market for what you’re making you may be on to a good thing. If, on the other hand, you are making things purely for the enjoyment of it, you need to consider whether upscaling will kill the passion and make it a chore rather than an enjoyable past-time.

Some questions you need to have answers to are:

Who will buy your product? Your friends and family can only support you so far.
How much are they prepared to pay? You can’t always rely on family or friends to give you an accurate figure. Ask them if they’d be prepared to pay X, and then ask someone you don’t know the same question.

Are you in the right place at the right time? In other words, how much money will you have to spend marketing your product? Advertising costs money, so you will need to track the kind of return you get from ads in local media and/or online with Facebook or Google.

Are you willing to make this a full-time business? If it’s just a hobby you might want to stick to weekend markets or selling on sites like Etsy that specialise in all things handmade and hobby-craft. If your answer is yes, are you able to upscale to make it sustainable? This means is what you make scalable and would you be able to train someone else to help with production?

Can your hobby support your lifestyle? This answer will come with market research, not speculation, so make sure you do your homework thoroughly. If your business isn’t able to support your current lifestyle, are you prepared to downsize to live your dream?

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