Do what you love and you will never work another day in your life. So the saying goes anyway. Often times retirees, those who find themselves unemployed or stay at home moms discover a hobby can be a source of income. Even if you do not plan on your hobby sustaining your living style you may be able to use it as another stream of income. Turning a beloved hobby has advantages but it is not without disadvantages.
An advantage of turning your hobby into a business is your enjoyment level of your hobby. This should translate into the enjoyment level of your business. You most likely have all the equipment needed so your investment will be considerably lower than if you start something new. Since your friends and relatives know this is your hobby they will trust your work and give you great recommendations. Word of mouth advertising is treasured gold. Your sheer experience with your hobby will make it an easy leap and you will most likely not require education.
The advantages are so inspiring that one could easily forget there is a downside. One disadvantage is burn out. I know this first hand when I decided to turn my love of baking into a business. Let’s just say I did not love it as much as I thought I did. I loved it like a hobby not with the passion it takes to run a business. When one begins to resent her whisk it is a good indication that baking is not a good business idea for her. Additionally, you may not be prepared for business costs associated with your hobby. You will have to determine how much each item costs and how much you need to charge. You may find that your hobby is expensive. Also keep in mind that there is not a market for every hobby. You may not find many willing to hire a bird watcher.
Do your research and find out the cost of turning your hobby into a business. You already know how much it costs to make one birdhouse but how about ten or twenty? Is there a market for it? Will you lose a relaxing hobby because you turned it into a high pressure business? Hobbies are hobbies for a reason; enjoyment and relaxation. If you lose either element than it is to your disadvantage and you will lose more than you gain.