Many people feel overwhelmed with the thought of coming up with a brand new business venture. They often overlook the potential business that is right in front of their eyes. If you already have a hobby that you’re good at and enjoy doing, why not try to develop it into a business. Below are six advantages of turning your hobby into a successful side hustle.
No need to learn a new skill
Oftentimes when you’re starting a new business, there is going to be a learning curve. If you want to become a personal trainer but don’t have a certification, you’ll have to take steps to meet the needed requirements. Not so with a hobby. More than likely, you’ve already been working on your hobby for years. You know what to do and how to do it. If you need to brush up on your skills, you probably already know where you can find free resources.
While I’m not an accountant or tax attorney, I do know there are certain tax benefits you can receive from having a business and even a home based business. There is a wealth of free information on http://www.irs.gov that discusses what deductions are available and who qualifies. If you’re still unsure, seek the assistance of a trusted professional.
You get paid to do something you enjoy
If you have a day job, you may not be doing something you really love or enjoy. But when you transfer your hobby into a business, you now get to do something that is meaningful and enjoyable. When you’re working on your hobby, it might not seem like work at all because you love doing it so much.
Minimal startup costs
Depending on how much you work at your hobby, you probably have everything you need to begin making some sales. One of my hobbies is sewing and I already have the sewing machine, a few patterns, thread and materials. If I decided to turn this into a side business, I would have enough supplies to make a sample outfit. Look around your supplies and see what you already have and what would be required to make a few samples if you don’t already have any.
Work at home
Many of us already have a set place in our home where we work on our hobbies. If that’s the case, you can use that space for your home office. Working from home not only has tax benefits, but it saves on renting space, driving to and from your office and helps if you have family responsibilities you need to care for while working. Using my sewing example for instance, I could start dinner, help with homework and then get right back to working on my business without having to leave home.
Built in clientele
How many times has someone asked you if you sold your creations from your hobby? I know people have asked me before if I could make someone for them when they found out I could sew. Most likely people already know about your hobby. When you begin your business, you can reach out to them and let them know you’re now in business and you’re ready to start taking orders. Even if they aren’t ready to buy, they may know of someone else who may be interested.
These are just a few benefits of turning your hobby into a side business. Naturally there are more benefits of starting your own business. Take the time out and make a plan to see if it’s possible to turn your hobby into a successful side hustle.
Have you already taken the leap? What hobby did you turn into a business?