So your hobby is running faster than Pokémon Go! It may or may not be faster than that- but you are struggling to maintain orders with Great Auntie Sheila and Uncle Bob and are remembering about leaping into the breach and transforming your hobby into a business. So what is the difference between a business and a hobby?
Basically, a business is carried out to make a profit while hobbies are sold for a few other reasons, which frequently incorporates the covering of your cost, making relations with only a few friends and families because they love to do whatever they do. A hobby can be defined as a leisure activity that you can perform during your free time simply for freshening up your mind
Other than the most usual consideration of things such as making a profit and what is legal should be marked with dotted and crossed lines such as (business structures, and taxes). The people considering hobbies at their utmost usually don’t think of them when they are crossing their lines from hobbies to business. These are a few important questions to be considered while making decisions to take your hobbies to the next level
Transforming baking into a cake and arranging flowers in a flowerpot is not always considered icing on the cake, but it even initiates getting up early in the morning, waking up long late at night for all 7 days a week and frequently the process of learning initiates with a jack of all trades, weaning multiple hats at once with no good listener and security.
Eventually, transforming your hobby into a business is a bit more than just carrying out the activities you enjoy a lot and even sometimes your dreams can transform into a fancy. A few complicated questions are listed below:
1. Will I be able to accomplish my hobbies on a deadline?
You are not doing any favour for your friends or family or you are not making and baking anything. Even you are not preparing something for the one who has paid money and expecting delivery within a certain period. Even you don’t have any time constraints for creating a masterpiece.
2. Will I be in possession to enjoy my hobbies when there is financial pressure involved with my performance?
There lies a tremendous difference between earning money for lipstick or a Bali vacation and requires to increase sales for the sake of paying rent.
3. Will I be in possession to fix the price myself?
Are you in possession to sell yourself and your skills which are worth it for you? Fix a price point on yourself and fix it. You should believe in yourself that you are worth it.
4. How do you introduce yourself and your business to others?
If you severely wish to establish your business then the first thing which is required is full commitment and dedication. Your lunch and coffee hours can’t interrupt your business hours. Ensure that your friends and family appreciate the responsibilities and limits you set. You should set an example of leadership in order to run your business.
5. Do I retain additional hobbies which I can perform for pleasure or satisfaction?
Now your hobby is longer considered ordinary. It is now your business and you are required to look for something else which you can execute during your spare time
6. Are you all prepared to get serious?
I don’t mean to say that you need to be dressed up or lawyer up but you need to be sure about the numbers your time and certainty that may come across while running your business.
Numbers exhibit detailed information, Data and analysis inform you about the things which are working and not and the most crucial aspect is that your business is making a profit. This is the reason you are still running your business happily.
There is something that lies beyond this but only if you believe that running a business is not similar to chasing a hobby. It is something more than that. It also has the strength to be more fruitful.