Although such advice often feels cliche, the fact remains that most of the public would love to ditch the nine-to-five grind to turn their free-time hobbies into full-time businesses. That said, many people are doing exactly that given the myriad of marketing channels available to them today.
Think about it. Vloggers are making a killing via YouTube right now by creating hobby-related content such as make-up tutorial and how-to construction videos. Meanwhile, the growing ecommerce industry has opened up a whole new world of selling products and goods for those who work with their hands.
But while everyone wants to do what they love and likely has the potential to do so, the biggest caveat of doing so in burning out. After all, when what you love to do in your free-time becomes intertwined with your income, stress is seemingly inevitable as you run the risk of losing your passion entirely.
If you’re mulling over the idea of turning your hobby into a business, consider these three tips to make sure you’re mentally prepared to make it happen and ultimately avoid burnout in the process.
Remember: Your Business Comes First
You can turn a hobby into a business, but that doesn’t mean you can treat your business like a hobby.
This piece of advice is two-fold. For starters, a business is a business first and foremost: you can’t afford to be wishy-washy about your financial well-being and only put in the hours when it’s convenient for you. Sure, you can do what you love and make money, but doing so often means a heavy investment of time and energy so you can actually make money.
Building a website. Marketing. The list goes on.
Also, bear in mind that there’s a difference between a hobby and a business from a tax perspective as well. Understanding the difference can likewise help you determine whether or not you’re you’re not willing to take the leap or financially test the waters first.
Accept the Price of Passion
Simply put, your hobby essential stops being as much of a hobby once you start profiting from it. Musicians represent a good example of this. There’s a massive gulf between playing and writing songs for your personal enjoyment versus touring and playing gigs night after night in order to keep the lights on. Doing what you love oftentimes means sacrificing a bit of your personal passion for your hobby in the process.
Focus on the Long-Game
Those who turn their hobbies into business need to focus on long-term goals in addition to short-term ones. Of course you need to do what it takes to pay your rent, but you should also think about how you’re going to build a lasting business versus exclusively trading your time for cash.
For example, you should seek out opportunities for passive income such as online courses and e-books in which you can sell your knowledge. Not only can such content supplement your bottom line, but also become your main source of income once you’ve been in business for quite some time. In short, understand that the early days of your business might feel like a grind; however, playing the long game helps you remember that it won’t be like this forever.
Transforming a hobby into a business is totally possible but requires you to ask some key questions of yourself first. If you think that you can turn your passion projects into cash, why not give it a shot.