The December holidays gave me time to breathe again for a bit. Sometimes I don’t realize how focused and tight I am until I get significant time to chill. One gift I got this past holiday was a Remote Control Helicopter. I hadn’t flown one of these in a decade. It truly was a blessing to get back into a hobby that I had lost touch with for so long. It helped me relax and focus on a different activity; A fun activity. So I got thinking; When should you turn a hobby into a business?
When should you turn your hobby into a business?
This all depends on your situation. Are you willing to mix business with pleasure? Your hobby really could make your day-to-day fun, but there is always going to be an admin aspect to it. Will you stop enjoying the thing you love?
For me, I have started a business in a new area, simply because I want to learn what online business is all about. And I am enjoying it, and still making time for other fun activities. But for you, it might make more sense to business your hobby straight from the get-go.
Once I get my online business business (Yip, the word has to repeat) running, perhaps I’ll start in a new niche. Maybe to do with another enjoyment of mine, dogs!
Hobby vs Business
A hobby is a leisure activity done in your spare time. You should have fun doing it and feel relaxed when done.
The benefits of a hobby can include:
- Learning something new and gaining knowledge in something you love.
- Feeling refreshed and fulfilled when done for the day
- Having something to look forward to when you are at work
A business is an entity that is engaged in commercial activity. There will invariably be some admin, billing, and tax concerns to look after. Also, lots of marketing. If it’s online, you’ll be writing tons of content each week, running ads, and connecting on social media.
The benefits of owning a business include:
- Managing your own time
- Some Tax benefits (Consult the tax professionals in your area on how to do this legally)
- Financial reward when the business grows
- Social investment on a bigger scale
How to turn your hobby into a side hustle
Now that you have decided to turn your hobby into a side hustle, where do you actually start?
Here is how startupnation.com goes about it.
- List your hobbies and passions
- Conduct market research
- Put Your Idea to the Test
- Take your hobby and turn it into a side hustle
And if you are ready to take it online, click on the blue bar below
Start Your Own Affiliate Marketing Business Here
Do you have to declare a hobby business?
If you decide to take your hobby into the business space, then yes. Make sure you run it like a business. After all, it’s what’s going to support you in the long run. Just by putting my blog etc into a business protects the way I conduct it. Re-investing all the time, and making sure it keeps growing.
With that, enjoy your hobby, and maybe even make some money from it
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