Are You Ready to Turn your Hobby into a Business? Here’s the Checklist:

This blog is filled with hobby information, or ideas for how to enjoy your day.  But often people want to take that extra step and be able to make money by doing what they enjoy and have fun in their day.

So many entrepreneurs dream of starting their own business, and if this is you, you might be concerned as to whether you have what it takes to turn your passion into a lucrative organization.

There are always risks in making that commitment, but the rewards can be remarkable. Before you take the plunge of progressing your hobby into a fulltime enterprise, do this quick checklist; there are four key questions to which you should be able to answer ‘yes’.

Use this Checklist to Determine if You’re Ready to Turn your Hobby into a Business:

1) Are You Ready to Jump in with Both Feet?

The new venture has to be your number one (work) priority. You should be totally committed to seeing it succeed, and not get distracted by other opportunities while you are building the business.

This is actually a big deal, and many successful entrepreneurs talk about the importance of being able to say ‘no’.  If someone comes along with an investment idea (even if it’s a great idea) and it doesn’t fit in with your current path, you need to be able to decline it. Even if you just put in on the backburner until your current venture is up and running. Your project must deserve your full concentration.

2) Are You a Great Leader?

Your own business means your money, your responsibility, your name, and your decisions. You must be ready to make critical decisions, and be able to make more correct decisions than wrong ones.

What is Leadership?

On a side note, remember that Leadership is not Dictatorship. Leadership is about inspiring and influencing others around you to work hard and achieve either a collective main goal, or their own individual targets. 

Leadership is not necessarily one person commanding others, everyone on the team should have leadership qualities; you need develop and invest this asset into your team. This can be done by sending them on courses, team-building exercises, or just by giving them in-house projects on which to work.

Promote good leadership by giving supervisory roles to even the junior levels of your establishment. The attitude of top management, and the working environment which they create, will often determine the amount, and quality, of leadership within your organization.
Employees or team members need to be given opportunity to grow and develop their strengths.

3) Will You Be Able to Raise the Capital?

You might not be loaded with cash quite yet, but you should have a good plan (and a backup plan) to raise enough money to get your endeavour off the ground, and to see you through the first few months of operation.

4) Can You Keep Smiling?

A new business will undoubtedly come with lots of challenges and disappointments. You will need to expect this and be determined to keep a positive attitude throughout it all and see the potential opportunities in somewhat negative situations.

So there’s your check list. If you feel you’re ready to take the plunge, then go ahead and give it 100%.  I wish everyone all the best on their entrepreneurial adventures.