The idea of turning a fun hobby into a successful business might sound too good to be true. Yet, an American Express article gives us examples of entrepreneurs who have turned pastimes such as tennis, art, and board games into profitable business ventures. The list includes a tennis fan who couldn’t find the right way to keep score and decided to invent it in the form of a racket scorekeeper, and a woman who came up with a way to re-use silk yarn.
The truth is that there are some good reasons why this can happen. If there is a hobby that you would love to turn into a career then the following points show a few of the factors that can help this to be a successful move.
Be an Expert from the Start
One of the biggest problems with starting a new business is that it can take time to become an expert on the subject. The Small Business Association reports that 30% of all new businesses fail during their first two years after starting out.
This means that not everyone has the time to become an expert in their chosen field before they run out of time to make it work. Basing your business on something that is already something you enjoy means that you already an expert before you even get started.
Even if you aren’t involved in a highly technical role, this knowledge can help you feel as though you are in control at all times. This helps to avoid the situation in which you need to rely upon experts who know more about your business than you do.
Do Something That You Enjoy
Does working on something that you enjoy make a difference to your chances of success? It would seem to stand to reason that it does. After all, you are more likely to put in more hours and more effort to make it work if it is related to a pastime that you love.
With this list of motivational quotes from people such as Albert Einstein, Walt Disney, and Stephen Hawking we can see that success very rarely comes easily. However, author Paolo Coelho is quoted as saying that, ‘“When you want something, all the universe conspires in helping you to achieve it’.
Research carried out by the New York Enterprise Report found that a quarter of small business owners work more than 60 hours each week. This is likely to seem a lot less excessive if you spend all of those hours doing something that you love.
Understand What Other People Want and Need
The final factor is that of how you are able to understand the wants and needs of your clients. Many businesses fall down in this area due to the fact that the owner sees it as purely a financial venture and never truly gets to grips with the emotions felt by the people that they deal with.
On the other hand, if this comes from a hobby that you enjoy, you are likely to be able to relate to your customers. Some people even get their big business idea from realizing that there was a gap in the market for something they need for their own hobby.
If there is a hobby that you love then why not look at turning it into a business? It could turn out to be the best decision you ever take.