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5 Reasons Your Hobby May Not Work as a Business

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Here’s an experiment you can try, ask any person what business they would love to launch if they had the budget at this very moment. They will probably relate the ideal business to one of their hobbies. People who love reading would love to have their own bookshops, and those who know everything there is to know about herbs would gladly open a teahouse with blends from all around the world. Well, starting a business you’re passionate about is not as easy as it seems.

If you try to grow a business out of your hobby, you’ll start thinking of different ways to make it profitable, so it will slowly lose the beauty you once recognized in it. Don’t worry, that doesn’t mean you cannot start a business related to your interest. You can, but first you have to be aware of the pitfalls, and you need to learn how to avoid the traps.

Here are 5 major obstacles on the way to turning your favorite activity into a successful business:

1. Lack of knowledge and real expertise

When you’re doing something as a hobby, you’re focused on the nice things that come with it. If you like reading books, you have unspoiled love for literature and you know little or nothing about publishers, store management, prices, taxes, and budgeting. If you open a bookstore, the business will be related to literature, but you’ll hardly find any time to enjoy literature the way you used to.

Here are few tips to help you handle this risk and to become a good entrepreneur:

  • Learn everything there is to learn about the type of business you want to start. What expenses will come with it? What connections do you need to start this business? How much money do you need to invest? What’s the demand on the market? What’s the potential for growth? In other words – become an expert not only in the hobby, but in the business as well.
  • Always make time to enjoy the hobby the way you used to. As you learn more about your hobby, you’ll start seeing everything from a theoretical point of view. Let’s say you want to start a fitness center. No matter how much you learn about nutrition, muscles, and different types of physical exercise, you should always engage in your hobby with pure joy, at least for one hour per day.

“If you’re trying to create a company, it’s like baking a cake. You have to have all the ingredients in the right proportion.” – Elon Musk

2. Deadlines ruin the fun

If you want to start a business, get ready to face some pressure regarding deadlines. You’ll have a deadline for everything; setting up the store, launching a website, organizing a competition, providing documents to your accountant, etc. All that pressure will make you think, maybe this hobby isn’t fun after all.

 

3. Financial and legal matters

Some people love perfumes and they can recognize every note in a scent. They can tell you a lot about a person based on the scent they prefer. Does that mean they can start a successful perfume shop? Not necessarily. The most common pitfall for all passionate people comes in the form of financial and legal matters. You may have enough money to start but it’s not enough without knowing how to invest that money efficiently.

It will take a lot of time for you to understand how everything works, so the best solution would be to take a course related to small business maintenance. You’ll have to be educated on the regulations of your state before you can start a business.

 

4. You’ll find yourself in different hats

First of all, you’ll be the founder of your business. You’ll be responsible for the supplies and organization for the entire company. You’ll also need advanced budgeting skills, and you’ll be the manager of your employees. If you don’t have many employees at the start, you’ll also be a seller. In other words – you won’t even notice the hobby among all those responsibilities.

The best way to surpass the risk of having too much on your mind is delegating. You should consider employing more people or outsourcing certain tasks, such as press release or blog writing, website maintenance, social media management, etc.

“If you really want to grow as an entrepreneur, you’ve got to learn to delegate.”  – Richard Branson

5. Tons of competition

Let’s face it, you’re not the only person on the planet with this hobby. Many people have already thought about starting a similar business, and few of them have succeeded in their goals. Moreover, there are plenty of companies that have worked out the ‘business’ part of this hobby. You’ll see tons of brands producing yoga clothes, but their owners know nothing about yoga.

In simpler words, you have to stand out! You have to master marketing techniques. If you know nothing about marketing, you can always take an online course before starting your business.

Add a twist that makes you different. There are tons of customers for any kind of business, but you need to attract your target audience with brand new ideas and original offers. Since you already have this hobby, think about the things that are missing on the market. How can you make this hobby more enjoyable through the services or products you’ll provide?

With all this serious talk, maybe you started questioning the idea of turning your hobby into a business. You should never doubt yourself! There is great potential in you, but it will take a lot of persistence, dedicated learning, and a wise approach for a successful start.

Have you tried turning your hobby into a business? What are you experiences from doing so? Please share your thoughts in the comment section below!

Rachel Bartee is a blogger and a marketing consultant at EduGeeksClub. She loves to write about things which are on her mind and can be of use to others. She feels inspired by her morning yoga and personal development classes she is attending at the moment. Follow her at Twitter.

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How Your Friends Determine Whether You Succeed or Not

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Can anyone do without having friends? We all have our friends, we share ideas with them, talk together, have fun, and fight. Yes, that’s the baseline of friendship. But, do you know that aside from you, your friends can determine whether you achieve success or not?

There are two things in friendship which are the ability to ”love” and the ability to “influence”. This means you are loved and you are influenced. How do your friends affect your success in life? How are they one of the biggest deciding factors of your success? Let’s find out.

What type of friends do you keep? 

First, what type of friends do you keep? Who do you call your best friend? There are two different kinds of friends, good friends, and bad ones. A lot of people have lost their pathway to success and some have also found their road to success all because of the friends they keep, the people they mingle with. 

Who is your best friend? Answer carefully. Having a best friend means you find each other compatible and understanding. Analyze who your best friend is. If your best friend has not motivated you to do something positive, if who you call your bestie has never given you positive advice, lastly if your best friend has never informed and advised you on your shortcomings, then you don’t have a best friend.

This quote tells us “birds of the same feather flock together”. Countless people have changed from their good nature into a bad one all because of friends. One thing to note is, “negative people move with negative aura”. If your best friend is filled with negativity inside-out then you will surely be affected by his/her negative aura.

They influence your success with positivity or negativity 

The friends you keep can either influence you with positivity or negativity because your friends have the power to change your kind of person completely. 

This is how your friends influence you:

  1. They influence you indirectly with what they do
  2. They influence you directly by teaching and giving you advice 

Yes, that is how they influence you. For instance, you watch a movie and you like the way the actor walks. The question is if you truly like the way the actor walks, won’t you try to imitate the actor? Of course, you will.

Just the way you imitate the actor is the same way your friends can influence you with their character. However, the funny part is, they don’t have to teach you to do things like them. You just find yourself imitating and copying them gradually.

An important question to ask is, are you imitating a good friend or a bad one? If you imitate a good friend then you will be good, but if you imitate a bad person, you will surely become a bad person.

Everyone wants to succeed, a good friend will always teach, enlighten, and motivate you for success. A bad friend will only motivate you to do evil things (smoking, drinking, fight, envy,).

And you should know that things like that are a great enemy of success and even of God. So, if you have these bad elements in your life, how will you achieve success? There is no way!

And also, they can teach and advise you directly. But, what do your friends teach you? When you ask them for advice do they inspire you positively or teach you the bad stuff.? A lot of people have regretted lifelong decisions just by listening to the advice of friends. 

The company you keep has the power to influence and change you. Never forget that a positive influence will teach, motivate, and brush you up for success. While a negative influence will inspire you to become a bad person, change your good nature, and leave you with regrets in the end.

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The 3 Step Process to Building a Profitable Pitch

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As a communication coach, one of the top questions entrepreneurs ask me is how to deliver a winning pitch to potential investors. They want to know if there’s a magic formula to get an investor to say yes and buy into their dream and their business. (more…)

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The 4 Pillars of Wealth and Abundance

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Have you ever wondered what the formula for a wealthy and abundant life is? Many people have. Lots has been written about the subject of wealth creation and living an abundant life. It was a breaking point in my journey and pursuit of success when I found out that there is a clear path to achieve success in life. Thanks to those who have shared their journey, we can clearly see and follow the principles of prosperity. (more…)

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Here Are 4 Reasons Why You Should Have a Podcast, Youtube Channel or Online Show

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Confidence comes from a place of strong understanding of self. After close to three years on radio, I’ve grown from a shy introvert to a shy introvert with an extrovert persona. When the mic is turned on, I can channel a version of myself that some say is attractive, strong, and of course, confident but it wasn’t always this way.

What I want to share with you is what I discovered on this journey into broadcast that you can apply to your life, your ventures, and your personal development. This doesn’t require any fancy gear. It does require a leap of faith on your part because once you go down the road of media; it can change your life.

1. Perceived Expertise

When you go to a doctor, you expect their knowledge will guide them to a solution to your problems. When you have a show, you become your listeners’ doctor. For all the multiple thousands, maybe millions, of YouTube channels, podcasts, and user-created content in the world, each person that gets behind a mic takes a position on their passion, their opinions, and their themes.

They challenge the status quo for the benefit of their listeners in hopes to entertain and educate. With consistency on your side, those fans place you on a platform and give you permission to influence them.

2. Global Acknowledgement

One of the benefits to increasing confidence is when you receive thank you notes from people you may never meet. The feeling of enriching someone’s life from halfway around the globe, provides validation you’re enhancing someone else’s life with your wisdom and your wit.

The very first time I was told I was making a difference in someone’s life in a country other than my own, I felt like I caused massive impact that transcends my circle of influence. When you experience just how much you can cause impact and it comes back to you, it’ll change your worldview.

“Be grateful for what you have and stop complaining – it bores everybody else, does you no good, and doesn’t solve any problems.” – Zig Ziglar

3. Backed By Numbers

One of the most exciting ways to measure success is to quantify your growth. It’s not enough to just broadcast. Having subscribers and downloads helps to know, numerically, how well you’re doing. Word of caution. This can be a way to set yourself up for distress because of number envy but if you understand what the numbers mean; you can control the narrative of the numbers.

The major number that makes most people smile is 10,000. I’d advise it to be 1. Here’s why. As you grow in your industry, so does your reach. If you learned that the one person that subscribed totally changed for the better because of you, wouldn’t that be worth the effort?

4. Effective Communication

While it’s not talked about much, having a show is documentation. You create a dynamic account of your life, your industry, and the pulse on what’s important simply by having a show. When you find a channel to improve your communication skills, you demand attention and people will listen to you. You become more trusted as a leader and people will follow you once they believe you can lead them to their wants and needs.

“To effectively communicate, we must realize that we are all different in the way we perceive the world and use this understanding as a guide to our communication with others.” – Tony Robbins

These insights have helped many people become leaders and, ultimately, move others to their best selves. It’s worked for me and I hope it works for you. At the end of the day, it’s all about showing up and showing out.

Have you ever thought about having a radio show? If so, what would you talk about? Let us below!

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