Turning Hobbies into Professions Binghamton NY
Turning Hobbies into Professions
5 Simple Steps To Turn Your Hobby Into A ProfessionAuthor: Gian Fiero
As a business advisor I'm constantly approached by people who possess extraordinary skill or talent to do or make something. Through their own admission, many of them are not business people, but they have a burning desire to turn their hobbies into a profession. This article provides simple, step-by-step instruction on how to make it happen, and offers key considerations that should be taken into account when doing so.
1. IDENTIFY YOUR REWARDS
Most people who are passionate about their hobbies often find them cathartic or therapeutic. While this is beneficial for you, the monetization of your hobby must have inherit benefits for others. For example, a painter who enjoys painting relishes the process of painting. The sense of accomplishment that comes from finishing a "work of art" is their reward, and that may be enough for him/her. In order to successfully turn your painting hobby into a profession that will sustain you, you will have to make the distinction between the craft and the product and determine which one can be monetized to successfully pursue and obtain additional financial rewards.
2. SELLING THE CRAFT OR THE PRODUCT
Painters such as Leonardo da Vinci, were employed by kings to paint portraits. They were paid for services rendered (their craft). Their paintings (their products) which were not commissioned works of art, were sold for fortunes - usually after their deaths.
For the person who wishes to turn their hobby into a profession, they have to decide if they are going to sell the services of their craft, or a resulting product made from it. Getting paid from the mastery use of your craft essentially puts you in a service position that requires work that can only be done by you. Anyone can sell a product made by you. Investigate the pros and cons of each option. In many cases, you will have to do both.
3. CATER TO OR CREATE DEMAND
Unfortunately, for many who would like to turn their hobby into a profession, the dream dies here. If you bake cookies, pies, or cakes, there's a high demand for them. There's also fierce competition vying for the opportunity to feed that demand. Either you cater to demand, or you create it. By developing a niche for yourself - something that only you do - you will improve your chances of competing and succeeding in your marketplace. Your buttercream chocolate cake will not be lumped into the same category as chocolate cake and develops a unique brand - and following - of its own that only you can supply.
4. PAY YOURSELF
As obvious at it may seem, many people who attempt to turn their hobby into a profession often overlook the fine detail of paying themselves. It's understandable; you are now transforming your hobby into a business which involves business transactions - none of which is more important than you paying yourself.
If you are seriously considering leaving your day job and making your hobby a full time occupation, just do the math. How much do you make per day at your job? Per month? Per year? This is a tried and true method of determining how viable and feasible your hobby can be based upon how much you decide to charge for your service/product. It also clarifies what your revenue goals should be when you turn your hobby into a profession.
5. CONSULT A TAX CONSULTANT
Most people who start a business don't think about utilizing the services of a tax attorney until after the fact. They are a tremendous source of information and can prove to be an invaluable ally as your business grows, in addition to making sure that you don't get into trouble with the I.R.S. for not paying your taxes or making imprudent deductions.
Finally, if you can retain the original passion that you have for your hobby when it becomes your profession, you will have created the greatest job for yourself. You just need to find the courage to take the proverbial leap of faith. Hopefully this article gives you a little more incentive to finally do it.
About the Author:
Gian Fiero is an educator, speaker and consultant. He is affiliated with San Francisco State University as an adjunct professor, and the United States Small Business Administration (SBA) as a business advisor where he conducts monthly workshops on topics such as business development, career planning, public relations, and personal growth.
Article Source: http://www.articlesbase.com/entrepreneurship-articles/5-simple-steps-to-turn-your-hobby-into-a-profession-799477.html