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determine if people are willing to pay for your skills. Would they pay you enough to make it worth your while? Even if the answer to these questions is yes, will enough people be interested in buying the product or service to increase the likelihood that your business will be profitable?

The Unavoidable Business Aspects

There is more to managing your business than just the hobby aspect. There are serious business responsibilities that require constant attention, like book keeping and administrative tasks, product distribution, employee management (should you choose to hire outside help) and marketing. Assess whether you are prepared to take on these kinds of responsibilities. Even if you are willing, consider whether you are able. Be honest about how starting a business will impact important personal financial goals. Don't forget to factor in your current lifestyle. Do you have children that need attention? Do you travel a significant amount? Starting a business will change your life, so make sure you have the time, dedication and resources to devote to it.

Make Your Money's Worth

There are costs associated with starting a business, including money and time. You'll need to have enough physical space to conduct your hobby (work) and to store materials and supplies for your product or service. You will also need space to account for business related items such as office supplies, financial software, a computer, service equipment, and more. To ensure that you are profitable in your business, you will need to assess these costs and price your product appropriately. Pricing can be difficult when what you're selling is the product of your own hard work and passion. If the product is priced too high, people may not want to buy it because

they do not value it in the same way that you do. Conversely, if it is priced too low in order to encourage sales, you may not make a profit
at all.

Mind the Law

Be sure to review any laws associated with starting and owning a business, or consult with an attorney to do so. For example, you should research state, county or municipal requirements, including income, sales and other tax laws, and any business license requirements. If you fail to take these into consideration, your business could be over before it starts.

Find Your Customer

Let's say you have taken all of the appropriate questions into consideration and have decided to start a business. That is all well and good, but now you must begin to market your product or service. You are charged with the task of finding customers and letting them know about your business. It would be nice if getting customers was as simple as the "if you build it, they will come" philosophy, but people have to know about you before they can even consider your product or service. Think about who your target customers are and where they are located. Do you want to market locally, or are you reaching out nationwide? If it's the latter, a website may need to be in your repertoire of marketing materials.

With these considerations in mind, the right set of skills, and a little bit of hard work, your pastime really can become a dream career come true. Happy hobbying!