Many purpose-driven people wrestle with big questions about hobby vs. business.
“Would it work for me to be self-employed?”
"Could I make a living from my hobby?"
Anytime you start a business or become an entrepreneur, there is risk involved. The details of your personal life may dictate how much risk you are willing to take on.
Some factors to consider:
- Are you a single-income household? Or do you have a spouse with an income that could float you during start-up or lean times?
- Are you willing and able to take an anchor job and transition into working for yourself?
- Do you have any children? Other dependents?
- Do you have a mortgage? Credit card debt? Student loans? Car payments? Savings?
- Are you close to retirement age?
- Can provide your own structure and accountability?
- Do you know about running a business, or are you willing to learn?
- Are you willing to spend as much time on admin as you are the fun part?
We all have life circumstances like families and bills. Your relationship to these situations and responsibilities, your career experience, and your comfort with risk will all contribute to the decisions that you make.
If you’ve never worked for yourself and are considering it, make it a top priority to talk to people who are working for themselves. Don’t just read a book or blog on entrepreneurship and call it a day. That is not adequate research. People tend to put their best foot forward in print and on the web. You want to speak with real people who can answer your specific questions candidly.
Talk to 5-10 entrepreneurs or freelancers who are doing something similar to what you think you’d like to do.
Self-employment is laden with blessings, but it definitely has its share of challenges. Do your research now so you can be better prepared to handle them if you choose this route.
And note: working for someone else or working for yourself do not have to be mutually exclusive.
This is your career to craft, and that can look anyway you like.
At the time of this writing, I work for myself at Create as Folk, but I also teach a class at the local university as an adjunct professor. Create as Folk is my main thing, but I love having the classroom in my life. It’s fun, it’s easy, and it adds variety to my day. I’m definitely better off having both self-employment and other-employment as part of my work formula at this stage in my life. The same could be true for you.
Your turn. In the comments, let me know:
What obstacles keep you from turning your hobby into your work? Or have you successfully made the leap?