January is #NationalHobbyMonth and it is also the time when many people decide they want to turn their current hobby into a business. Here are a few pointers from the SBDC staff to see if making this move is the right one for you.
Ways to turn your hobby into a business:
- Sell your craft, product, accessory, etc. to the public or to enthusiasts in your hobby. (if you are a wine enthusiast, you might import hand-blown wine glasses)
- Repair, service or appraise to what you love (bike repair maintenance)
- Teach others to do what your passion is (guitar lessons, art or cooking classes)
Questions to ask yourself:
- Will you enjoy doing your hobby when you have to do it according to a deadline?
- Are you really committed to this hobby?
- Can you sell “yourself” or the things you create?
- Learn which permits, licenses, rules and regulations are applicable to your proposed business.
- Establish a separate checking account and keep good records
- Think about developing a Business Plan
- Understand what’s required to make a profit
The University of Scranton SBDC would like to thank the following businesses for participating in our segment today on WBRE-WYOU.
Hobby: Beer Brewing
Johnny Waering, Matt Zuk, and David Oakley
3 Guys & A Beer’d Brewing Company
Hobby: Mini Hats and Accessories
Business name: A Daily Obsession
Hobby: Vintage Fabric Creations/handbags
Business Name: Vintage Meegan
Business name: Pittston Popcorn
Hobby: Pet Sitter
The Chipper Pet Sitter, LLC
Visit The University of Scranton SBDC to set your business up for success!