Start Here November '21

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92 S T A R T H E R E 2 0 2 1 Hobby into Business H ave you ever been told "You know, you are so talented at (insert your favorite pastime passion — e.g., cooking, arts and crafts, sport or game, animal rescue, etc.), you should start your own business"? Imagine if you could turn your favorite leisure activity into a successful business venture. Many Americans are now turning to what they love to earn income, whether it's enough to quit their day job or just a fun way to cover their costs. If you are passionate about a craft or other activity, your money-making opportunities are virtually endless these days. Here are some things you will need to con- sider, if you are thinking of turning your hobby into a viable, profitable business. Start with a Self-Examination Are you entrepreneurial by nature? Or are you maybe just sick and tired of seeing most of the profits from your great ideas and hard work go into someone else's pockets? Maybe, you are contemplating owning your own business at some crossroads in your life, such as, facing retirement or in a dead- end job in a shrinking industry. Today, the start-up costs for even a modest business — equipment, operating supplies, raw materials and so on — could begin at $50,000 and go up from there. And it takes more than a business license and new business cards to become CEO of a corporation — large or small. Regardless of whether you are thinking of getting into business ownership, your new life as an entrepreneur should be about striking a balance — a balance between your physical and mental well-being and your fiscal and interpersonal decision-making aptitude. Get Down to Business Once you've determined you are ready to go into business for yourself, you must find your business niche. Take some time to make an inventory of your interests, abilities, and experience. Often successful business ideas spring from the founder's passion. What are yours? Look closely at what you've done in the past and what occupies your time and thoughts lately, and you may find some business ideas that you can develop. Regardless of the results of your self-examination — both physical and mental — you must eventually identify an unmet market need of a geo-demographic group of prospective customers. Simply stated, you must be able to locate people with money who are willing to part with it to satisfy a particular business or personal need. Important steps to turn your talents into a business Vince DiCecco has more than 40 years of experi- ence in sales, marketing, and training, including running Your Personal Business Trainer Inc. — a business he dedicated to coaching and consult- ing small- to mid-sized businesses. By Vince DiCecco Hobby into a Career TURNING YOUR A Tax Reseller number permits you to purchase products wholesale, and those purchases aren't subject to sales tax until they are resold. (Image courtesy Cheryl Kuchek)

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