How do you know if you can make money selling a hobby interest business?
Here is my litmus test.
Do what you love and love what you do. But can I make a profit at doing the same?
If you make 1 quilt it can take hundreds of hours to prepare.
Can you sell that quilt for $10 per hr of your labor? No. Rarely does an average quilt sell for $1000. Maybe $200 or higher is closer. Maybe you don't care about time but I do. Ever hear of the term "It's a labor of love"? Well at 20 cents an hour that is a good example.
#1) Can I duplicate my effort and make money at this hobby?
#2) Is this a local product or anywhere product?
#3) How unique is my product? If you are going to make staples be prepared to compete.
#4) If I believe so strongly in my product am I willing to ask at least 25 people if they would buy this product or service?
Dont go ask more that five family members because that way only 20% will influence the survey.
Be open to criticism as this is the best way to find out some many things about your product and more about yourself.
I have many friends that are business owners and I have developed a tough skin for asking them their opinion. They tell me what they think. They point out what they see can improve, stall or make the product better.
Remember as a business owner, you have to decide what are needs and what are wants.
We need oil in the furnace to heat the house. We want to go on vacation this summer.
Do you have a hobby you want to make money with ?
I would be happy to give you my opinion.
Send me you idea but be prepared to ask your self more questions.
Send to Carl Slicer at CSlicer@Gmail,com. Please include some basics.
Like: Hobby idea you want to make money with. Experience with the hobby idea.
How much money you want to have in sales in the next 12 months. What the survey says after asking 25 people.
Carl Slicer
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