How many people actually make a living doing what they love? At Invoice2go, we hear many inspiring stories from people who have taken something that was once a hobby, and used it to start a small business.
And we hear from many more who are working towards it. In a recent survey, we interviewed our customers who have a side job on top of their day job. Turns out 47% of them are choosing to build up their side job, so that it can eventually become their main source of income. It may not be the easiest path (and you can probably expect some long nights!), but it’s a smart one if you want to eventually be your own boss, and have all the flexibility and control that comes with it.
Do you have a hobby you’d like to do full time? Here are some important tips to consider before taking the leap of faith:
Don’t fly blind, spend time to learn the business of your hobby
Even if you feel like you already know your hobby inside out, doing more research is a must. It is important to lay out the groundwork to make sure that your hobby can become a sustainable business. Create a business plan to help you crunch the costs, margins, revenue needed, and answer all the tough questions to make sure you, and the market, are ready.
Face the tough questions
Passion and enthusiasm are important, but it’s just as important to not let that rush of emotion cloud your judgement. Seek advice from your toughest friend (we all have one) to help you see if you’ve missed out on any important details. They can offer a dose of objectivity that is hard to achieve on your own.
Plan for Work-Life Balance
Being a solopreneur is challenging as it requires wearing all the hats at all times – manager, accountant, marketing, etc. While it’s easy to jump straight in and ride the adrenaline rush of starting something new, think long-term: sustaining a business is really a marathon, not a sprint. Build work-life balance into your schedule right from the start. This will help to ensure that you’ll have the passion down the line to do the creative things for your company to grow.
Pick tech tools that will simplify your day-to-day, not complicate it
These days, there are a plethora of tech solutions available to make life as a business owner easier. From accounting, to expense tracking, to the all-important invoicing (hear your proverbial cash registers ringing), take time to use those that allow you to simplify your workflow. One way you can streamline your business operations and improve your cash flow is with tools like Invoice2go. This is one our customers already know- you can take the stress out of invoicing and be left with more precious time to keep pursuing your passion.
Keep the passion alive
When you hit bumps in the road, it’s important to remind yourself of what sparked your passion in the first place. Reconnect with the joy that it brings you. Whether it’s just having fun with it, taking time out from it to recharge, or meeting with other like-minded people who share your passion. When you allow yourself time to make sure that your cup is filled, you’ll find it much easier to keep building your business in the long run.
Take heart in the fact that there are many who have already walked this path, and have succeeded at it. The truth is, everything you need to turn your hobby into a career is already available, and right there at your fingertips.