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Turn Your Hobby into a Successful Business

How you spend your spare time relaxing could turn into a business, writes Jenny McCune at Bankrate. She gives six steps to consider in arriving at a decision on whether to turn your means of relaxation into an income stream.

With the caveat that turning a hobby into a successful business is easier said than done, here are some steps to consider. First, ask yourself some basic questions such as:

  • Is there a market?
  • Will buyers pay enough to make it worth my while?
  • What is the best method for selling and delivering my product or service?

To answer those questions, do market research. Use sources such as your public library and the Internet. Quiz fellow hobbyists about your idea. If you have the funds, hire a consultant. Talk to would-be mentors or take a course to help determine if this is the right move for you.

Next, get started on the right foot by creating a business plan.

"You have to figure out how much you'll be spending to produce this hobby or item or whatever, what you can sell it for, and how much time is involved," sums up Janet Attard, found of the Business Know-How Small Business Resource Center on the Internet.

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