If you start a business based on a fun or hobby-based idea, will you still enjoy it once you depend on the income for your livelihood?
We wanted to find out, so we talked to small business experts to get their input.
We'll be discussing this topic, and others about creating a business that makes money, in our fireside chat via Google Hangout on February 10. Don't forget to RSVP!
The idea may still be enjoyed if chosen as a hobby-based business, the level of enjoyment will depend on the financial strain that the new business poses. The greater the financial risk, the less the enjoyment.
Catherine Delcin, Attorney at Delcin Consulting Group
If we have the luxury of doing something fun for work, its not work. Of course with any type of business ownership there are always things that need to be done that we don't always love ( like accounting, or negotiating with vendors, or firing people) but if we can create a business around a passion or a love of ours the chances for us to stick with it even during the not so fun parts is far greater than just opening a business to make money.
Jennifer Martin, Founder at Zest Business Consulting
If a 'fun” or hobby-based business idea is chosen, will it still be enjoyed once depended on for livelihood? The first question we ask anyone who is wanting to launch a new product or start a business is whether they are looking to create a lifestyle business or a strategic company. They both have merit, but are typically driven from different points of motivation. While this is not a hard and fast rule, we find that most people land into one of two camps. They either want to create a company with the primary goal of feeds their personal interest, hobby or lifestyle - maybe it’s about employing their family members, bringing in some money to fuel a talent or just something that works with their day to day schedule – or they have a finance or performance-based focused where success can truly be measured by the numbers. Either way, if the business model is sustainable, people can most certainly enjoy business even if their livelihood depends on it.
