If you’re like most people, you have at least one hobby that keeps you busy and helps you stay entertained outside of working hours. You might practice woodworking, paint abstract art, improve your flexibility with yoga or chart the patterns of stars in the night sky.
With your entrepreneurial mindset, it’s tempting to think that there’s some way to make money from this hobby, in addition to bringing you personal enjoyment. But does your hobby really have business potential?
You might be surprised to learn the answer.
For a business to be successful, it needs to have a way to make money. Even if you’re pursuing this mostly because of your passion, you’ll still need a stream of income to offset your costs and keep the business running.
Accordingly, you’ll need some way to “monetize” your hobby. There are a few possible options here:
Production. One of the