When we were young we were taught to pursue our passion in life. We were told if we chose a career we loved we would never work a day in our lives. But as we grow older and begin to navigate our careers, we’re often faced with a choice between following that passion or moving up the corporate ladder.
Managing a business and managing your passion are two very different things. Understanding the cost of turning your passion into a business is the only way to measure how profitable your business can be. Not only will you have to consider the cost of materials and your time, but you’ll also have to think about operating costs, business licenses, and marketing expenses.
You’ll also want to consider how a business may impact the currencies that are valuable to you. Your hobby or talent is unique and special to you, but when it becomes a paid gig you have may have to change your craft in order to fit your customer’s needs or become competitive in the market.
This may sound daunting, but when you’re working towards something you’re passionate about, the process becomes a lot more rewarding when you get the hang of things.