Have you ever thought about being your own boss?

It can be an intoxicating thought – not taking orders from anyone, setting your own hours, and creating something special.

Most people see starting your own business as an all-or-nothing proposition, giving up your day job and throwing everything you have at it, hoping it works.

This is why so many people never try running their own business – they are too scared that it won’t work, and have too much to lose if it doesn’t.

But there is another way. And most of the risk can be minimized.

Start a business with a hobby

If you have a hobby, it can be a fantastic way to get your own business started.

While not all hobbies can be turned into a business, many can with a little thought, imagination, and a bit of hard work. And even if they cannot let you leave your 9-5 job any time soon, any additional income is a good thing.

The beauty of starting a business from your hobby is there is little risk in it. It’s simply a matter of taking something you are doing already and focusing your energies into turning it into a business.

Thinking about what you can offer is fairly easy as well – if your hobby involves making something then you have a product to sell, if it involves knowing something other don’t, then you have a service.

The difference between having a hobby and a business is the way you look at it.

It’s important to start thinking like a business owner and gain as much knowledge as you can. You should think about the following if you are to move your hobby to a business:

Setting up your business

You can structure your business numerous ways, so it might be worth consulting your state’s government business website.

Registering your business name

This can be done easily online and is an important step in turning your hobby into a business. It only costs $70 for a 3 year registration.

Taxes

As you will be starting to earn money as a business you better get some information on GST and other taxes. The good news is that you may be able to start claiming materials you use when running your business

Promoting your business

Having a business in one thing but getting the word out about it is another. While this will happen slowly, over time, you can start by building a simple website, start using social media and just telling people you meet about it.

Little or no risk

Starting your own business is a great feeling and if you take some time and do some homework it can be a rewarding and successful venture, with little or no risk.

Worst case scenario is that you find your hobby doesn’t make a good business and you can just keep doing it as a hobby.

Best case is that you find a new revenue stream or a completely new job that you thoroughly enjoy.

Whatever the outcome you will gain some new skills, meet some amazing people and have an amazing journey along the way.

Have you ever thought about starting your own business?