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Should we turn our hobby in a business?
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[QUOTE="King bell, post: 344302, member: 75687"] A number of factors must be borne in mind before one can think of transforming a hobby into a business. First, evaluate the degree to which you are passionate about what you do and whether or not you have committed yourself to it since it will require total devotion and hard work in order to succeed. Two, Is there demand for your products or services on the market? If yes, is it a workable market? Additionally, take into account the potential profitability as well as cost implications associated with running a business. Evaluate your business skills and knowledge plus understand legal and regulatory requirements. Finally, consider how this will affect your personal life and finances; develop long-term vision; and be ready for change. [/QUOTE]
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