The number one ground rule is to make a list of natural interests you have, or you remember loving from childhood. Dream, remember what ‘tickles you’ ~ don’t judge whether it would be a ‘money maker’ or not.

Just start to list everything you personally love from your heart.

Research will uncover some interesting aspects that you may not have thought of or known before. Be open and flexible. Consider the key skills, activities and techniques that will be necessary.

6 Key Questions:

1. Can you see yourself ‘passionate’ about this hobby/opportunity even if you find yourself having to work at it eight hours per day, five or more days per week? Or do you derive joy from your hobby because you use it as an escape from your work life?

2. How big of an industry is this subject/hobby.
Statistics, organizations, the internet, your library [Encyclopedia of Associations] will have this answer for you. Ask for approximate number of participants/membership.

3. Do you know everything you need to know about how to replicate the hobby for others, such as where to buy supplies at wholesale cost, how much money it takes to start the business full-time, whether licenses or permits are required to run such a business, etc.?

You know what you pay to enjoy your hobby. Are your costs typical of other users?

If so, how much do you think you can charge per hour, per trip, per unit of product, etc.?

4. Do the Math. How much profit (dollars or %) do you think you can make?

5. How big is the industry and how will you enter and create a niche market for yourself? How many customers and clients will you have to attract in a year to cover your expected business expenses...and pay yourself your desired salary?

6. Can you find at least one other person in the U.S. (or overseas) who has successfully turned your hobby into a profitable business?
If yes, try contacting them to see if they will chat.
ASK: