Navigating the New World of Adulting and BudgetingJuly 24, 2023
According to a Gallup World Poll, only 15% of the world’s one billion full-time workers are engaged at work. That means a staggering 85% of workers are dissatisfied with their jobs. If you’re one of those people, you may be dreaming of turning your hobby into your career. This may seem like a dream move, you’ll be combining your passion with your profession – you can get paid to do something you truly love! On the other hand, your chance of success may be limited and you may lose the joy your hobby once brought you. Let’s look at the pros and cons to help you decide if your hobby should become your fulltime job. We’ll also examine some of the ways you can mitigate the cons, to help you on your way.
Fulfilment: Your work life will become more fulfilling if you’re doing something you truly love. Converting your hobby into your career may lead to increased job satisfaction and a greater sense of purpose.
Better Outcomes: If you hate your job, chances are you’re just trying to get through the day. But if you love your job, your enthusiasm may push you to work harder, procrastinate less, and innovate in your field. This motivation often translates into better outcomes for your business as you’ll be much more likely to excel.
More Flexibility: If you’re turning your hobby into a career, you can often be your own boss. This means you can make your own hours, create a working environment where you’re most likely to thrive, and exert more control over your work-life balance. Your overall quality of life may improve with this increased flexibility.
Earning Power: If you can offer a unique product or service, you have the potential to generate significant income. The world has never been more connected and you have all the tools to reach a wide audience who may be interested in becoming your customers.
Diminished Joy: Once your hobby becomes a career, you’ll have to deal with deadlines, performance metrics, and financial goals. For example, if you previously cooked for pleasure whenever you felt like it, cooking every day for customers may overshadow the joy and spontaneity you once felt in the kitchen. You should consider what you love about your hobby and whether you’ll lose this joy if this hobby becomes a business.
Financial Instability: When you work in a regular job, you can rely on a monthly salary and a certain level of stability. Especially in the early stages of a new career, your income may be irregular, potentially affecting your quality of life. You can mitigate these risks by accruing significant savings before starting a new career and creating an emergency fund.
Loss of Perks: Quitting your job doesn’t just mean losing your regular salary. You’ll also lose other perks such as insurance coverage or retirement contributions that your company made on your behalf. You’ll need to assume responsibility for these aspects of your life, or face potentially serious consequences in the future.
Market Saturation: Not every hobby can become a profitable career. If many companies already offer a product or service similar to yours, it may be hard to carve out a niche for yourself. To determine whether your potential career can thrive, you should conduct market research.
Whether you should turn your hobby into your career requires a balanced assessment of the pros and cons. You definitely shouldn’t quit your job and launch a new career without careful thought and research. If you choose to turn your hobby into a career, the journey will involve thorough preparation, a realistic understanding of the demands of your new job, and a commitment to preserving the joyful essence of your hobby. But it could turn out to be the most fulfilling and profitable decision of your life! However, not every hobby has to be monetized; you may choose to continue finding happiness in a hobby you love, while maintaining the stability of your job. Whichever path you choose, good luck on your journey!