3 Questions to Answer Before Turning Your Hobby Into a Business

3 Questions to Answer Before Turning Your Hobby Into a Business Does your job feel like anine-to-five grind?Thatmay be a sign that you need to make a change. A career changecan be a great way to alleviate boredom and reengage yourself.The problem, however, is that making a career change often means you have to start at the very bottom and work your way up. If youve already climbed the ladder in your current career, the prospect of heading back to the entry level can be quite disheartening.There is some good news, thoughIf you want to make a career change but dont want to drop to the bottom of the pack, you can take a hobby of yours such as carpentry, gardening, cooking, etc. and turn it into a geschftlicher umgang.That being said, turning your hobby into a business isnt necessarily easy 25 percent of new businesses fail in their first year, and 44 percent fail by their third year.Even if you have all thepassion in the world, your business might bedr ngnis succeed. Thats not to say youshouldnt make a go at it rather, I only mean to say that you shouldstop and think about it before making any rash decisions.To help you determine whether or not turning your hobby into a business is right for you, I offer the following screening questions. Answer them honestly, and you may find that your business truly is a good idea.1. Is The Market Saturated? Hobby-inspired businesses are not immune to the market forces that affect other businesses.Dont let your passion blind you to the realities of the marketplace.While you may find a few friends who are prepared to buy your products and services at reduced rates initially, you cant undercut the market for ever and expect to survive or support your family that way. When you go professional, you need to be surethat there are enough clients out there wholl pay market prices.Do your research. If you have jumped on the bandwagon far too late and are joining a saturated market, your hobby might not b e the best choice for a business. You might be better off looking for an area where demand exceeds supply.2. Are You Expecting a Lot of Growth in Demand?The market around your hobby may be saturated now, but that doesnt mean it will always be that.Are there signs that the market is going to grow? For example, lets say you want to start a landscaping business, based on your love of gardening. If a new housing project is underway nearby, that may lead to increased demand for your services.Even if the market is saturated at the moment, you may find that demand for your hobby is set to growin the near future. If thats the case, this may be agood time to launch your business.3. Will You Enjoy Turning YourHobby Into a Business?Many of us use our hobbies not onlyto practice a skill, but also to wind down, stave off boredom, or escape from the daily grind.Turning a hobby into a job, however, requires a move from soft escapism to hard-nosed commercialism. Your hobby wont be about escaping th e grind any more it will be the grind. Youll need to hit deadlines, put in an average of 52 hours per week, meet exacting customer service and quality standards, correct errors, and deal with some disappointed and critical consumers.-The foregoing questions may seem gloomy and pessimistic, but thats simply the reality of the business world. If you can accept these limitations and still enjoy turning your hobby into a business, then starting a new company may be just the thing for you.If, on the other hand, youre afraid that turning your hobby into a business will spoil it, you may want to keep it as a hobby. If thats the case, you can consider starting a more viable business or simply sucking it up and making the leap into a new career even if that means starting over at the bottom.

How to Make Personal Branding Work for Your Job Search

How to Make Personal Branding Work for Your Job SearchHow to Make Personal Branding Work for Your Job SearchYoure in the midst of your job hunt, and you consider yourself pretty savvy about how to approach employers that interest you. Youve even ramped up your networking and have conducted some informational interviews. However, in your research, you keep seeing the term personal branding. It seems that understanding this holy grail term is the answer to landing your dream job, and you just dont get it. What is personal branding, and why is understanding it important to job seekers?As a concept, personal branding is not new. In fact, Tom Peters first coined it in an article for um ein haar Company magazine in 1997. He admonished readers to recognize that each one of them, knowingly or unknowingly, owned his or her own brand. He remarked that we are each free agents, responsible for focusing on our skills and learning how to stand out. People often misinterpret personal branding and b elieve it is a self-centered, conceited approach and that your personal brand is all about you. While your brand represents you- its effectively your reputation- identifying and living your personal brand involves more than self-reflection.Consider these suggestions when youre identifying and marketing your personal brandIts all about you.To start, you need to look at yourself with a critical eye. What is unique and special about you? What is your story? (This is the self-reflection piece of the program. Its short lived.) What do people think about when your name comes up? Remember, your personal brand is effectively your reputation. Are you hardworking? A subject-matter expert? Unreliable? How do these perceptions fit (or not fit) your goal brand?If you do not focus on identifying your fruchtwein interesting and valuable characteristics and determine what you want people to think about you, youll miss the opportunity to influence your own personal brand.Identify what characteristic s and skills are most valuable for the jobs and organizations that interest you.For this item, you need to look beyond your own skills and interests. For example, its great if you are the absolute best pipe cleaner artist on the planet, but if your goal organizations dont value that expertise, its not an ideal part of your brand to perpetuate. Dont make a big job seeker mistake. Its up to you to investigate and determine what your audience wants to know about you and what they value in an employee. Research job descriptions and keep up with the buzz in your field to be sure you know what characteristics and accomplishments are most crucial.Develop and enhance skills you identify. Do you need to improve in any of the areas where you want to be well-known? Should you take a class or can you get involved in some self-directed study to make sure you are up to date on key subjects that matter in your field? The www is replete with opportunities to learn new things, so there are no excuse s for being left behind.Check out the competition.Dont forget, your success depends, in part, on how you stack up to everyone else who has similar skills and accomplishments. Keep an eye on your colleagues and leaders in your field. What can you do to move into their level of expertise and influence?Feature what you know online. One way to influence what people think about you is by taking your expertise online. Use social media to get the word out. Post updates to LinkedIn, Twitter, and Google+ that demonstrate you know whats going on in your field. Comment on the news of the day and communicate your expertise to your digital contacts.Showcase what you know in real life.Can you volunteer to help an organization overcome its obstacles or get involved in your professional organization? One of the best ways to perpetuate your personal brand is to showcase what you know by serving other people. Your colleagues will also appreciate you providing your expertise and assistance.Build relat ionships. Between your online and in-person colleagues, you have many opportunities to forge alliances and help other people. Keep in mind your personal brand isnt worth the paper its written on if people arent aware of how you can help them and what skills you provide. When you make an extra effort to extend yourself to others, youll be living your personal brand and your relationships will help enhance and promote your reputation.Readers, want to learn more about personal branding? Sign up for the webinar How to Make Personal Branding Work for Your Job Search, with expert tips from Miriam Salpeter