For anyone who has ever considered turning their hobby into a full-time career, here are ten essential questions that need to be asked before taking that first step.

Do what you love, and the money will follow. – Unknown

Feeling a passion for something makes it that much more enjoyable. And for people who have hobbies they truly enjoy, turning them into a money-making venture could be a dream come true.

However, there are some very key things a hobbyist turned pro needs to consider before they start. Here are ten questions hobbyists should ask themselves before turning their passion into a business.

Will it still be enjoyable if it’s work?

Repetition can breed dislike. Think of all those people on the factory floor manufacturing one widget after another. Many times people take up a hobby because it relaxes them and takes their mind off their work and worries. Turning a hobby into a career will remove this element. Be sure to consider that this will now be a day in, day out venture or what was once a passion can quickly sour.

Does the amount of money earned measure up with the amount of time invested?

It is important to understand how much people are willing to pay for services or products. Just because it takes someone five hours and lots of pain-staking love to put their item together, doesn’t mean it will have the same value to other people. That’s why proper pricing becomes crucial. If it is priced too high, it may not net a great return. If it is priced too low, the seller could be giving away the store.

How much space and time will it take?

It is very important for the hobbyist turned pro to determine the amount of space and time needed for this venture. Sufficient physical space for storage of inventory of both unfinished and finished goods as well as a reasonable number of hours needed each week should be determined in advance. Having a home-based business requires self-determination and motivation, and lots of hours may be required in the start-up phase.

Are there start up costs?

Having sufficient financial backing to be able to meet expected production demands may seem far-fetched when first starting out, but it is important to be prepared for all situations. This includes investment in equipment such as computers or secondary phone lines. Along with having sufficient finances, it is equally important to have raw material resources -- even if that just means the local craft store.

Who is the competition?

Whether or not there is a market is a very real consideration, so it is important to do research to determine if anyone already offers the product or service. Even if there is competition, differentiation could set sellers apart.

What laws need to be taken into consideration?

In the Fall 2001 Occupational Outlook Quarterly put out by the Bureau of Labor Statistics (BLS) they suggest writing up a business plan which should include -- along with a lot of the other elements mentioned here -- doing research on local zoning, income and sales tax ramifications, required registration with State and county governments, and a resellers license.

Is there an association or organization for this hobby?

A great way to find out what others are doing is to network. Enthusiasts should find out if there is an association or organization for their hobby and participate in events, this way they can learn from other members’ experiences or even find out about the pros and cons of doing business.

What is the best way to reach the customer?

It is important for any new business person to consider their customer base. Are they local? National? Worldwide? For many people who enjoy arts and crafts and have turned it into their career, traveling to trade shows is a large part of the business. However, traveling all over the country or even all over the state not only eats into profits – gas, show fees, living expenses – but can take up valuable time. That’s why many have set up personal websites, but only after traveling the circuit to develop a following.

What is the non-hobby side of the business?

Anyone considering selling their craft must remember it’s not all about the fun of making something. There are real business aspects of turning a hobby into a career such as marketing, sales and administrative tasks. Not only is there accounting and filing to be done, but there are associated expenses with things like stationery and business cards. In addition for those who plan on using the Internet to attract customers there will be updates and maintenance required with the website.

Are there alternatives?

For some people, actually doing their hobby – sewing, knitting, jewelry making – is the only way. However, if that is not feasible, consider an alternative: teaching the hobby. Another suggestion by the BLS is for hobbyists to work for the related hobby association or even in retail selling items associated with their hobby.

While not every hobby may be turned into a successful business, with a little investment of time, any hobbyist willing to do the research can find the answers to their questions and maybe ultimately to their dreams.