If you've read anything about the Lone Wolf solo business strategy, you know how important, even critical, it is to choose a specialized niche related to your passion, education, skills, or formal training.
The reasons for so much emphasis on the chosen niche are many, but include:
- Your mastery of the subject matter (you understand it and can give competent advice),
- Your ability to speak as an authority (from the "been there - done that" viewpoint),
- Your enthusiasm and love of the subject (which is infectious to others),
- When you love what you do, you are more likely to tolerate the unpleasant aspects or tasks of the business,
- When you are motivated by the work itself and you find it challenging and inspiring, you will be more likely to stick around for the long term than if you're not,
- You will be able to identify your best customers, you'll know where they gather, how to contact them, and relate to them so that you gain their trust and confidence (which is essential before they are going to give you their money),
- You will have a good grasp of the specialized knowledge of the field, the terminology, the products for sale and the competitors already in that space.
So the question often arises: "Should I turn my hobby (or passion) into a business?" After all, it fits many of the special niche characteristics laid out above. I know the field well, I love the subject matter, I'm already quite the authority, and I speak the language.
My feeling about making a business out of your hobby is this: "it all depends." I would caution anyone to be very careful if this is how you plan to make a living. Here's why:
1. Many passionate hobbyists have difficulty objectively assessing the true business potential of the hobby that so consumes them. In such cases, too much passion for the subject can lead to certain faulty assumptions about market size, customer's desired products, levels of competition, and your ability to treat this venture as a business rather than the hobby it's always been. If you love mountain biking, for example, are you really going to get the same enjoyment sitting at the computer writing about it as you do when you're on the slopes?
2. When you actively participate in a hobby, you are seldom under continual pressure to perform at a high level and with lots of external factors weighing heavy on the mind. When your hobby becomes the source of your income (or even a supplemental source), the pressure you feel to turn a dollar and the responsibility you heap on yourself to be productive is greatly magnified. Often the hobby turns into drudgery that you never thought it could become.
3. Signing up your family and friends to your customer list does not a viable business make. Often you hear the phrase, "do what you love and the money will follow." While I believe in the goal of doing what you love, I'm not so convinced that the money always follows. Sometimes doing what you love means avoiding the very pieces of business execution that are critical to success. Family and friend's opinions don't count as unbiased market research. They may encourage you to start a business and sell all your wonderful paintings. But once they fill their walls with your artwork, are you guaranteed that total strangers will then buy your products?
4. Does the depth of your hobby allow for deep, deep, specialization? Is there a market for the level of understanding and skill or ability you possess? Are there unmet wants expressed by other hobbyists that you can fill? I'm afraid there are some hobbies that don't readily lend themselves to money-making; although I will admit that sometimes creativity and new ideas surface that bring small fortunes to the risk-taker.
You will have to decide whether the hobby you love is worthy of your effort to squeeze a profit from it. If you're lucky enough to not be forced to make a profit from the business, for example if you're simply looking for an activity to keep you busy, then by all means forge ahead.
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