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Now that I'm able to spend a little time away from my 1st business (EXECUTION - I quit my job and bought a shoe store) I'm starting 2 more. They're both related to my offroading hobby. Both are unproven with questionable viability, so I'm approaching them with a focus on risk-mitigation and a willingness to put them down if necessary.
I'm skeptical of hobby-related businesses as the enthusiasts who start them often get overly enamored and make bad business decisions. I'd like to think that I'll do it differently, just like so many fools before me. I'm hoping yall can help me by pointing out the flaws in my plans.
There are benefits to working in a hobby field. Passion, motivation, existing knowledge and community connections can all be leveraged. A nontypical one I'm including is risk mitigation, and I'll go out on a limb here and say if it weren't for that part I probably wouldn't be getting my a$$ off the bench and starting a business.
I've debated calling these "side hustles" and decided against it, in no small part because I don't want to approach them with that mindset. I expect them to make CENTS. I don't see them as a "this will definitely work, time to bet the farm!" businesses, but I'm shooting for a very good return on each investment.
I'm skeptical of hobby-related businesses as the enthusiasts who start them often get overly enamored and make bad business decisions. I'd like to think that I'll do it differently, just like so many fools before me. I'm hoping yall can help me by pointing out the flaws in my plans.
There are benefits to working in a hobby field. Passion, motivation, existing knowledge and community connections can all be leveraged. A nontypical one I'm including is risk mitigation, and I'll go out on a limb here and say if it weren't for that part I probably wouldn't be getting my a$$ off the bench and starting a business.
I've debated calling these "side hustles" and decided against it, in no small part because I don't want to approach them with that mindset. I expect them to make CENTS. I don't see them as a "this will definitely work, time to bet the farm!" businesses, but I'm shooting for a very good return on each investment.
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