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S1E29 - How hobbies quickly turn into businesses

S1E29 - How hobbies quickly turn into businesses

Released Monday, 7th March 2022
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S1E29 - How hobbies quickly turn into businesses

S1E29 - How hobbies quickly turn into businesses

S1E29 - How hobbies quickly turn into businesses

S1E29 - How hobbies quickly turn into businesses

Monday, 7th March 2022
Good episode? Give it some love!
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It’s really cool to “make money at what you love” but sometimes you have to do something that isn’t about money.  I know…breath it's going to be ok!  There is a need for everyone to do something because you love it, and not complicate the equation with trying to build a business from that hobby.  I’ve started multiple companies that started as hobbies so maybe it's part of the hobby lifecycle to have a desire to do something for nothing which grows into something.

The 5 stages of hobby to business and back:

Stage 1: Interest in a new skill or hobby

Stage 2: You’re now good enough that people you know ask you to do the hobby for money

Stage 3:  Good enough that people you DON’T know ask you to do the hobby for money

Stage 4:  Making too much money that you need to form a business to save on taxes/liability

Stage 5:  Find another hobby to escape your new business and start again at stage 1

Enjoy!

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