Should You Make the Move?
Let's presume that you have done your hobby for time enough to know it inside and out, and that it's something you enjoy all of the time--if you don't have these two elements then there's just no foundation. But, how do you know if you are good enough to make a business out of it? Before we even get into the nitty gritty of business plans and taxes, is it really something that is right for you?
Think about your hobby and the reactions it brings from others. Are they interested? Do they sample your wares with delight, or even ask you to make something for them? Obviously, this depends hugely on your hobby: If we are talking the crafts genre, then that's easy to work out; but if you love football and want to be a coach then that's a bit different. Do people ask your advice? Have you any outstanding achievements or press recognition of what you've done? In other words, is the marketplace interested in you?
You need to determine if you are just an enthusiastic amateur where only your family praises you, or do you have something extra that makes others take notice, too? It's important to have a supportive family around you in business, but of course they aren't always the most honest, so you need to consider how you and your products/talent will be received by the wider world. It's not easy to face up to your own cons list, but it's important to think about it now, rather than later when you've signed up for a huge bank loan and a lease on premises.