"The pandemic has shifted the global economy in many ways, so you might have nixed your dream of turning a hobby into a career. But according to The Wall Street Journal, Americans are starting their own businesses at record speed: Applications for employer identification numbers have skyrocketed past 3.2 million so far this year.
So as you enter this new chapter of your life, follow these three critical steps:
1. Focus on financial feasibility.
2. Start advertising and marketing. Promotion pays dividends. Even if you don’t have a large advertising budget, you can do a lot with the technology you already have. “Technology has made it easier than ever to create, scale, and market a company to millions of people,” says Daniel Herz, chief revenue officer of Mission Control, a recreational esports platform. “For example, over the past few years, we’ve seen massive scale and growth in the emerging field of esports. Technology has allowed individuals to turn their passion for gaming into their full-time job.”
3. Find additional team members.
Turning your hobby into a career might seem daunting, but you can create a successful long-term business with the right strategy. A little risk can lead to significant rewards. Just be sure to think carefully about your end goal and follow these three steps as you prep your hobby-based business."
