Make sure you have something to replace it because you'll still need a hobby. Price your product appropriately - don't be tempted to charge any less than what the finished product is worth. If a handbag can be worth thousands then whatever you're doing will have a high-end market too... assuming that you put plenty of hours into each sale, and can't dramatically increase production Consider how you will increase production if you're successful - how much time will YOU lose each time you need to train a new employee? How long will they be employed before they're producing a quality product/service? If you're selling online allow for "shoplifting" in its online forms, mostly chargebacks, and write it off as a cost of doing business. Learn how to protect yourself, but don't be too surprised or upset when it happens There will be more but it depends on whether your hobby is producing trinkets you can sell via Etsy, digital art you can sell via RedBubble, programming where you're providing a service, or something else.
Wow, thanks a lot for the feedback.Very useful information, there is something to think about.Happy New Year to you and your family!
The first question that I have is whether it is a service or a product that you are looking to monetize? The second question is whether the market is established (e.g., there is competition, customers buy such things, etc.) or a completely new offering. The third question is how much time and resources (i.e., money) are you prepared to invest in it? I may have more questions, but these will be a good start.
Are you CURRENTLY selling your product? If not, will customers be willing to pay a reasonable price for your product? Have you done any research to determine the viability of your product? What are your estimated costs? What are your estimated revenues? Double your costs and halve your revenues. Does is still pencil? If not, forget it. If so, you MIGHT be able to become profitable, but with lots of 18-hour days for the first few years.
This is a biggie. Do your family and close friends support you and are they willing to risk the loss of income, and time with you? You might find yourself needing to make tough decisions - end a relationship because you really need to do this, or end a dream because your partner isn't supportive? In many cases their lack of support is a huge red flag warning you that your idea isn't sound, or that the way you've planned your business isn't right. You might have the greatest idea but if your skill set, financial investment isn't right you can still fail only to see someone else discover it and make it a success. You can compensate for skill shortages by hiring people or working with mentors who can guide you around your shortcomings. You can compensate for financial limitations by working smarter, getting investors, mortgaging your house. Never say never, but have the humility to know when you can, and when you shouldn't.