Lost your business? It may be time to turn your hobby into your next business!

Unemployment is through the ceiling, this we all know, especially if you are either one of the 4 million who has lost heir job, one of the 12 million who has been forced into a part time position, or one of the millions of  entrepreneurs,  small business owners who has been put out of business and has few options, consider turning your hobby into a business. There are many benefits.

Maybe the message is , it is time for a change. The economy has forced you out of your job or your business and now you have an opportunity whether or not you were ready or asked for it, to re-invent yourself, change your life even more then it already is. Why not consider making your passion, your hobby, your new business? Why not opting for a new quality of life?

First of all, with the advent of the internet, a web site, a blog and perhaps a video or two, you can market to the entire world for an extremely low cost. You can work out of your home, not only keeping the overhead down, but enjoying many advantageous tax deductions. Its a low cost start up as you probably have been doing this for years and are already established.

I can tell you hundreds of stories of women who have turned quilting into a business over the internet, world wide, men who have turned fly making into a huge success, others who raise and ship valuable orchids, expensive tropical fish which they raise, art, graphics, crafts of any sort, writing, poetry, you name it if you do it there is a market for it.

The home office space usage is now a deductible expense, (see home office deductions blog entry).

Most importantly you are an expert in something you do and can develop this into a positive cash flow which in the end may become your long term business strategy or in the short run may help you maintain your existence as you prepare and determine your next venture, job, or business undertaking.

Treat it like a business, write the business plan, do the cash flow projections and then launch.Why not, you must do something to survive this downturn and marketing your hobby may be a reasonable direction to take.

Internet marketing is turning millions. People buy product, service and information. Information may be one of the largest growth opportunities available as so many are wanting expert instruction about so many varied topics, and since the internet is wide world, and based on the long tail theory ( see other blogs entry’s on this subject) The short paper on how to do it, with extremely low cost and extremely high profit can turn  into cash overnight.

While selling the widget is profitable, selling how to make the widget may be even more profitable.

Do it, I can only assure you many whom have tried have turned their hobbies into a lucrative home business. Many have changed their life styles and are enjoying it far more then their high risk, high stress work.

If not overly successful, but at the very least creating a little cash,  at least you have greater tax benefits and have enjoyed your time doing it while you look for the next job, or business opportunity.

Turn change into an opportunity, get in front of the train, but do not let it run you over. Try, what other options do you have at the moment? What have you got to lose?