There’s an old adage that goes, “Do what you love and never work a day in your life.” Most of us work 9-to-5 jobs and slave away for somebody else. If we’re not careful, we could end up focusing on the job too much that we eventually get burnt out from working. You may have started with a lot of passion for the job that you have but things could be different now and you need a change of scenery.

Instead of updating your resume, why not look into turning your hobby (or hobbies) into a lucrative business? Many entrepreneurs started out on their own by simply monetizing the things they enjoyed and loved doing.

How to Know If It’s Right for You

Granted not everyone will be successful at turning their hobby into a full-fledged career, so here are things you need to consider:

How do you feel about deadlines? Part of the reason you enjoy your hobby is because you can do it at your own leisure. You have no set time on when you need to finish a project so you can take your time in completing it. If you’re the type who can work under pressure and with deadlines looming, then you’d do well in starting your own business.

How committed are you to your hobby? Do you only do it to relax? Or do you have a real passion for it? If you’re the former, it might not be a good idea to monetize your hobby just yet. This is especially true if it’s a newly discovered hobby. You would still need to learn more about it to be able to sell your goods and yourself to your potential customers.

How good are you at selling yourself? The earlier statement leads us to this question. Most extroverts are able to talk to people comfortably and would more likely not have a problem talking up their products. If you’re an introvert, consider being an entrepreneur as a kind of “role” that you’re playing. Changing your mindset to one of a performer would allow you to get out of your shell and be a stellar entrepreneur.

How much savings do you have? This is probably the biggest question of all. One of the most daunting aspects of leaving a cushy, salaried job is the loss of regular wages. If you consider this as a kind of investment, financial experts agree that you should have at least six months’ worth of wages saved up before you venture out on your own. This way you have money to fall back on in case the business doesn’t take off immediately.

Investing in the Right Materials and Equipment

Speaking of investments, if you’re about toembark on your entrepreneurship journey, you should look at investing in professional-grade equipment. For example, if you enjoy working with wood, buying a laser etching machine would take your creative works to the next level and you can also price your pieces higher. If you’re a craft brewer, spring for quality hops and malt. As with the woodwork, you not only elevate the taste of your craft beer, you could also set a higher price for it.

When you’re just starting out, it’s easy to fall into the trap of purchasing lower to mid-level quality equipment thinking that you need to save money, in case things don’t pan out. However, you’re already taking a risk by starting out on your own. Make the big investments now while you still have the funds for it, set a higher price point, produce quality goods, and watch your customer base balloon.