029. THE COST OF TURNING YOUR PASSION INTO A BUSINESS

Behind many small businesses, a hobby was the starting point, initially something that brought enjoyment, a sense of important escapism and relaxation. This passion was the place to turn to, to escape the pressures of the day-to-day.   So what happens when we turn our hobby, our escape, into a business?   When we start to depend on these passions for income, the stakes change. Suddenly, there's pressure to succeed, to earn, and to grow. This shift can weigh heavily on us, introducing stress into what was once a stress-reliever.   Perhaps this is why many passionate ventures fail? It's not always due to a lack of skill or a bad business idea. Often, it's because the transition from hobby to business requires a level of discipline and a shift in mindset that many aren't prepared for.   Today I want to share with you why understanding this psychological cost is crucial. It prepares us for the road ahead and equips us with the mindset needed to overcome these challenges. Understanding the psychological hurdles is the first step towards successfully transitioning a hobby and a passion into a thriving business.   And of course, I have some brilliant practical tips to help you with this situation that many of us continue to face.    I mention a few links within this podcast, they are:   The 2% rule:  https://www.philippacraddock.com/podcast-020 Our sign up page: https://www.philippacraddock.com/sign-up And of course the show notes:  https://www.philippacraddock.com/podcast-029