If all work and no play made Jack a dull boy, then perhaps, Jack needed to consider monetising his playtime.

While the two-year global pandemic brought unforeseen tragedy, death, and depression to millions, a silver lining of those years of self-isolation was the creative flourishing of the global population. Indeed, many of the creative population of Trinidad and Tobago were inspired to say “goodbye” to their 9-5 and “hello” to crafting a career based on their innate talents. It has been inspiring to watch people transform their outlook on life and follow a passion that they have been holding to quietly for some time.

However, as your friendly financial advisors, we must ask this question to you: can this hobby turned career, truly support you and your loved ones? Or should it remain a delightful hobby that occasionally creates another source of income?

If you’re in limbo and scared of making the wrong choice, or just want to hear your options in this scenario, we’ve compiled a few questions that you could ask yourself.

Firstly, congratulations! Starting or acquiring a new business is a big achievement and believing in your talents enough to begin from scratch is another great feat. So, take some applause!! 👏🏾👏🏾

Now, let’s tick some boxes to ensure that this hobby is a viable job-replacement option that still allows you the financial security to create wealth for generations to come.

So, you make beautiful art sculptures or started a delivery service during the pandemic. Your customers are in love, and money is coming in. However, how much money is enough money for you to leave your job and officially start a business?

Our advice is to set a realistic target to measure your success.

N.B. You should already know what your monthly expenses are, and the business must consistently cover these, so the following questions assume that this has been accomplished first.

After 6 months of business, where do you want to be? Have you consistently made or exceeded your current salary month after month? Has it been fluctuating? How have your customers been reacting? Has your volume of orders taken a consistent dive now that the country is reopening? Have you noticed an underserved niche in your market that your business can serve and capitalize on with a small pivot?

If several of your customers have been asking for sculpting classes, or miniature sculptures of their children for the fridge – will you provide what they want and add these options to your list of services, or, will you stick to only what you want to sculpt?

Answer these questions honestly. The reality of hitting your financial targets, shifting markets, and client satisfaction tends to weigh down initial optimism when it comes to working on your passion on a day-to-day basis.

You should only leave your job when your new business can pay you at least the same as your current salary – so that you are never lost at sea without a paddle.

We are not asking if you have named your business or printed very handsome business cards. Rather, we are asking you if you have invested in your new business’ branding?

What is your company? What market does it explicitly serve? Who is it for? Who is it not for? What is its voice? What opportunities can it look for? What opportunities must it let slide? Do you know what your market is looking for? Does your business have a logo or logo mark? What are its specific colours and fonts? When does your ideal customer use your business? Who are your competitors? What is the industry standard for pricing? Do you have a strategy for breaking into the market? What are your low-hanging fruit opportunities? How are you different from your main competitors?

These introductory questions form the beginning of your branding and market research exercise. They are unfortunately often passed over as unimportant by hobbyists, but these questions provide the intel you need to ensure your business can continue to run because it has been positioned well.

If you are intending on taking the jump of leaving your job, you need to be as certain as you can that your business can continue to run and thrive when it has exhausted your personal friendship network.

It is important to set a competitive price and stick to it. Often hobbyists believe the price of their work can be negotiated – and end up losing out. Stand firm in the belief of the quality of your work, and the market research you would have done. Know the pricing of your competition. Know your customers and the market you are targeting. Price yourself accordingly and stick to it. Your customers are not doing you a favour by purchasing – they are receiving something of value that they were looking for, and you are receiving money in exchange for providing that solution. In summary, don’t sell yourself short.

Decide who you are and stick to it.

You can price your products just below the going rate or be super high-end and exclusive. Whichever price you choose, believe in it, and stick to it.

Marketing is an excellent and invaluable tool that you must now become in sync with. When used wisely, marketing will help you perfectly position your product or service to your chosen market, and when running correctly, you will watch them fall deeper in love with your company with every interaction.

The saying goes “Do what you love and never work a day in your life”. Here at Firstline, our founder believes that saying completely – often remarking that he hasn’t ‘worked’ in 40 years! He may be one of those happy outliers though.

You must know yourself. When you transfer a hobby to a career, sometimes the pleasure and peace you used to derive from it is lost because you need to meet the bottom line. Mistakes now cost money and time is of the essence.

For some, monetising and structuring their hobby may kill their creative flame but for others, it can fuel it. It is important to check in with yourself and see what is and is not working for you.

The security of a pension, paid sick leave, and medical insurance are perks of your 9-5 that your newly formed business cannot currently offer, especially in the early stages. You may find yourself working 6-7 days a week plus on holidays and weekends.

Self-employment, for its many advantages, takes a great deal of self-discipline. Only you can truly answer the question of whether you have the passion and patience it takes to succeed.

Can you continuously pace and motivate yourself through busy and quiet periods – or do you work better if someone else is doing that for you?

Knowing that instant success is highly unlikely should serve as an important reality check. How long are you willing to keep working on this new business during the turbulent toddler stage?

If you are convinced that you have the passion and patience to create an amazing multinational business like Amazon or Louis Vuitton, which both started as hobbies, then stay your course. You have decades more of adventure to go in your business journey.

These questions should cause you to think a deeply around what you are willing to do for your primary source of income.

There is no wrong answer, and only the answer that is perfect for you. The creation of wealth is a personal affair, and your strategy to attain that must be specific to you.