As a rule of thumb, if the activity you’re engaged in is costing you money it’s a hobby. If the activity is making you money it’s a career.

So your “career” of choice is costing you money right now, so what? That doesn’t mean you have to throw in the towel and give up on it, but the sooner you can break even and move into the positive the better. Otherwise you’re just in a hobby not a career.

I am always preaching to do what you love and “live your dream” all the time, but there comes a time where you have to come to grips with the fact that what you’re currently doing might be more of a hobby then a career. In other words, it’s costing you.

If you’re not looking for a career, that’s fine, but if you want to turn your hobby into a career it’s not fine. You might have to supplement your income until you can get this new career off the ground. The last thing you should do is put yourself into deep debt. Don’t get me wrong, there are expenses with any start-up business but eventually you have to ask yourself if you’re in a hobby or a career? Which is it?

You can turn your hobby into a career if you do your research and due diligence when it comes to your business plan. Get your plan together. Set goals. Set a timeline when you want to start seeing progress and making money. Put everything you have into this new venture and have the attitude of “do or die” when it comes to making it successful. You can do it! Don’t give up!

Once you have this new venture up and running you can compare it to your business plan and see if you have turned your hobby into a new career. And what’s the best way to evaluate if you’ve achieved your goal? By asking if this venture is costing you money or making you money? Which is it? I hope this helps.

Good luck to you!

Mike Palumbo