"Today's passion-driven hobbyists breed many of tomorrow's small businesses. Stemming from the "Maker" movement, and enabled by technology, these hobbypreneurs - both knowledge and craft-based - are leading a new generation of entrepreneurs who increasingly take the step to turn fun into profit."The report goes on to describe "Makers" as those who make things; those who "create, adopt, tweak and innovate to design ingenious things in their garages, basements and backyards."
Makers who become "hobbypreneurs" (entrepreneur hobbyists) use techniques that are based in traditional arts and crafts pursuits. However, now they are more likely to "combine digital technology and tools with traditional methods to build practical and not-so-practical products".
The report says that the trend has shifted from Do-It-Yourself'ers (DIYers) who become entrepreneurs to a hobbyist movement of passionate amateur crafters and tinkerers who create businesses that take advantage of today's technology and business processes to build full blown businesses. And while most hobby business are part-time endeavors, building a full-time business from a part-time start up is becoming more of the trend.
The report cites several factors that are contributing to growth in the hobbypreneur area:
- The falling prices of tools needed to make things.
- Starting and running a niche business has become easier, thanks in large part to the Internet.
- The growth of social networks has resulted in places for hobbypreneurs to network and serve as meeting places to exchange ideas.
- The struggling economy is creating a greater need for entrepreneurship, if only on a part-time basis at first.
- Baby boomers are filling gaps in retirement income and finding interesting things to do in their later years.
- A growing interest in sustainability and unusual products is boosting demand for unusual goods (think green).
Related:
5 Top Hobbies for a Small Business
9 Part-Time Home Business Ideas
Hi Randy,
Good post -as usual. I have turned many hobbies into small businesses online. A couple years back we started a Thai Amulet Sales site to sell Buddhist amulets. It was slow growing, but now after a couple years we have something.
I urge small businesses to take it easy on the expectations. Think 2 years instead of 2 months. You’ll be preparing yourself for the reality of things!
Better yet, start a few small businesses at the same time and grow them all over 2 years. The liklihood that one or two will work out of 4-5 is much better than putting all your eggs in one basket.
Good luck!
Thanks for the sage advice, Vern. Nothing like the voice of experience!
Randy D.