The late Steve Jobs said that if you don’t love what you do, you are bound to get sick of it.

I’m paraphrasing here–but it’s an old sentiment that has been true in business for centuries. People who merely work at a company tend to get burnt out while people who have jobs doing what they sincerely love tend to be much happier.

I used to own an office supply business. One of the biggest reasons it died–besides the fact that nobody prints anything anymore–was my lack of passion for ‘toner cartridges’.

If 2017 is the year you are finally going to start a business and leave that corner office (or middle cubicle), how about starting a business based on one of your hobbies?

It’s worked out well for me so far.

I’m a dog person. Now, I know that dog person and person are synonymous for some of you, but that’s not true. There are people who like dogs, and then there are dog people–and I’m one of the latter.

I love them to an almost obsessive level, sometimes. Dog people are like cat people, but we’re just objectively better (and more humble).

My love of dogs is what prompted me to start a business focused on canines. Getting people to care for their dogs better–and getting more dogs connected with people–is my way of making the world a better place.

That’s my example. Let’s take a look at three ways to generate business ideas using your hobby:

1. Look at industry trends for your hobby

Check out new companies starting up in the field of your hobby. Learn what the hot, new products are.

You can easily do this by going to a trade show–if you can physically get to one–or by checking out the exhibitor lists online.

Follow industry magazines, blogs and influencer social media accounts. They can tell you about the activity, trends and future of the industry.

My interest in dogs means I follow the pet industry relatively closely. Recently, there have been increases in spending by people per dog, humanizing of dogs by dog “parents,” and dog ownership among younger professionals and single people with disposable income. That’s valuable info. Some good ideas that come to mind include:

• A luxury dog apparel business that sells high-end pet costumes and accessories.
• A dog boarding facility with a special touch like pickup/drop off, day boarding with spa or built-in training. (Something that differentiates your offer in a way that fits with your abilities.)

2. Look at general economy trends

Follow general trends in the economy, and see what you can bring to your hobby’s market in a relevant way.

For example, the so-called internet of things (IoT) is a big trend that will only get bigger. From fridges to thermostats, devices that normally wouldn’t be associated with the internet are being integrated with the internet. They’ll be everywhere soon.

So, if you want to start a dog-related business, how about a dog-related IoT device? Like a smart doggy door that operates remotely via the internet, or a smart feeding device that you can run remotely from a phone. Maybe it tracks how much your dog eats, with multiple options for different kinds of food.

The possibilities are endless.

3. Look at what you do best

Your own expertise can dictate what kind of business you start.

Let’s say you’re a marketing person. How about specializing in marketing for dog-related businesses?

Maybe you’re in the restaurant business. How about a restaurant concept that puts the dogs as a priority?

You’re a hairdresser. How about a salon where people can take their dogs to be groomed–so both owner and pet can get a haircut at the same time?

The downside

I would be remiss if I didn’t mention that there are drawbacks to turning a hobby into a career.

The first is that the business might make you hate your hobby. What starts out as passion can turn into just another job if things don’t pan out the way you want. Be careful to keep the business side of it from drastically outweighing the hobby side of it.

The second is that when you love something, you cannot be objective about it. Make a plan to inject some objectivity into your business. Just because you love something unconditionally doesn’t mean everyone else is going to love it nearly as much.

Spending your life doing something you love is most people’s dream. If you can do that, you may just become the envy of your friends, family and colleagues.

The post How to Start a Business Using Your Favorite Hobby appeared first on Cross Ocean Ventures.

This article first appeared on Inc.

When I started my first business, I thought the secret of success lay in one word: “yes.”

I was wrong.

It’s easy to fall into this way of thinking. If you’re willing to take on every task that comes your way and pursue every business opportunity presented to you, you’re bound to succeed through hard work and determination alone, right?

If you refuse a task or say “no” to something, you might be passing up a great opportunity or showing people who matter that you’re not willing to work extra hard for that extra revenue.

But every “yes” comes with a cost.

Saying “yes” to everything means you can eventually end up with too many products to advertise, too many business units to support, too many goals, too many key performance indicators to track and just plain too much of everything. You spread your resources thin chasing too many things, especially in the earlier stages of your company.

For the natural Scrooges among us, the word “no” comes easily. However, many of us will say “yes” even when we want to say “no” because we:

• Have a desire to please others around us and “yes” becomes a tool for doing that.
• Feel that if we don’t say “yes” to doing something, nobody else will either and the task won’t get done.
• Believe the word “yes” will get us something, even if we don’t know exactly what at the time.
• Are surprised by a request and do not know what to say other than “yes” because it’s the easiest thing to say.
• Overestimate our abilities, resources, time and the benefit we will get as a result of saying “yes.”

I’m no “no-saying expert” or anything, but I have developed a checklist for myself to follow when I am burning to say “yes.”

Here are six steps to follow:

1. Calculate the True Cost of Saying Yes

It is important to calculate what “yes” might mean for you and your resources for the long term, not just the immediate future. It might be a good idea to open a new branch or product line to hit a goal or expand your offerings, but what costs would that mean in the long term and are those costs really worth it?

2. Compare the Cost With Something Valuable

If calculating the true cost does not convince you to say “no,” compare that amount with something you truly value. For example, compare the cost of opening that new location to hiring new people for your sales or marketing team.

If it is a question of time, compare the amount of time you will have to put into the new venture to time you have for yourself or family.

3. Remember Your Most Important Long Term Goals

Remember your top three business and personal goals for the next 10 years and ask yourself if this “yes” would contribute to those goals. If not, why say “yes?”

4. Think of the Opportunity Cost

No “yes” is free. And even if you might have the time and resources to say “yes” to a particular request or opportunity right now, is it really in your best interests? Remember that saying “yes” to something now most certainly means having to say “no” to something later.

That nice perk to offer employees sounds great now, but would that mean having less money to potentially increase 401(k) contributions for your employees in the future?

5. Remember That Saying No is an Active Act

Us entrepreneurs are doers. We like to be proactive and not stay idle, which is usually a good thing.

However, this can often lead us to saying “yes” to things just so we can avoid staying idle. Just like talking is not superior to listening, saying “yes” to doing something is not automatically superior to saying “no” to it.

And just like listening is an active act (if you think it’s passive, you’re doing it wrong), refusing to do something is an active act, too, especially if you are saying “no” to it so you can concentrate on other, more important things.

6. Be Nice When You Say No

Just because you’re saying “no” doesn’t mean you have to be rude about it. Be nice, be respectful, be firm and ignore any nagging feelings that you have to say yes.

Saying “no,” especially when you’re just starting out in business, can seem like you’re shutting the door on opportunity and advertising that you’re not willing to work hard, but that’s simply not the case. You’re showing that you have priorities, you have goals and you have a clearly defined path you’re following and you’re discerning about what you agree to.

The post The Top Word You Need to Learn to Use When Starting a Business appeared first on Cross Ocean Ventures.