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I found an interesting article on MSN about the Pros of making money off of your hobby. Its been traditionally said that its not a good idea to do this, but here is an opposite point of view. Probably somethings most people don't know or realize. Just thought I'd share... :)
 

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Having had my own business I can relate to the article. BUT owning a business is work! IMO, it's nothing more then a catalyst for turning work into money. It's great to enjoy what you're doing though.

After many years I truly believe that the people who turn a hobby into a successful and profitable venture are people who did a hobby as a side line for fun and just happens to take off.

I truly believe, deliberately turning a hobby into a business is a recipe for disaster.
 

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Im a mechanic , at my old job I was jumping all day from morning to night . I got so sick of turning wrenches that when I arrived home I did not even want to change a spark plug on my lawn mower . Im still a mechanic but working on a little bit different stuff and it's not boom boom boom gotta go (well sometimes it is ) . Stange enough I got interested in working on cars again after being away from hardcore wrenching for 5 months . If I tried to start a Mustang business I fear Id be right back where I was , hating what I do from burnout . Id be ok for a few months then Id get fried , once I got fried Id still do a good job at work but Id never touch anything of mine again .... so there goes the enjoyment .
 

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Since I have finished my mustang I have been getting request from people to paint their cars. I also do mechanic work on the side as well. You can see one of the cars I am painting for someone now and he has two more friends lined up for paint work. One is a 67 coupe and the other is a GSX.

I am getting off track again. I am lucky that I don't have to this as a daily job or it could get old. I do get burned out from time to time but that's because I take on to much and then there is something unexpected that gets in the way of the already heavy work load.

I have had thoughts of starting my own business but I have a good job right now that I would hate to leave. Right now it makes more sense and money doing it on the side. Who knows where it will end up. I would like to get into insurance (body work) jobs. They pay the best.
 

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all those bussiness deductions sound great,but how many guys with a space at a swap meet do you suppose turn in their profits and pay taxes on them?if your just wanting to mess around with a few parts and cars just keep it as a hobby.i've worked for myself for almost 30 yrs and one of the hardest things for the first 8-10 yrs was to go in and apply for a home loan,even with tax returns showing you are legit,they have a hard time looking past the fact that you don't have a steady paycheck.i've been at it long enough now when they ask for place of employment,i laugh tell them to just check off unemployed and go on.
 

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Well, I guess I'm just the odd-ball out! I have been doing this as a hobby for 20 years, not all Mustangs during that time, but classic just the same. About 1½ years a go, I started working my own classics business on the side of my "real job" at that time, and started bringing home almost what I was making full-time. I have thought about pushing forward and doing "my own" business full-time and taking the chance that I could actually make a living at it. 6 months ago I was offered a job at The Mustang Ranch by an old friend (the owner). So instead I quit my job of 11 years, and came on board with him. By doing this it did put a hamper on my own side business, and hobby as I was spending a lot of time on getting up to speed with the new job! I am now at the point where I am starting to take more time for the hobby again, and I'm also getting my side business jump started again.

Today I worked at the Ranch 13 hours (I could of gone home at 4:pm today, but chose to stay around and help, and I'm on salary so no extra pay, so you can't say I did it for the over-time!), after work I came home and worked on the 66 for about 1½ hours, and then sat down here to see what was happening on the VMF. I have to be at work at 7:am in the morning. and I love it! ::

I probably breath & live Mustangs on the average of 12 hours daily, between work, my cars, side business, and the VMF, and each day seem to enjoy it even more! Like I said, I guess I'm just a strange duck!! :p
 

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Your situation is exactly what I was talking about, being happy at turning a side business into a full time deal. You started out part time and the correct opportunity came along. You didn't try to pick something up and jump with both feet into it and try to make it work. You had a good knowlege before hand. Way to go!
 

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You are right it is no longer a hobby when you start doing it for money.
I am going to retire froma permenent job soon and will take what is now a hobby and keep it as a hobby but when I am done with the car I have very intention of selling them, why ? Cause you can't keep every car you restore and besides I won't be able to afford it unless i do sell them. I will still consider it a hobby as i will do it as I please and at my pace and not feel presured to finish them at some one else's schedual.
 
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