start

• Make sure you have something to replace it because you'll still need a hobby.
• Price your product appropriately - don't be tempted to charge any less than what the finished product is worth. If a handbag can be worth thousands then whatever you're doing will have a high-end market too... assuming that you put plenty of hours into each sale, and can't dramatically increase production
• Consider how you will increase production if you're successful - how much time will YOU lose each time you need to train a new employee? How long will they be employed before they're producing a quality product/service?
• If you're selling online allow for "shoplifting" in its online forms, mostly chargebacks, and write it off as a cost of doing business. Learn how to protect yourself, but don't be too surprised or upset when it happens

There will be more but it depends on whether your hobby is producing trinkets you can sell via Etsy, digital art you can sell via RedBubble, programming where you're providing a service, or something else.

 

This is a biggie. Do your family and close friends support you and are they willing to risk the loss of income, and time with you?

You might find yourself needing to make tough decisions - end a relationship because you really need to do this, or end a dream because your partner isn't supportive? In many cases their lack of support is a huge red flag warning you that your idea isn't sound, or that the way you've planned your business isn't right. You might have the greatest idea but if your skill set, financial investment isn't right you can still fail only to see someone else discover it and make it a success. You can compensate for skill shortages by hiring people or working with mentors who can guide you around your shortcomings. You can compensate for financial limitations by working smarter, getting investors, mortgaging your house. Never say never, but have the humility to know when you can, and when you shouldn't.