Some years ago I dumped the job I was getting fed up with and turned my card making hobby into a bespoke wedding stationery business. I did it for about 10 years then retired completely when I was 48. It was sometimes hard work but great fun being involved in happy occasions. Competition was huge, and as Aggie says it's almost impossible to account for the time spent making handmade items without pricing yourself out of the market. But when it came to weddings many people were prepared to pay for handmade quality and design for a once in a lifetime event. Eventually demand began to decline due to rocketing postage rates and a more casual approach to wedding formalities.
If you're thinking of turning your hobby into a business, do your research, lots of it!
Is there a market and demand for what you make?
Is your craft of high quality, quality always sells.
Is your craft sufficiently unique to stand out from the crowd?
How will you finance your business - materials, equipment etc?
Do you have a back-up fund to pay the everyday bills until you are making a profit?
Would you be eligible for any grants?
Will you need business premises either for production or retail?
How will you promote your business, advertising can be expensive.
And most importantly do you actually have the time to devote to it?
This is just the tip of the iceberg, there are so many things to be considered.
If you decide to give it go, Good Luck, it's exciting!