Knifemaking - a business?

[DaveRuhlig]

I started knifemaking for the same reasons as the rest of you - it's fun and I get a great sense of accomplishment with every blade I finish. I've been at it a few years now and to date never sold a knife. I've even taken a few custom orders without charge. Well, after meeting with my accountant this afternoon I'm considering making my highly non-profitable hobby a business. So, my question is..... Have any of you "part-timers" taken the plunge and made your hobby an official business? I guess if I take the plunge I'll have to sell a few knives and even show a profit in at least 2 of the next 5 years to keep the IRS happy. I know it's a stretch to think I may actually make money in even 1 of the next 5 years, but if I don't I'll still have fun right? Any advise?
-Dave