If you have a hobby or interest that you are passionate about, your money-making opportunities are virtually endless these days, IF there is a demand.
Whilst I encourage you to follow your heart before you go and quit your day job, it is worth giving this decision some serious consideration.
There is a big difference between making some extra pocket money and running a small business full-time. If you’d like to test what the opportunity might be, here are six simple steps to turn a hobby into a small business.
1. Take a Business Perspective
With the ease of getting into a side business also comes a very common challenge.
Since it starts as a hobby, it’s often very tempting for people to call it a business but continue treating it like a hobby.
That seems to be the main mistake that people with side businesses make!
The obvious difference between a hobby and a business is that a business makes you money and a hobby costs you money!
Only you can decide how seriously you take this venture, but the quicker you become pro the sooner your hobby can turn into a business.
2. Do a Self-Assessment
Do you have the energy and stamina to produce your hobby in volume, enough to make it a viable business?
You could ruin something that brings you joy!
Successful businesses require dedicated work and responsibility.
It’s easy to take the fun out of your hobby if you don’t have a strategy.
It’s hard to achieve anything without following a proper plan.
The same is the case with making your hobby a business.
You’ll need to consider your target audience and then develop the right marketing and financing approach to turn your hobby into a business.
3. Start Small
This is the safest approach.
It is best to first test the waters while you are still working to make sure you have a viable revenue model for your small business.
It’s safest to keep your day job, for now, even if that means a bit more juggling!
4. Grow Your Network
You’ll need to start increasing your network from the day you kick off your hobby startup.
Most businesses get success through networking and word of mouth.
You could join social media communities and entrepreneurship groups to expand your network.
You could reach out to all your existing contacts and any business associates who may be able to support you.
It’s best practice to spend time on at least one social media site to gain insights about your target customer.
You could also consider your need for business cards, and reserve your domain name and set up a website to look serious and professional.
5. Invest in acquiring knowledge & information
Once you have decided on starting your own business there is a wealth of information out there to help you manage and grow your business.
Researching and reading useful resources like books, guides and websites will help with more ideas.
Consider opening a bank account for the business and keep things separate from your personal finances.
If the business needs a loan, do a transfer into the business bank account, and record it as a loan.
This holds the business accountable and allows you to track how much you are making and spending.
The most important benefit of following your passion is to enjoy life more. If you take a test approach, you will have nothing to lose aside from a bit of time.
Own Your Goal!
p.s I’d love to hear your take on this topic. Leave a comment below.…
If you know someone who will benefit from reading this, share this post now. It might be the spark they need to give their goal a real go.
THANKS FOR READING & SHARING!