Thursday, September 17, 2020

Could You Turn Your Hobby Into A Business?

What you do away from work is your true passion, so why not consider making that into your career? After all, you will likely love what you do, and find more time for it, especially if you spend a lot of your time doing it anyway. 

Photo by Flora Westbrook from Pexels

However, it will take a little more than just a passion to start a successful business, as the Debt to Success System - DTSS talks about. 

So, Should You Start A Business? 

As you think about the idea of turning your hobby into an income or a business, there is one thing you need to ask yourself. Should you be starting a business? You also need to consider the fact that if you start a business from a hobby, you risk no longer enjoying it. The pressure of meeting financial goals, customer expectations, and working to a schedule can sometimes take away the relaxation, enjoyment, or personal satisfaction. 

You have to think about whether you would be able to let go of the hobby if your business took over and you never felt the same about it again. There is also every chance that you will continue to love your hobby and enjoy your business for many many years. 

Some steps you need to think about include: 

Setting A Goal 

It’s not only about making the choice to turn your bobby into a business, this isn’t a goal. You need to establish what you are aiming for. Are you looking for a side hustle? Or do you want to create an empire? If you’re intending on quitting your day job to run it full-time in the future, then you need to set a goal and know what to expect. 

Do Your Research

Many people starting a business become enamored with the product or service on offer, and when it’s a hobby it can be even worst. This makes market research an imperative part fo turning a hobby into a business. You need to be clear that you aren’t the only person to find it appealing. Take this time to learn about your potential customers. 

Find The Business Model

The next part of your research is to find and identify your business model. It can be really easy to identify a problem, have a great idea, and jump right in with your product or brand development. If you don’t have any idea on how to make money, you will never get your business started. You need to know: 

    1. How much it will cost to create your service or product

    2. How much much it will be to sell it. 

    3. How much your customer is willing to pay. 

    4. How you’re going to sell it. 

Test It Out 

So, you’ve done the research and created your business model, however, it’s all hypothetical. You think you know that there is an opportunity, you think you know who your ideal customer is, and you think you know how to sell to them. But, before you go ahead, you need to validate your thoughts.  

You could consider: 

    Taking preorders. 

    Having a coming soon landing page

    Selling a small limited number as a prerelease. 

    Run digital ads. 

And others. 

You then need to look at how successful it was and if it was on a larger scale, would it make you a profit? 

Build Your Business Plan

Once you have done these and you are happy that your want to continue to turn your hobby into a business, it’s time to develop your business plan Writing a business plan will help you make thing official and ensures that you are covering all your bases. You can piece together your market research, goals, costs, and then think about long-term milestones and goals. 

You don’t need to write a huge document, you can easily run off a lean plan. They are simpler and they allow you to make your plan adapt and grow with your business. You will still have all the paperwork and information that you need if you need to find investors or take out a loan, but it will take a lot less time to piece together and start working from. 

Just remember that if you end up creating a business from your hobby, the process could lead to you disliking or hating something that you enjoy and love. It can also lead to you disliking it over time. With continuous operations to consider. It’s perfectly natural for this to happen, and there are always new ways that you can inject a bit of excitement back into a hobby. 


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