9 Tips To Turn Your Hobby Into Business.

July 5, 2017 11:46 am Published by Leave your thoughts

Be it a lazy day of fishing or a day of baking, our hobbies bring us joy and rejuvenate us after a long work week. It really is only natural to daydream about turning a spare time activity into a business that is full-time but to generate a successful business, you want more than just skills and passion. Building a sustainable business takes planning, commitment, and business attitude.

Here are 9 tips on how to get started.

  1. Know Your Goal.

Would you like your own full-time business so you can quit your day job? Or are you looking for a little extra cash to cover expenses? The more you depend on the income from your hobby-business, the harder you’ll need to work at it.

  1. Write a business plan.

While writing your business plan, you should examine the marketplace in your interest-business or hobby and prove to yourself that it is a viable enterprise idea. You need to find out how much money to kick off the business, set goals and plan on how you are going to market your business to the right customers.

  1. Brainstorm ways you could make money from your hobby.

You may have to do more than one thing to produce a financially sustainable business. For example, if you’re a painter, you can sell your paintings, but you also could teach painting classes, conduct painting workshops, or even sell painting supplies.

  1. Would you still enjoy your hobby if you’re doing it for money?

Being profitable from your own hobby may mean meeting deadlines, pleasing demanding customers, and doing your hobby even on days when you don’t feel just like it. You will also need to manage marketing and finances on your own. Make sure you’re happy to juggle all these balls before you turn your hobby into a business. A hobby is something you do at your leisure but when it comes to business, you must show up to work. You will need to put your hobby as a second job and make it a priority in your life.

  1. Master it — before you quit your job.

To generate income from your hobby, you’ve got to be good at it, there won’t be time for trial and error not at least for the basics. In case your skills aren’t yet up to par, start making a plans for quick improvement and put your business idea on hold until you’re ready.

  1. Learn about marketing.

Being the best at what you do is not enough. If you don’t know how to market your business, you will never get your targeted customers or make any sales. Do some reading on business marketing and observe your competitors or how others promote themselves.

It is also important to set up a website or online store that will be easy to manage and is social media friendly. For example, you can try AVANA eCommerce platform that is user-friendly and easy to setup, which is also integrated with Facebook. Start making connections online and in your community.

  1. Put your finances in order.

Make sure to keep track of your business. Every item bought or sold must be jotted down. If you have a system go ahead and use it to keep track. Also set up a bank account for your business, to keep business and personal finances separate. You don’t need to spend a lot on an accountant since the business is new. You can also try AVANA eCommerce platform, to help you keep track of your inventory and sales.

  1. Create a brand and stick to it.

Building a strong brand helps your customer recognize you, as your brand is your business identity and what you’ll be known for.Decide on a business name, logo, font and color scheme that reflect your business’s “personality” and use them consistently on all platforms including your website, social media, and other marketing materials.

  1. Get your first customer.

Make your first sale, your first customer will help boost your confidence in your business. This will also lead to making it easier for you to market yourself. If you can’t make a sale yet, do it for free in exchange for a testimonial or feedback.

I hope this would help you decide if you would wanna turn your hobby into a business that you would probably enjoy running and comment to share your feedback. Good Luck!

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This post was written by Rina Chandra Kumar