5 Steps to Turn a Hobby into a Business

5 Steps to Turn a Hobby into a Business

Do you have a hobby that you are brilliant at? Do you wish you could turn it into a business? Or even better do people line up for to buy from you? If so, you really could create a profitable business. If you can do something you love and get paid for it, that’s not real work? But before you go and quit your day job, I want to encourage and caution you at the same time. There is a big difference between making some extra pocket change or having a hobby and running a small business full-time. Here are five steps to turn a hobby into a small business.

1. Do a Self-Assessment

Do you have the energy and stamina to crank out your hobby in volume enough to make it a viable business? Make sure you don’t ruin something that brings you joy. People pursue hobbies to blow off steam. Look at tools such as DISC profiling to ascertain your strengths If you add a lot of pressure, you could lose your temper and tarnish your hobby. Do your research to make sure there’s a paying customer before you bet the house on your hobby. Successful businesses require dedicated work and responsibility. It’s easy to take the fun out of your hobby if you do not plan well.

2. Start Your Business as a Side Line

You need to first test the market while you are still working to make sure you have a viable revenue model for your small business. Don’t mess around and lose your day job before you are ready to leave to pursue your business full-time. Most importantly, learn how to sell.

3. Nurture Your Network

Start networking like it’s a new job. Reach out to all your contacts from friends and any business associates to update your contact database. Spend time on at least one social media site to gain insights about your target customer. Use your downtime to do internet research for sourcing vendors and suppliers and to confirm your target market.

4. Use Business Resources

Once you decide that starting a business is for you, there are many ways that you can get help to develop your plan, including hiring a good business coach. A good business coach can give you a comprehensive look at starting a business. He or she will be your mentor and take you step by step through a planning system to help you transition from having a job to starting a business. Start by booking a no obligation consultation to talk about your plans. Most reputable business coaches will have a strict confidentiality policy and you or your idea will be safe.

5. Figure Out How to Stand Out

 It is very difficult for small businesses to compete on price. You must clearly identify your niche customer and spend some time developing a signature product or signature services.  Anyone will buy something once.  How will you get them to buy it over and over again from you? Check out your competition, your coach should be able to help you with this.

Turning your hobby into a full-time business is a great way to become your own boss. Why not work at something you love to do? Just do your research before you start your business. Take the time to write a business plan. Make sure there’s a market for your goods and services, and start saving money by using MoneyCoach. And remember to give yourself 12 months to develop a plan to become your own boss.

Source: Business Coaches Sydney