Family • Wellbeing • Adventure

Sunday, 22 March 2020

How To Turn A Hobby Into A Business

Are you tired of claiming unemployment benefits? Have a great hobby that you think might be able to make you money? Well, maybe its time to turn your hobby into a business. Most of us have dreamed about doing so at some point, so what’s stopping you?

In this article, we are going to give you some great tips for getting your hobby-based business off the ground. 

Strategy

The first thing you need to do is to think about your strategy, figure out how your hobby is going to help other people or what problem it solves. This might be teaching other people how to do something that you are good at or selling physical products. You could run a business that provides a service. Make sure you have a clear idea of what it is you want to do.

Research

The next thing you should focus on is your market research. Is there a market for your product? Is it a highly competitive area? What seems to be the biggest cost associated with your idea?

This research will allow you to form the start of a business plan. This is a key document that you use as a foundation for everything business.

Once you have all this research, you need to look through it and analyze what it means. A great way to do this is by creating a SWOT analysis.

Legalities

Next, you need to make sure that what you are going to be doing is legal. If you need permits, apply for them, set up your tax accounts, make sure that you have any necessary insurance or qualifications.

Marketing

Now all the boring stuff is done, its time to sell yourself. That means you need to get your business out into the public eye. Set up social media accounts, print flyers, hold events, do everything possible to make sure your business is on people’s lips.

Time Management

One of the hardest things people find about starting a new business is time management. You need to plan your days like a workday. Add some structure as early as possible and set some working hours. Although it is okay to work past these working hours occasionally, make it your aim to stay within those boundaries, to make sure the right amount of time is put in without you overdoing it. Studies have also shown that when you limit your time, you actually get more done in that period then if you relax all of the boundaries.



Think Like a Business

Finally, and most importantly, you need to make sure you think like a business. That means being professional in your decisions. Even though this business started off as a hobby, if you want to turn it into a success, you will need to make professional decisions, regardless of your passion.

Hopefully, if you think about the above factors before you start out as a business, you will find it easier to adapt. Most businesses that fail early do so because their owners were not prepared before they began. Good luck!

K Elizabeth xoxox

*Collaborative Post

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