Today we want to share 9 essentials to help turn your hobby into a business. From crafting to songwriting, many viable businesses are born from something that starts as a hobby. If you’ve been wondering if your hobby could be used to give you a secondary income or even turn into a business, you need to make sure you take a few steps before you jump straight into it.
Let’s have a look at some tips to help you:
How Do You Feel About It?
You really need to think about how you feel about it, and what your gut tells you about it. At the end of the day, a hobby is something that you do for entertainment and it’s something that you enjoy doing. This means that you need to be very careful about moving your hobby into your business or income. You not only have to be willing to put the time in to make it your livelihood, but also turn it into a business, and give up an element of doing it ‘just for fun’. Are you willing to do that? You may risk losing the same feeling you get from your hobby as you do at the moment. If it’s not what you would like or are not sure about it, it may be better to find a different side hustle. That being said, if you can hold onto the love you have for your hobby, it could lead to a very satisfying career.
Test The Idea
One of the best things you can do when thinking about moving your hobby into your career it to test it. You can do this by starting off small, a side hustle is usually the step people use before they attempt to move their hobby into a full-blown business. Once your profits start to resemble that of a full-time wage it might be time to consider quitting your day job to focus on your new business. You should make sure you have taken some time to build up at least two years of cash flow too, it will help to release the burden of moving from a salaried employee to an entrepreneur. The thought of getting through the early years is often the bit that puts people off taking that first step.
Create A Business Plan
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No business can be successful without having a business plan in place, the same goes for a business that is created from your hobby. It is your blueprint for your business, and if you are looking to finance your business you may need one to show to investors. Even if you aren’t looking for investments, you should still make sure you create one. You are much more likely to succeed if you do.
Some elements you should include are:
- A summary of your business
- Company Overview
- Marketing strategies
- List of products and services
- Sales plan
- Financial plan
- Metric and milestones
- Details of the management team
If you are working on something that is bringing in an income that is profitable, it is a business. Therefore, you need to have a business plan in place.
Create Your Brand
When it comes to getting recognized, you need to build a brand. This means that you will need to have a business name and ideally a logo. It should capture your business personality and be usable on your business cards, website, and marketing. You should think carefully about the colors that you use, they need to resonate with your target market.
There are many tools online that you use to create a logo such as Canva. Have a look at see how you get on. If you can’t do it yourself, you may want to think about using a professional service to look at designing one for you. If you are a songwriter, for example, you may want to have a look at questions such as ‘What is a record label’ as this is something that could help you to grow your brand and become well known. It’s all about finding the right way to brand your hobby. Each hobby is different.
Create A Web Presence
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If you are running a business, it is essential for you to have a presence online. The way that the world now means that businesses won’t get anywhere unless they are on the web. A staggering 87% of consumers now purchase their goods online, so if you aren’t online as a business, you just don’t exist. You should look at building a website and having a few social media pages. It’s also a good idea to add your business to Google my business. If you are looking to expand your target audience it is essential for you to be online.
Create A Marketing Plan
Your products and services are what makes your business special, and you need to let the world know. Your marketing doesn’t need to be costly. You can easily make a start with some free social media accounts. As you start to grow and get more sales you can start exploring your paid options such as social media ads.
When creating your plans you do need to make sure you put some time to one side for social media marketing. It will take more time than you think, however, it is something that is a necessity. It is an important part of your business, and it will help you to get in front of the right audience. If you don’t have the time to commit to this yourself, it may be worth your while recruiting the help of professional service and outsourcing.
Find Your Customers
It is important for you to find where your customers are and how you can reach them. You need to put an effort into thinking about the types of groups and places that your target audience might be in. It could be moms groups or it could be sports centers. You should think really carefully about you can connect with these places to help reach your customers and bring value to the business.
Look At Your Finances
When you turn your hobby into a business you need to start looking after your finances better. You will be expected to report your income and your expenditure. You will also be responsible for paying your own taxes. One of the best things you can do is set up a business account and keep your personal finances completely separate. Ideally, you should look to pay yourself a wage each month from the business account. This way you know what you are going to get to live on and the rest can be used to fund and grow the business. When you are first starting your business, you should also look at your personal finances. They may take a hit when you first make the move from an employed role to a self-employed role. If you have your personal finances in order, you are much more likely to feel comfortable about the move.
Look For A Mentor
Having a mentor who has made a similar move can be invaluable, especially in the first few years of you doing this. They will be able to offer you advice that works to help you overcome the hurdles of turning a hobby into a business. Unfortunately, the passion you have for your hobby isn’t enough to turn it into a successful business. You also need to do some research and learn about the best route to take to make it a viable business. Learning from others who have done this successfully, is one of the best ways to learn about what you are doing and what you should avoid. When you invest some time into doing this, you should be on the right track to making your hobby a successful business.
If you are looking to move your hobby into a business that makes you an income, these tips should help you to get started. Do you have any other tips that could help? We’d love to hear them in the comments below.
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