How To Turn Your Hobby Into a Business
It is a common affliction to start out with strokes as broad as possible. We start out feeling that catering to everyone is key. This is however, counter-productive. Research, business practice and common sense tells us that unless a niche practice area is envisaged and executed, the product or service appeals to nobody.
This is a step-by-step checklist that can help you turn your hobby into a source of income and make it your career. Sometimes it is helpful to just have a To-Do list that can push you while you organize your thoughts.
- Organize your thoughts. Preferably in writing. Identify a key void or practice area which can be addressed. You must have ready answers to the following questions –
- Is there a problem I can see?
- Is there a solution to the problem – if so – is the current solution a complete one?
- Can I provide a solution or better the current available option?
- What segment of population am I targeting to promote my product/service?
- Does this make me happy?
- Can I see myself doing this long-term?
- Can I generate revenue from what I am doing?
- How long till I make a profit?
- How long am I willing to go without a profit?
- Build a business
- A venture becomes a business only when you treat it like a business.
- This means setting up a formal entity if necessary, developing a website and building a brand
- When there is a visual memory associated with a brand then put social media to work
- Do not ever hesitate to seek help. Reach out. Ask and you shall receive. But if you don’t ask…
- A general rule of thumb is – people do not connect with faceless entities. Share your story, make it personal, that is when people want to know more.
- Have a plan in place
- This means a through analysis and as accurate an assessment as you can manage.
- Very often what starts off as a hobby or an outlet for creative thinking can become overwhelming because the time and effort it required to turn it into a full-time business was severely underestimated.
- Doing what you love is important, and doing it as a career can be incredibly fulfilling.
- It is still imperative to know and understand your commitment in terms of time, money and effort.
- Be firm with yourself
- Once you have decided to go ahead – there is no room for second-guessing and no questioning self.
- It is very common to have questions and concerns but remember this – the only difference between the entrepreneurs who succeeded and the ones who failed is that the ones who succeeded pushed through.
- Commit to having a defined amount of time that you will spend on different avenues of the business
- Make copious to-do lists and hold yourself accountable
- Find a mentor / someone who is championing your cause
- If you know someone who started their own business, get tips from them
- Look for contacts who can help you grow your business
And finally, surround yourself with people who bolster your confidence and repose faith. If such people are not readily available in your life then ask a question in one of our Acts use social media to find them and connect.