Turn your Hobby into a Business

turn your hobby into a businessAre you someone with a that doesn’t reflect their career choice? Perhaps you have a talent, craft or passion that lies dormant for the most part because it doesn’t pertain to your everyday job? We would all enjoy getting paid for doing what we love, but is it feasible? More and more people are beginning to realize the potential within them by launching their own business and turning their personal interests into an income. If you think you have a talent that you can turn into paychecks, here’s our advice on seeing through.

Day One

Every commercial idea has to start somewhere and for any potential business, that starting point should be your business concept. If you’re planning to turn something that you specialize in into a business, you already have an advantage because you’re knowledgeable and passionate about that subject. The next step is to ask yourself honestly: what have you got to offer that others don’t and how can you exploit that position?

Make it Happen

Once you’ve established your niche enough to convince a bank manager that you have a good idea (the reason you think this business venture will be sustainable in the first place), you’ll need to source financing – usually in the form of a business loan for most of us or some eager stakeholder investors if you’re lucky. It’s also necessary to be a bit of a salesperson and develop a brand identity with free online software such as Logojoy to design your own logo (which helps cut back on start-up costs). From this point, it’s all about getting the word out there about what you do.

Invest in your Business Wisely

invest in your business wiselyThe old proverb tells us, “speculate to accumulate.” While this doesn’t mean opening your wallet at every given opportunity in the hope that it will bring you success, there are a few key areas to focus on. For a new business, areas such as bringing new business partners and custom through targeted marketing outreach strategies are key. Another area to place a lot of importance on is your website – the front page of your new business in the internet age, where potential customers (and investors) will be able to learn about your services. Free web hosting sites are available, but if you’re really serious about your new venture, investing in a cheap web hosting service from a company such as 1&1 is a must-have for new businesses.

Don’t be too Picky

When you start to get up and running, it’s important to take every offer of work seriously. Granted, you might not have resources in the beginning to take on every single job, but by maintaining the right relations with potential clients, you can keep them on your books for future or until you’re in a position to enlist supporting staff and resources. Likewise, while it’s important to make sure you take on the right jobs in terms of payment vs. time consumed when you’re prioritizing, don’t forget that a few good testimonials – particularly from an influential brand name, as this will be worth more than a dozen better paid jobs with no-name brands.

What are you waiting for? Don’t delay any longer in making your talents a lifestyle… and good luck!

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