Are you planning to turn your hobby into a new and thriving business? Here are seven crucial steps to take if you want to turn your hobby into a business.
First set a goal.
To begin monetising your hobby, you should devise a clear plan.
Do you intend to quit your day job and run it full-time? Are you just looking for a side-hustle? Ask yourself these questions and determine what you expect to get out of starting your own business outside of passion.
Before you quit your day job, determine how much money you will need to make per month to leave. Then decide how much income your side hustle needs to be generating for it to be successful.
Test your product or service.
A great way to make sure your business works before you launch is with a beta test. Invite a small group of friends, family or people you don’t know to go through your product or service to give you objective feedback And make adjustments based on their feedback.
Where will the money be made?
Your business model is as much a part of defining your business purpose and structure as your mission statement. If you don’t completely understand how your business will generate revenue, you won’t ever get your business off the ground.
Here’s what to consider:
- How much it will cost to produce your product or service.
- How much will it cost to sell the product or service?
- How much is your customer is willing to pay?
Place your brand.
Yes, you’re excited, but without an elaborate business plan, you won’t know where your business sits in an already crowded market-place.
Use this exercise to explore your business, the market position, its purpose, analyse your consumers, investors and potential partners – you will feel the clarity wash over you once completed.
Devise a simple marketing strategy.
Your business’s potential can quickly evaporate if you’re not reaching any customers. That’s why you must do some research and know the marketing basics from inception. Social media marketing is powerful and free – with so many platforms relevant to brand awareness and business growth, its essential to include suitable media into your strategy.
Find your people.
Having a mentor can help you build your skills as a leader, strategist, and innovator. A mentor can lead you toward making sound choices that positively affect your business, including funding requests, networking, sustaining growth, and delivering on projects. Likewise – being part of a community will provide an unwavering support network and a sense of partnership, particularly in those hard times.