Turning your hobby into a business venture
Jun 27, 2018
Not many of us can say that our job is our passion. On the contrary, we often consider what we do outside of work to be more enjoyable. I’m sure we all dream of doing the thing we love full-time – but what if you really could turn your hobby into a business? If you have a life skill that you are only using in your free time, here’s a how-to guide on how to monetize your talent into a money-making business venture.
Think of a plan / strategy
Knowing what is your passion isn’t enough to turn it into a business. Devise a game plan on how your hobby can potentially become a profit-making enterprise. Start off by considering the nature of your business. For instance, will you be teaching a skill, selling or making physical product or even providing a service? Even though this plan is likely to be tweaked along the way, it’s still worthwhile to have a strategy in place from the start.
Do sample research
After drawing up a game plan, determine what the market is like and whether opening your business will be a good idea. If there is little to no demand, venturing into that particular market clearly isn’t a good idea. Also, look up the big players in the industry as they could be your future competitors. This research will form the basis of your business plan, which is the crucial document against which you’ll base your activities. You might also want to consider doing a SWOT analysis at this point.
Make your first sale
No doubt it is difficult to get a new business going and getting on the right track might seem close to impossible at first. The key in the first few stages however, is to get your first sale. This will be the hardest and most important sale you’ll ever make. Depending on the nature of your business as mentioned previously, decide on what strategy works best for you. For example, if you are selling a service, offering a free trial would likely be your best bet.
Build an online presence
Generating an online presence is one of the most effective and easy ways for young businesses to get themselves seen. In the beginning stages, getting your online presence set-up might take a bit of time, but it pays dividends in the medium term. To have an online presence of course, means that you have to be present on digital channels. This means creating a website, social media profile, a mobile app and so on.
Nurture your network
Most people aren’t aware that a lot of business success happens via word of mouth and networking. Hence as a new business, be prepared for a fair amount of self-promotion. Consider reaching out to all your contacts from college and any business associates to update your contact database. You’d also want to get familiarised with your elevator speech as well in case you get an expected opportunity to promote your business.
Turning passion into profit is not an easy feat. However if successful, you’ll never have to worry about working a day in your life. Just a word of advice though – be sure you’ll still enjoy your hobby if you’re doing it for money otherwise it’s not worth taking the risk.