How to Turn Your Hobby Into a Business: 5 Important Tips
Have you thought about turning your favorite hobby into a career? Monetizing your hobby could be a great way to generate passive income, find fulfillment in your work, and enrich your life with meaning. But you can’t build a successful business overnight. You will need to spend plenty of time on research and planning if you want your hobby-based business to take off. Here are a few essential tips from Slate and Brush Design Studio to consider as you get started!
Consider Your Intentions
First, make sure you really want to turn your hobby into a business. There are a lot of good reasons to monetize a hobby, but also many good reasons not to do it. On one hand, building a hobby-based business means getting to work on something you enjoy every day and sharing your passion with the world. On the other, your hobby can start to feel more like work than fun, and you may lose your passion for the activity altogether. Think carefully about what it will mean to monetize your hobby before you get too far in the planning process.
Advance Your Entrepreneurial Skills
Learning how to run a business successfully is important before you take the leap from hobbyist to entrepreneur. Many people are surprised by the amount of daily work that goes into keeping a business running. For example, Chron explains that you will need to look after financial matters, keep track of cash flow, manage employees or contractors, maintain a social media presence, package and ship finished products, and the list goes on.
Improve your business knowledge so you know how to keep everything running smoothly and make effective business decisions. Consider taking some online classes through a flexible and affordable degree program. By pursuing online business degree programs, you’ll learn about key topics including business communication, project management, employment law, sales management, and many more.
Do Market Research
Market research is vital for ensuring your hobby business will turn a profit. The U.S. Small Business Administration recommends doing market research to find out more about your target customers and competitive analysis to learn what makes your business unique. With market research, you should aim to answer several questions:
Is there a demand for your product?
How large is the market for your offering?
Where do your customers live?
How many similar options are available to your customers?
What do competing businesses charge for similar products?
Support Yourself with Creative Side Hustles
Even with good planning, your business likely won’t be profitable right away. Make sure you can still support yourself as your business grows. For many people, this means holding onto a day job for a little while longer. You could also pursue a couple of creative side hustles that make the most of your hobby skills. For example, if you are trying to launch a business as an artist, you could try freelancing as a makeup artist, photographer, event planner, or video editor in the meantime.
Network, Network, Network
Networking is one of the best things you can do to jump-start your new business. Networking will help you establish a reputation for your brand and help you make connections that can turn into valuable business opportunities. For example, you may connect with the owner of another creative business who is willing to collaborate to help get the word out about your new company.
While LinkedIn is a great place to connect with other business owners, it’s not your only option. You can also network in your personal circles, on Twitter, at family functions, at your current job, and even while standing in line at your local hobby store!
Using a beloved hobby as the inspiration behind a home business is a great way to ensure your business aligns with your passions and interests. Although it may take some time—and a lot of hard work—to get your business up and running, it will all be worth it when you make your first sale!
Are you looking for unique products to add to your hobby store? Check out the Slate and Brush Design Studio for hand-painted art, available at affordable wholesale prices. Check out our website to learn more!
Article written by Chelsea Lamb from businesspop.net