Have you ever thought about making your hobby into a small business? If you already have an entrepreneurial spirit and you have a product or service that people seem to want, it might be a great time to turn your weekend hobby into a money-making opportunity.
It could lead to you having the chance to leave a career that you’re burnt out from and start working full-time on something that you really love. How do you know if it’s the right time to turn that favorite hobby into a small business? Follow these six steps to make a fair assessment of whether or not this could work and what it will take to follow-through.
Take a look in the mirror
Really do some soul-searching to determine if this is something you should be doing. Do you have the energy and stamina for this massive undertaking? Is it going to make something you love to do on the weekends a chore? How will you blow off steam now that this hobby is a job? Do people really want or need this product or service? Do a self-assessment to see if your hobby really should become a business or if it could end up being a big mistake for you or your happiness.
Start it on the side
If you’re still on the fence or simply want to ease in, start it off as a side business on the weekends and at night. Don’t quit your day job yet; test the waters on this first. You’ll have a chance to see if you can come up with a business model and if people are actually showing interest in it.
It’s time to start networking and nurturing relationships. Reaching out to everyone you know from college or business associates can help you build a network of contacts. Learn about your target audience online and through social media, using your downtime to research the market, possible vendors, and suppliers.
It’s a good time to start reading books on business to make the transition from your job to a business owner. Develop your plan through books and consider business counseling.
Hit the library
It may be a great time to use free resources like the library to get information on what it takes to run a business. Aside from a great idea, understanding your market, and networking, you’ll need to know about things like business insurance, sales taxes, legal entities, and accounting systems for small businesses. Do you need a business license? Get educated on all of this at a local library or online.
How to make it as a business
It’s a good time to think about how you are going to stand out from the competition. That is going to be the key to making it in the business world; having a niche and a signature product or service that people want. How will you get them to come back again and again instead of just buying once?
Making a hobby into a full-time business will be challenging, may leave you with doubts and fears, but could be the greatest thing you ever did. Consider it carefully and follow these steps to turn your hobby into a side business that blossoms into a career.
Before you know it, you could have enough of a customer base to replace your full-time salary with the proper business plan, a great product or service that constantly evolves, and a network of happy customers that want to spread the word to everyone they know.