It’s something most of us aspire to – the dream of waking up each day and indulging in a hobby that doubles as a profitable business.
For some, the sudden, unexpected loss of a job can force them to look at the money-making opportunities under their nose, while others will plan the launch of their hobby-based business for many years.
Whichever camp you sit in, turning a hobby into an enterprise is no mean feat. There are, however, five things every entrepreneur can do to give their personal business the greatest chance of success.
Write about your hobby
In the digital age, anyone can be a publisher. Providing you have access to the internet and a computer or tablet to hand, you can set up a website dedicated to your hobby and begin writing about it.
Establishing yourself as an expert in your chosen field is vital if you’re to get noticed and build an audience that trusts you enough to invest in your services. Don’t be shy – start that blog today and begin by writing at least one post per week on your hobby.
Speak about your hobby
One step up from writing about your hobby is speaking about it.
Although nerve-wracking and not particularly easy to get into, giving your nascent business a voice is a sure-fire way to raise it’s profile. You can start small, too, by setting up a YouTube channel and publishing videos of yourself talking about your mini empire – you never know what speaking opportunities might arise as a result further down the line.
Find the business application
It goes without saying that for your hobby to stand a chance of becoming a business, you need to find the commercial angle.
To do that, the business application needs to be defined. What’s a hobby to you needs to offer a real, tangible benefit to your future clients. What three things will it do for them which demands their investment?
Treat it like a business with a proper plan
Once you know the business application of your hobby, you need to start treating it like an enterprise.
This isn’t easy, because your hobby will be close to your heart and, at this stage, nothing more than something which makes you happy. The trick is to retain that passion and turn it into a money-making endeavour.
Pour your passion into a properly-structured business plan, and you’ll end up with a great roadmap for the business and something which the bank manager (assuming you require financial assistance) will be inspired by.
Don’t be deterred
You’ll hit numerous road blocks during your journey. Each one will try and push your business idea off course and it’ll take a great deal of strength and inventiveness to avoid the temptation to throw in the towel.
Providing you’ve found the business application and have a solid plan in front of you, nothing should stop the formation of a business that was once a hobby. You know you can do this, and you know there’s a market for it – nothing else matters.
Turning a hobby into a business will never happen overnight, but by leaning on the tactics in this post, your dream job might not be quite as impossible to reach as you might think.
Most importantly of all, make sure you have fun during this exciting journey, and remember – if you don’t try it now, how will you ever know if it could be a success?