Are you fond of making arts and crafts? Have your friends and family members been urging you to turn your baking passion into a full-fledged business? Would you like to consider turning your hobby into a money-making venture?
If you’re thinking of putting up a business spurred by your hobbies or interests, then read on. You will learn valuable steps on how to convert your interests into a commercial venture in no time.
From seeking the expertise of a marketing consultancy firm to putting your plans into action, there are simple but surefire ways to transform your pastime into a thriving enterprise.
From Lounge to Livelihood
If you have a hobby that you are passionate about, then it might be a good idea to turn it into something that can bring you additional income. If you are confident about your skills and talent, then you can explore the possibility of starting a business using your natural abilities. If you think what you do as a sideline can be transformed into a bigger, more profitable venture, then why not go ahead and try?
A lot of startups from all over the world started out as tiny home projects. Even the behemoth tech brand Apple started in a garage in Silicon Valley. Who can stop you from starting the metamorphoses of your hobby into something that might become famous all over the world in the future?
Whether you are a creative master in woodwork, a technological whiz who tiny gizmos, or a skilled culinary artisan, you can certainly look at the chance of building a business with your interests. Turn your chocolate making classes into a famed chocolate shop. Curate a profitable online gallery with your paintings. Open a chic café with your barista skills.
Whatever it is that you plan to do, here are some simple ways to help turn your hobby into a lucrative activity:
1. Define Your Purpose
Before starting your business journey, there are some questions that you need to ask yourself. Questions like, “why do I want to turn this hobby into a business?” or “will I be able to commit to this full-time?”
You need to be able to confidently answer these questions. Having a clear answer means that you have defined goals that will help push you where you want to go. Are you doing it for additional income? Will it be a part-time trade or a full-time business?
You need to find a good rationale to back up your desire to start an entrepreneurial venture. It is not enough that you just like the idea. There must be a good foundation that will support your dream so you can turn it into reality.
2. Assess Your Current Situation
You also have to be aware of your current situation. Are you financially able to fund your startup? How liquid are you to be able to support the business while you are still waiting for your first sale?
Aside from the financial considerations, you also need to check how much time and resources you can invest. Will you be working on this part-time or are you ready to devote your time and energy on a full-time basis? Is it possible for you to juggle this with your other responsibilities? Check if you can manage your time efficiently before you take another step.
Are you going to work on this alone or will you need to hire other people? Are you going to have investors? Will you need a physical office or workshop or will an online setup be sufficient?
3. Create a Strategy
Once you have defined your mission and vision, as well as acquainted yourself with your current state of affairs, then you can proceed to crafting a sound strategy.
Set objectives and parameters for success. Aside from your business goals, you also have to establish your brand. If you are not knowledgeable about branding, you can seek the services of a marketing consultancy agency. With their experience and proficiency in branding and communication, they can help guide you in making your name known to your intended audience.
Creating a sound plan is crucial, so you have a blueprint of where you want to go and how to get there. Understanding the market and the existing environment will also aid you in crafting tactical ways to achieve your brand and business goals.
4. Develop an Online Presence
With today’s lifestyles, having an online presence will help you expand your reach. If you’re a startup, maximizing the use of technology will work to your advantage.
Build a compelling website. Include content that will attract and hook your audience to stay and interact with you. More importantly, your online presence must be able to generate attention that may be converted to qualified leads.
Make use of social media and other interactive apps that talk to your target market. Leverage your strengths and create opportunities that will allow your audience to relate with you and drive them to engage in positive action towards your brand or products.
5. Build a Network
Do not just limit yourself to your online crowd. Go out and network. Participate in bake sales if you are selling bread and pastries. Join community events. Mingle with the right crowd and create opportunities to present your brand and products to them.
Join professional clubs or groups. It doesn’t matter if it’s not directly related to your hobby-turned-business, since you can still find opportunities across industries. It can also be a way for you to become updated on the latest industry trends. Be open to tie-ups and partnerships. Find connections that can turn out to be mutually beneficial.
Sidelines That Sell
When you think your hobby can be turned into a profitable business, you should carefully weigh the pros and cons. Once you can have thoughtfully considered the viability of the venture by looking at all angles, then you can put your plan into action and start your adventure.
Do not be afraid to seek professional guidance from business mentors or marketing specialists. Their years of practice and in-depth knowledge can prove to be beneficial in ushering you into the world of success.
AUTHOR BIO
Hasan Fadlallah is a Serial Entrepreneur – Founder & CEO of Brand Lounge, the region’s leading and award-winning branding consultancy, whose role is to help organizations align their business behind an idea that will deliver success time and again. Equipped with over 20 years of professional consulting experience, today he advises businesses throughout the Gulf and Africa on brand development and in 2014 was recognized by the World Brand Congress who awarded him the prestigious Brand Leadership award in Brand Excellence.
