Are you thinking to transform your hobby into a business? Everyone knows that the best things in this world are created with passion. To make a profit from something you love doing in your free time, you must learn how to do what you love in the market.
1. Start seeing your hobby as a business
Being your own boss and making in the same time the things you enjoy most is fantastic! However, have you thought how many changes will occur in your life by making this step?
Hobby is something people usually do in their free time without constraints. There are no deadlines, no rules, no obligations. There is just enjoyment. Running a business means almost the opposite.
2. Learn first the basic principles of a business. Any kind of business
Learn how to make budgets, how to write a business plan, or how to position yourselves on the market.
You should start thinking at costs like being the most natural things, not as the main problems. For example, visualize first all the current expenses in your actual life: a rent, or a mortgage, food, cloths, transport, electricity etc. Then, add to all this the expenses for a new business. You must be aware about the cost for trademarks, copyrights, patents, various types of business insurance, office supplies, licenses and permits etc.
Also, you have to read what are your rights and obligation as an entrepreneur. Find someone in the legal domain to help you.
3. Decide how much of your time you want to enjoy the hobby and how much the new business
You are probably aware that meetings, phone calls, administrative stuff are all part of the plan. If you are at the beginning probably you won’t be able to pay someone to help you with this. In the same time, you must continue to do your hobby. This is the idea, isn’t it? Doing what you like and running a business based on this.
4. Get informed about your market, future clients and competition
Information is power. Gather relevant and enough information about the future market you want to get in, the basic profile of your future clients and most of all the basic information about your competition. To ignore this simple facts means to kill your dreams from the beginning.
5. Follow online forums, attend conferences, talk with people
Attending specialized events or interacting through the internet on specialized forums is a great opportunity to learn new things and to make relationships. Also, it is a way to attract attention and to promote yourself.
6. Take advice from good consultants
If you are at the beginning don’t expect to know everything. Use the knowledge of those people who have more experience than you. Make short collaborations, if you don’t have enough money.
However, choose your consultant carefully. Everyone is good at giving advice. Make sure that the person has good recommendations, or visible success projects in his/her portfolio.
7. Find your niche. Find your place. Be you.
Don’t try to do everything for everybody. Find the market niche that you feel most close to it. Remain at doing what you like and define you the most. Let your business reveal your personality.
There are many other things you need to know if you plan to transform your hobby into a new business. Feel free to share with others what you are doing to accomplish your dream.