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Thinking of Turning Your Hobby into a Business?

Contributed by editor on Dec 05, 2018 - 11:25 PM

 

It is the stuff of dreams: turning your hobby into a profitable business.


Having a great passion for a hobby is an absolute joy in life, and being able to earn money from something that you love is becoming a more accessible reality for people.

If you are blessed with creative talents and have the capacity to create products to sell, or perhaps you can teach your skills to others, you are in a great position to realise your dreams. However, you will need to have a clear understanding of how you can capitalise on your hobby and whether what you are offering will likely be of interest to other people. Can your passion translate into revenue?

1 Brainstorm

While your initial idea may not be your final route to self-employment, it may just trigger further inspiration. Keep notes of your thoughts so that you can refer to them. You may not have a clear picture of your business direction straight away, but this is healthy and allows you to explore the options open to you. Don’t make a rash decision, brainstorm several ideas.

2 Research

Use the internet to research your chosen business niche. There may be similar businesses already in existence that can provide you with valuable information such as pricing for similar products or services. Can you see a demand for your offerings? Or is the marketplace crowded? You need to have a clear picture of where your business will fit in between competitors and consumers.

If your business is going to rely on supplied goods, contact suppliers to get an idea of the costs involved. How are you going to ship products or provide services? You need to thoroughly research your concept so that you can make informed decisions.

3 Business identity

The next step is to create a business entity and identity. You need to follow the legal formalities and inform the authorities of your business; HMRC if you are a sole trader or Companies House if you are setting up a limited company.

Once you have completed the paperwork, you can focus on how you are going to represent your business visually. The branding of your business is crucial to your success and will be replicated across the marketing mediums you use to promote your business. Experts such as Pivotal Pixel can create a brand that is supported and complemented through website design and digital marketing so that your business has a cohesive representation.

4 Be professional

You may run this enterprise alongside your day job until you are able to generate enough income to support your financial commitments, but just because this may be a part-time, hobby venture, does not mean that you can treat it like one! Your customers will expect you to behave like a professional, they do not know that you are sat at the kitchen table!

5 Final Thoughts

When you are passionate and driven, there’s no stopping what you can achieve! When you are blessed with a talent in your chosen hobby, it opens a wide variety of doors for potential profit and business growth.

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