Hobbies are there to bring us joy, to help us to relax, and to generally make life a little better (and easier). Work, on the other hand, can often feel like the complete opposite – it’s hard, and it’s boring, and it’s just something we do to pay the bills and get through. If only there was a way to make our hobby into something that pays, and pays enough to give us a good living. Perhaps even start our own business. Well, there isn’t just one way that that can happen; there are many.
Having a goal – or goals – is essential when you start thinking about turning your hobby into a business. With no solid plan in place, and no end result in sight, you may find that you start well but fall at the first hurdle. To start with, what kind of scale are you looking at for your business? Will it be a full-time job so that you no longer have to work in your current day job? Or will it be a ‘side hustle’ so you can make money doing what you would have been doing in your spare time anyway? The more income you want to make, the more work you will need to do, so knowing in advance is important as you can then set aside the right amount of time to make your business successful, and the right amount of money too.
It’s Not Just The Obvious…
If your hobby isn’t something you think you could make a business out of, think again. Literally. Sit down with a pen and a piece of paper (do this the ‘old fashioned’ way for the best, most organic results) and start brainstorming your hobby. What are the ways it can bring you an income? Start with the most obvious, and let your mind really be free to make associations from there. Don’t be afraid to use the internet to see what other people are doing in the same or similar field. Once you start, you will soon discover that there are many different ways to make your hobby make you money. As a start, if you make something, you could sell it. Could you also, however, teach others how to make it? Could you create designs for others to follow? Could you sell accessories that go with whatever it is you’re doing?
Hobby Is Fun, Work Is…
You enjoy your hobby because it’s fun. You enjoy it because you’re good at it. You enjoy it because it gets your mind away from work and the office and all those business type things that seem to take up so much time. So, the big question is, will you still enjoy your hobby as much if you’re making money from it? Answer this question truly honestly, otherwise you might find that you have spent time and money creating a business only to be in the same position as you were when you were working elsewhere, except this time it’s you having to pay all the business costs and ensure salaries are dealt with. You could test the waters by starting off part-time.
Just because you enjoy something doesn’t necessarily mean you’re good at it. Hopefully it does mean you have a little skill, but it’s not always the case. So before you quit your day job and plunge yourself headlong into your new enterprise, make sure you really are the best that you can be. Practice, practice, and practice some more. Take extra classes, go the extra mile. Learn all there is to learn about whatever it is you’re doing so that you can be an expert, and people will trust you with their purchases. This is also the time to really learn about business, and ensure you’ve got all the skills and knowledge in place to get it right from day one. You will need accounting software and office equipment, and you’ll need a way of publishing reports so you know where you’re going and how far you still have to go.
No business can really make a successful start without a business plan. Not only is it useful for your bank, lender, or investors (whether you need them at the beginning or you think you might want to utilise them in the future), but it’s also important for you. An honest business plan will help you to see where the strengths and weaknesses of your idea lie, and will show you whether your hobby really can be a viable business. It will also show you how much money you might need to get your idea off the ground, and how much you’ll make in the first year (and the subsequent three to five years, all being well). If your business plan shows that you’re not ready to begin your new adventure, don’t worry – you know what you need to get to that point, and you can work towards it.
Starting up a business is a wonderful thing. It’s exciting. It is – in some ways – freeing. However, if you don’t know about marketing, you may find that you don’t get as far as your business plan predicts. You don’t have to be an expert, but having the fundamentals of marketing in your mind will be a good start. Read some marketing books, search online for hints and tips, and generally get marketing ready before you launch. Once you are making enough money, you can bring an expert on board who can push your business even further (and give you more time to concentrate on the running of it), but until then, you will be responsible for everything. Your marketing needs to be good at the start, or finding those first customers will be tougher than it needs to be. A good way to get going in marketing is to network and make connections. You will be able to learn from these people, and you may even get referrals.