Do you have a hobby? Have you ever thought about growing it into a small business?
Whether it’s a side-hustle for some extra cash on the side, or a startup that could grow into a full-time business, turning your passion into a revenue stream is something worth pursuing.
After all, passion is a driving force for a successful business.
If you can turn something you love to do into a business, you might find the perfect balance between work and life.
Here’s how to turn your hobby into a business in 7 steps…
1. Identify Your Hobby
What is that one thing you absolutely love doing? Choose an activity that doesn’t feel like work. What sparks joy in your life?
Many hobbies can be turned into businesses, including: photography, baking or cooking, writing, gardening, arts, crafts, fitness, design, makeup and beauty, and tutoring.
What puts you in a state of flow when you engage in it? A flow state happens when you get so engrossed in doing something, that you lose track of time. Instead of getting tired the longer you do it, you feel energized.
If there’s an activity that regularly puts you into a flow state, that’s your hint that you could have a new business idea on your hands.
2. Evaluate your Hobby’s Market Potential
Before you can turn your hobby into a business, you will need to research and understand if there’s a market for it. Ask yourself, “Are there people willing to pay for this product or service?”
How do people respond to you when you practice your hobby? Listen to the feedback you get.
Do you have a large enough audience and how can you reach this audience?
3. Create a Business Plan
It’s now time to get practical.
Outline your goals, strategies, target audience, and potential challenges. This will be your roadmap to success.
You will also want to work out the financial details of your startup. How much will it cost you to run your business? How much should you therefore charge for your product or service?
If this stage overwhelms you, it might be a good idea to invest in a business mentor or advisor.
4. Start Small
You don’t need a huge investment to kick-start your new start-up. Don’t be afraid to begin on a small scale, test the waters, and gradually expand.
5. Develop a Brand and Branding
At this point, you’ll want to start working on your brand.
Be sure not to confuse “brand” with “branding”.
Your brand is your reputation, or how you are perceived by your desired audience. This is where you focus on your messaging and what it is you wish to convey as a business.
Once you’ve determined your brand, it is time to focus on your branding. Branding includes any material thing that communicates your brand. For instance, a business name, logo, and a website will constitute your company’s branding.
Keep your brand and branding fluid, at least in the beginning, when you are still figuring out your new business. You will want to give yourself some freedom to pivot if necessary in the early stages of business development.
Don’t get stalled trying to create your perfect brand before you start sharing with people about your new business or start selling your product or service.
6. Marketing
Use social media, word-of-mouth, and other marketing strategies to build your customer base.
Have a solid website that converts leads into customers.
Your first customers will most likely be from your network, so focus on meeting new people, both online and offline. Don’t forget to use your existing network of friends and family members. We sometimes forget to share with the people closest to us who could be potential customers or refer your business to someone who becomes your client.
7. Provide excellent customer service
Remember, your brand is your reputation, so build your brand by providing an excellent product and top-notch service.
Listen to feedback and where your best return on investment lies, and pivot your brand and branding accordingly.
Turning your hobby into a business is a journey filled with ups and downs. Stay persistent, patient, and passionate about your venture. Your hard work will pay off.
