Do you have a hobby that you think can give you an extra cash? Something that you love doing without getting exhausted? Have you been thinking to ditch your dreadful 9-5 job? Who wouldn’t want a life where you are your own boss and do things that make you want to jump out of bed every morning? It’s possible!
We all want to spend our days doing our favorite things. Know that if you really want something, there are ways to make it happen. Painter, crafter, sewer, writer, photographer, teacher/speaker, whoever wants to turn their passion into a business, this article is for you.
A hobby, passion, talent, whatever you call it, you can turn it into a profitable business by following these steps:
Figure out what you really want
You’re turning your “passion” into business meaning, it should be something you love and you are passionate about. Something that will inspire you to wake up and do every day. It’s important that you know what you really want or else it will be just another “job”. As Confucius once said, “Do what you love, and you will never work a day in your life.”
Write a Business Plan
Starting a business might be overwhelming sometimes, however, if you have a plan for what to do and for what will happen next, it will be hard as you think it is. A business plan will also guide you on how to manage your business and just in case you need funding, it will be a big help in sourcing an investor. This is where you put everything about your business. Determine what product or service you’re going to sell. What type of business will it be, sole proprietor? Partnership? Or Corporation?
Test the water
Not because you love it, everyone loves it too or they going to buy it. It’s better to try out first if it’s worth to leave your 9-5 job for this. Make it as your side-hustle for a couple of months or until you see the results. Some people say that you have to be a risk-taker if you’re gonna start a business. But if you’re someone who supports your family, you don’t wanna risk everything straight away and regret it if it does not work, right?
Building a brand identity is as crucial as marketing and selling your product. You need a brand that will help people remember you or your product. It should be something related to what your business is all about. Once people see your brand or logo, they will automatically know that it’s you.
Set up your workspace
Choose whether you’re gonna do it home-based or rent a space. If you decided to just do it home-based, allocate a small space in your house. This is where you will work all the time and where you will put everything associated with your business. Though you can work anywhere in your house, it’s actually up to you and depends on what you’re doing.
Make a work schedule
They say if you have your own business, you will be your own boss and you will have freedom in your schedule. The truth is to be successful, you must take it seriously. Remember, you’re not doing it as a hobby anymore. You’re doing this to monetize from your passion and having a system will help you achieve it.
Promote your business
Build an online presence, on Facebook, Instagram, Twitter, Pinterest, anywhere. Talk about your business all the time, to your family, friends, anyone. Word-of-mouth is the most effective advertising. There are tons of steps and how-to’s on the internet on how you can promote your business inexpensively. Also, building a good relationship with your customer will also help grow your business.
Manage your Finances
Keep track of your money & expenses. As much as possible, create a separate account of your business from your personal savings/account. In this way, you can better monitor the state of your finances one both accounts and if you are gaining or losing money. You need to pay yourself also, even if it is your hobby and business. But it doesn’t mean to take all the profit, just set a consistent amount that you will receive every month just like a regular salary.
I know some people who are always thrilled in the beginning but when they experience a problem, or run out of capital, or got bored in doing the same thing every day, they tend to lose the passion they had when they’re just starting out. Running a business is not a one-time process. You must continue to learn and adapt to the new trend. Be consistent, passionate, and knowledgeable all the time. It takes a lot of hard work but it is possible.
Is the idea of starting a business swamped you? You’re not alone! Don’t worry, there are a lot of people out there who make a living from what they truly love. And know that our team here at Infinit3Solutions can definitely help you start your journey in doing business from your hobby. Need assistance with branding? Creating a logo? Building a website? Obtaining a business permit? We got your back! Contact us today so we can assist you.