Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,887,250 members, 6,939,320 topics. Date: Thursday, 30 June 2022 at 03:18 AM

6 Steps To Turn A Hobby Into A Small Business - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / 6 Steps To Turn A Hobby Into A Small Business (315 Views)

6 Steps To Become Very Successful In Affiliate Marketing / I Punt As A Hobby And I Make Money(free Tips) / 6 Keys to Success in Setting Up Your Small Business (2) (3) (4)

(1) (Reply)

6 Steps To Turn A Hobby Into A Small Business by Nobody: 3:38pm On Aug 04, 2015
Do you have a hobby that people line up for to buy from you? If so, you really could create a profitable business. If you can do something you love and get paid for it, that’s not real work right? But before you go and quit your day job, I want to encourage and caution you at the same time. There is a big difference between making some extra pocket change at holiday time and running a small business full-time. Here are six steps to turn a hobby into a small business.

Do a Self-Assessment.

Do you have the energy and stamina to crank out your hobby in volume enough to make it a viable business? Make sure you don’t ruin something that brings you joy. People pursue hobbies to blow off steam. If you add a lot of pressure, you could blow your stack. Do your research to make sure there’s a paying customer before you bet the farm on your hobby. Successful businesses require dedicated work and responsibility. It’s easy to take the fun out of your hobby if you do not plan well.

Start Your Business as a Side Hustle.

You need to first test the waters while you are still working to make sure you have a viable revenue model for your small business. You don’t mess around and lose your day job before you are ready to leave to pursue your business full-time.

Nurture Your Network.

Start networking like it’s a new job. Reach out to all your contacts from college and any business associates to update your contact database. Spend time on at least one social media site to gain insights about your target customer. Use your downtime to do internet research for sourcing vendors and suppliers and to confirm your target market.

Use Low Cost Business Resources.

Once you decide that starting a business is for you, there are many books that you can read to develop your plan. You should also make an appointment with your SCORE chapter, which can provide online and face-to-face counseling.

Check Out Your Local Library.

You can get plenty of market research data help from the business librarian at your local branch. Also, find out information on legal entities, sales taxes, business insurance and small business accounting systems. There is also opportunity to learn about any business licenses or regulations that you will need to comply with to start your business. No body wants local government task force seizing his wares.

Figure Out How to Stand Out.

It is very difficult for small businesses to compete on price. You must clearly identify your niche customer and spend some time developing a signature product or signature services. Anyone will buy something once. How will you get them to buy it over and over again from you?

Turning your hobby into a full-time business is a great way to become your own boss. Why not work at something you love to do? Just do your research before you start your business. Take the time to write business plan. You’ll need a lot more customers than the 30 people that buy your jewelry to replace your full-time salary. Make sure there’s a market for your goods and services, and start saving money. And remember to give yourself 12 months to develop a plan to become your own boss.

Re: 6 Steps To Turn A Hobby Into A Small Business by Nobody: 3:53pm On Aug 04, 2015
A hobby stops being fun the moment you force yourself to keep doing it past the enjoyment stage.

What do I mean saying that? I mean once you make a living out of it, it stops being fun. Even the best job in the world gets tiring at times and a hobby turned business venture is no different. However its more fun sticking to a hobby as a way of life than any other trained activity.

(1) (Reply)

Importation Made Easy While You Make N200,000 Every Month. / will be updated / Purpose & Career Personality Questions By Somto Okeke Charles

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 49
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.