- August 20, 2018
Playing guitar, cooking and stitching might your favorite pass time hobby but have you considered turning your hobby in to business of profession. If you like to play guitar in your free time, have you ever wondered of becoming a professional guitar player? If not this is the right time to start earning extra income from your hobby and add to your standard of living.
People flexible with converting their passion into professional are earning exceptionally well. They are enjoying far better life than their colleagues and friends. You can also take advantage of your hobby by self analysis and proper planning.
Are you ready to take your hobby as profession?
Before you put on your shoes to hunt for clients I will advise you to evaluate whether you are ready to turn your hobby into profession. If you are emotionally attached with your hobby you should understand that after you make it your profession you will have to perceive hobby as a task. You will have to do as the client wants you to.
For instance, you may be amazing creative writer. Your client may ask you to write some sales pages that you don’t like to write at all. But, you will have no other option than giving your best. Now, that is the most challenging part of turning hobby into profession.
Is your hobby marketable?
Your hobby could be anything from star gazing to stamp collection. You need to evaluate whether you can convert your hobby into a success venture. One of the best ways to find the marketability of your hobby is Google search. Type in your hobby and find out how many people are actually availing the services.
Google search will provide you with a fair idea of whether people are interested in buying what you are selling. Besides, you will also be able to learn the estimate retail value of the services or product that you desire to sell. This way you can know whether taking up your hobby as profession is beneficial or not.
Are you looking to quit your current job?
Are you looking to quit your current job, if yes then please take it easy don’t quit it until you figure out how you are going to make up for the loss. Your hobby may be your best talent. You need to practice it as professional to be able to earn great returns from it.
I will recommend don’t quit your job and slowly turn your hobby into profession by doing it part time initially. Once you are confident about your new profession quit the job and take it full time.
Alright, so by now you are almost ready to start a new business. Here are a few things that you need to keep in mind while you set new challenges.
- Create a Business Plan: Your business plan should have complete information on your business idea, goals, assets, financial requirements, market, customers, competitors and more. Your business should clearly explain the goals of your company. You don’t have to write down a professional business plan in case you are starting solo. But, if you plan to add people to it there has to a formally written business plan with all the necessary details.
- Get a Business License: You cannot start providing services without attaining proper license. Customers are more likely to avail services from the businesses offering certified services. For example, if you are an arborist you need to have a proper license to provide services.
- Create Lead: As a start-up your first challenge is to find buyers. You will need to search through your network and make a deal to attract buyers. Having a first client will boost your confidence to run your new business.
There are many ways to attract the prospective buyers like providing samples for free or on discount. Try what works for you and add new clients to your portfolio.
- Market Services/Products: You will have to market the products and services to let people to know what you are offering. Marketing in fact is the only way to introduce the products and services and persuade people to avail them.
These days, businesses are using digital marketing which is said to be a lot effective as compared to the traditional marketing. You can use email marketing, social media marketing and more to introduce products and services.
- Hire Help: If you think you need help in marketing services there is no harm in hiring a professional. You can even hire a professional business consultant to help you make better decision for the business.
No matter who you chose to hire, you will be paying a competitive wages to a professional. The professional will be able to help you find customers. He/she will also be in a better position to retain the customers.
- Invest Wisely: From time to time you may be required to invest in your business for steady growth. You may have to build inventory over the time. Chose wisely where you want to invest and how much. Choose the vendors carefully and don’t hesitate to negotiate. It is highly advisable to conduct a thorough research on the inventory you desire to buy before making the call.
You can always turn your hobby into business with wise decisions. Remember, if you want to sell what you love to do you will have to take a practical approach. It is easier to reach to prospective customers with a right business plan therefore always make a plan detailing your strategies and goals. This will help you stay focused. Remember, when it comes to business never get emotionally involved or you will not be able to strike the right deal. Your business can be successful with practical approach.
Geetika Sachdeva is a Post Graduate in Mass Communication and Business Management. She has a work experience of seven plus years in Business Research and Analysis. She continuously blogs about business and media and has authored more than a dozen of eBooks. She is currently working on a book dubbed HRM In Small Businesses.