9 Insanely Effective Steps To Turn Your Hobby Into Business [Infographic]
What is your hobby? Do you write poems, draw pictures, bake cupcakes, play guitar? (You name it!) And what if I say you can monetize this hobby and turn it into a profitable business? Everything you need is a little arrangement and strategic realization. Indeed, five in ten people gain income from their hobbies today. If you feel it’s just a right kind of time to join them, here goes the infographic for you to pave the way for success. In addition to that, want to know what is the best paper writing service reviews? It’s aimed at motivating you to get a foot in the door and revealing the steps to take for an effective start. So, let’s the game begin? Use this Embed Code for publishing the infographic at your website: Don’t forget to share the infographic with friends who are, probably, in need of a kick in the back to start a business. And keep on reading to learn more.
Define Your StrategyOnce you decided to turn a hobby into a business, learn the niche up and down and think about a strategy to orchestrate, as it’s your ticket to success. Here come first three steps to take: 1) Research Marketing research will provide insight into business decisions to make for avoiding costly mistakes. Answer the questions:
- Is the market heavy? For example, you are going to teach guitar playing to people. Are you sure there’s a place for one more player in the field of your town?
- Who are your competitors? What do they do well or bad? What’s their point? What will make you different from them and stimulate people to choose you?
- Will you be able to reach a target audience? Back on the example with guitar playing lessons, people are mostly enthusiastic about music since childhood. Are there enough youngsters in your town?
- Are you sure you want to turn a hobby into a business?
- Are you sure you are capable of turning a hobby into a business?
- Does your hobby fill anyone’s need or solve a problem?
- A company analysis. What products or services are you going to offer?
- A niche analysis. How heavy is your market, and how fast does it change (tendencies, innovations)?
- A competition analysis. Who are your competitors? Their advantages and weaknesses. What does make you different from them?
- A client analysis. Who is your target audience? What are their needs? In other words, create a buyer persona.
- A marketing plan. What are your methods to reach the target audience? What marketing channels will you use for that?
- Actions. What steps should you take to achieve the aimed results in a year? In three years? In five?
- A financing plan. Do you have a startup capital, or are you going to find investors? What are your anticipated benefits for the next five years?
Find More Time
“Time is what we want most, but what we use worst.” — William PennThe bitter fact of life is that work, family, and daily routine don’t leave enough time for our hobby. If you want to turn it into a business, you need to change the situation. In his article at Zen Habits, Leo Babauta described 20 ways to find more free time. One of them is making use of your mornings: it’s the time when creativity is at the possibly highest level, and you can devote it to your hobby. Once you gain momentum and can meet expenses, it’s high time to quit a full-time job and make your hobby a business.
Build Your Portfolio For FreeStart with providing free services to build a portfolio that will sell you afterward. If you give guitar playing lessons, you might make every first lesson free for new clients. If you sell a product, then network with influencers in your niche and send them free samples, asking for the feedback. Most of them have thousands of loyal followers who might become your first customers.
NetworkCome up with a brand name Choosing a right brand name for your business is crucial, but it’s a huge challenge to come up with a unique idea. It happens that others have already taken all cool names. Annoying, isn’t it? Use name generators! Fortunately for us, Mark Macdonald from Shopify has written the article “10 Business Name Generators to Help You Create Your Brand.” You get to choose. Here go several moments to keep in mind:
- Be sure there’s no other business with the same name.
- Is your brand name easy to write and pronounce?
- Does it stick to memory?
- The shorter, the better: one-word name is the best option.
- Think of a logo. Does it belong with your brand name?
- Think long-term. For example, “Acoustic Guitar School” wouldn’t be the best brand name for your guitar playing lessons: if you decide to teach playing electric guitar one day, you’ll have to do a rebranding.
- Also, check if your brand name is available on social media. The nickname “Guitar School 123” on Twitter or Instagram doesn’t look big time, does it?
- New knowledge. Learning from gurus is the best investment in your financial, as well as intellectual development.
- Professional training. Insights from experts will train your skills and allow to put their knowledge to practice.
- Networking. No comments here, I suppose?
Forget It’s Your HobbyTo move the needle, stop thinking of your passion as of a hobby. Consider it a business and your primary source of revenue. Read books to take in the matter, get tax advice, set up an accounting control system… In other words, lay the groundwork for your future profitable startup. The books I would recommend:
- “The Lean Startup” by Eric Ries
- “Rework” by Jason Fried
- “Jab, Jab, Jab, Right Hook” by Gary Vaynerchuk
Get Creative With FundingGone are the days when we took loans or gathered fat cats to get start-up budget for a business. Crowdfunding calls the shots now. Kickstarter or GoFundMe are great options to try. Here you can meet people who believe your business idea might rock, so they are ready to invest money in your project realization. Before launching your crowdfunding campaign, learn these tips on how to raise money from strangers.
Seek for FeedbackFeedbacks from consumers are a great thing! They help to understand what people think of your product/service, as well as improve it accordingly. The best way to get feedback is asking for it each time people buy from you. Negative feedback is another story. As a rule, they reach twice more ears than positive ones. Spend your time to contact dissatisfied customers and change the situation for the better. Your business reputation comes at a price, after all.
Never Give UpDon’t stop if your idea fails. Consider alternative ways of your hobby monetization. Back on my example with guitar playing lessons, the alternatives might be as follows:
- Start and monetize a blog on the topic.
- Start and monetize YouTube channel with lessons on playing guitar.
- Launch an e-commerce site to sell guitars and accompaniments.
- Start providing a service on fixing items related to your hobby.