Starting a business around your hobby is something that remains a pipe dream for so many people all over the world.
The tools and technology we now have available to us allow us to monetise almost any hobby and generate an income from it.
The biggest issue is that so many of us are just afraid to take the next step, even when we know we have a great skill or fantastic idea, because we’re just so damn scared of failure. What if we try to monetise our hobby and we fail, we might not enjoy the hobby anymore or people might judge us in a certain way.
This sort of thing stops so many people from pursuing their dreams.
If any of this sounds familiar to you then you’re going to love what I’m about to share with you.
Here are some tips on creating a successful business around your hobby:
Make A Plan
In order for you to monetise your hobby, you need to have a game plan. Everyone knows the saying “if you fail to plan, you plan to fail”. It’s popular because it is so true. Your plan will change over time and you may need to pivot and change things but its so important to have a strategy in place form the get go. This will help lay the foundation of your business.
Your game plan needs to be smart. There’s no good just hoping things will work out without actually creating any plan of action for yourself.
Make The First Sale
Going straight from hobby to multi-million dollar business in a few weeks isn’t going to happen. There are exceptions but the majority of business owners have to slowly build things up. You need to take baby steps. You first goal should be to make your first sale. This could be a sale of a few dollars or of a few thousand dollars, depending on the product/service you’re offering.
Hustle hard for those first few sales. You need to do this to assess whether your product is viable in the market.
Create An Online Presence
You can’t run a successful business without having an online presence in 2017. The only thing constant in this ever-connected digital world we live in is change. The companies that chose not change with the time are the ones that got left behind. Building an online presence involves creating and maintaining a website, getting on social media and plenty of other things you can do to build your brand awareness and reputation.
Some people will see you online but so much success in business happens because of word of mouth marketing. Creating a buzz around your product or service can pay back in dividends, quite literally. You have to be prepared to promote yourself too.
Find conferences and groups in your field of expertise that cater to other professional in the same space. You will learn so much at these events as well as get the chance to mix with people who can help you grow your business.
Treat It Like A Normal Job
An awesome piece of wisdom I got from one of my mentors back in the day was that if you treat your business like a hobby you’ll be paid like it’s a hobby. On the other hand, if you treat your business like a job you’ll turn in into something that will generate a significant amount of revenue for you.
If you’re looking for more information into how you can turn a hobby into a fully-fledged business, here are some awesome resources: