Hobbies are meant to be just that – a relaxing pastime. However, there are some hobbyists sitting on a fortune and have hobbies that can be turned into tangible businesses. From my experience, it’s good to run a business that you are passionate about – it will keep you going when times get hard (they will at some point, trust me). So how do you know if a hobby is worth turning into a business? And how do you do it? Read on
Examine the market. Is there a demand for what you do? You might think it’s a great idea, but will people be willing to pay for what you do? Market research is crucial in turning your hobby into a business. A way that you can examine the market is by asking. Ask on your social media pages. Create an anonymous survey and ask through that. Look at businesses that are selling similar things, and look at their sales figures. Examine the market and look at your difference.
Formulate a pricing strategy. Sell too high and you will out price yourself out of the market. Sell too low and you will not make a profit. Some people get so happy that people are willing to buy from them, that they put any price tag on what they are selling. Don’t do it. Value what you do.
Deal with your mind-set. In order to run a business you have to think like a business person, and make the transition mentally. Sure, you don’t want to loose the essence of what you do and love, but you must also treat it like a business. I would strongly recommend that you go on a few personal and professional development courses. This will equip you with what you need mentally and practically.
Manage your time. Self-employed people work hard. Too hard sometime. And they sacrifice their personal lives for the sake of a bigger goal. When you enjoy something, it is very easy to keep working away but that can lead to burnout. Have set working hours and have time away from your business. Set healthy boundaries so that you are living as well as running a hobby business. Set time away from your hobby and have a set place where you conduct your work. This may even be a separate room in the house.
Try to go to Networking events, or join a network. There are many out there, some can be a waste of time, but keep trying different ones. You may met someone that can help you achieve your goal, an investor or even new friends that you can bounce ideas off.
Set goals and targets and revisit them often so you know you’re on the right track
Turning your hobby into a business can be fun, rewarding and it can pay off hugely. Using the advice about should help you to grow a successful company, whilst creating a balanced lifestyle.
By Bukky Beatrice. Bukky is the founder of a cleaning company called Yellow Gloves – a company that operates in the UK. She is passionate about helping black women to start and grow their businesses.