Have you ever wanted to earn a living by doing the things you love? Well, the truth is, you can! Whether it’s writing, photography, art, design, crafting or something else entirely, it is more than possible to turn your hobby into a career.
If you’re feeling bored, tired or overwhelmed in your current job, it’s time to make a change. Jobs that make us feel stressed or undervalued can have a huge impact on our professional and personal lives. Monetizing from the things you love can alleviate these feelings and open up endless opportunities. Along with time and location freedom, you can also unleash your creativity without limitations. Turning your hobby into a business can leave you feeling happier and more fulfilled.
So let’s take a look at exactly what you need to do to turn your hobby into a business.
Before you start
Before you get started, it’s important to know what it takes. There no doubt about it, starting your own business requires work. While that work pays off in the end, you’ll need to have the motivation to see your idea through. To ensure that your business is a success, make sure you have enough time and assets behind you. You’ll also want to research your market to determine whether it’s a feasible idea.
Ask yourself, “Would turning my hobby into a business make me hate it”?
Now this is a common question and it’s actually probably the most important. The financial goals, schedules, and deliverables involved with running a business can undoubtedly lead to stress. While you will be doing the things you love, it will require a huge amount of commitment to make it a success. If you think this could kill your interest in the hobby, don’t do it. Not every hobby can be or should be a business and that’s OK. You can always work on something else instead.
If you’ve thought about it in depth, you have the time and resources, you have a feasible business idea, and you are happy taking on the extra responsibility of making your hobby your business, you’re well on your way.
8 Steps to turning your hobby into your business
Set goals
Setting goals for your business is a great way to keep yourself on track. To get started, think about what it is you want to achieve. Decide whether you are going to run your business from home or with a business partner. Learn the differences between a solopreneur and an entrepreneur and decide where you’ll fit. Once you know that, you’ll be able to set clear and achievable goals.
Research
In those early stages of setting up a business, research is key. Before you develop your business idea, make sure that your product or service is viable. Check out the competition, see where the demand is and ensure that you are not stepping into a saturated market. Research your audience and find out what it is they need. Find your niche, Is there a gap in your market? You can use this research to develop your business idea and create a clear marketing strategy.
Need help? I have a free Masterclass, How to Start a Successful Online Business to help you gain clarity!
Work on your branding
Now that you have defined your target audience, it’s time to build your brand. When developing your brand, it’s vital that you keep the audience in mind. After all, these are the people you want to reach. Get to know your audience including the types of platforms they use and how they interact with similar organisations. Ideally, your brand will reflect their values and interests. If you are unsure of where to start, seek some advice from a professional business coach or marketer.
Get your finances in order
It goes without saying that getting your finances in order is vital to your success. Know exactly what you need and how much it is going to cost. Will you need to buy cameras, lighting. equipment or other materials? If you require office space and additional staff, you’ll also want to put that into your budget. Plan for all outgoings so that you can start your business feeling prepared. Look into various funding opportunities to ensure you have enough money behind you.
Do not neglect Marketing
It’s a common mistake to think that marketing consists of a few simple social media posts each week. In actual fact, marketing is a professional skill that needs to be developed, and we help you create a cohesive Marketing strategy in the Wanderlover Business Academy. At the end of the day, if you can’t reach your audience, you can’t sell to them. Get started by learning the basics via an online course. You will also need to consider lead generation. How will you generate interest in your service and how can you convert that interest into a sale? Email lists, promo signups, online courses, free trials and quizzes are all great examples of lead generation.
Streamline processes and workspace
As orders, purchases and sign ups ramp up. you’ll need to find a way to keep up with demand. Streamlining your workflow can significantly reduce the number of mistakes that arise, especially if you have more than one team member. Review your processes regularly and remove any unnecessary steps or processes. This will enable your business to run as smoothly as possible, whilst reducing the stress for everyone involved.
Set boundaries
When turning your hobby into a business, it’s important that you set some clear boundaries from the start. Even if you love what you are doing, it is still a business and you need to find the right work life balance. Decide when you want to work and stick with it. Communicate your availability with clients and collaborators and set clear expectations. Remember, you started this as a hobby so try to keep it that way.
Launch and market
Once you have taken the above steps, it’s time to launch your business. With a strong marketing strategy in hand, you’ll be ready to connect with your audience and start driving sales. It’s at this stage when limiting beliefs like “I’m not good enough” or “I’m not ready”, tend to creep in. The truth is, you will never be 100% ready. Sometimes, hesitation can prevent your business from moving forward or stop you from starting it all together. Sometimes, we just have to throw ourselves out there and learn as we go.
Summary
If you’re ready to turn your hobby into a business and monetize on your skills, then you have made a great choice. There is nothing more empowering than choosing to do something you love. Not only will you feel more motivated but you will also have more freedom to work when you want, wherever you want.
Of course, this decision shouldn’t be taken lightly and it will involve a lot of work and preparation. If you are seriously considering the move, check out the Wanderlover Business Academy where we help you turn your passions into profits!
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