Many a side hustle has become a successful business, but how? We’ve got the hot tips on how to make money off of your hobbies.
The Top 10 Ways To Turn Your Business Into A Hobby
Hobbies have always been a part of our lives. From scrapbooking to cycling to baking, everyone loves to do something different in their spare time. Even those who “didn't have time” for hobbies have found some over the course of the last few years. New and enthusiastic plant moms and dads have emerged, making fresh pasta has become far more commonplace than it used to be, and fitness has become a bigger part of a lot of people’s lives. The evolution of the “side hustle” into a business is not a must, but let’s be honest, who doesn’t like a little extra money in their pocket? There are soccer players with successful businesses, bakers who have been able to leave their 9-5, and newbie content creators who have decided that a change of job title is in order…but how do they maintain it? Let’s take a look at the top ten ways to turn your hobby into a successful business.
1. Create A Business Plan
It's one thing to take something on as a hobby but quite another to take it on as a business that needs to make money. No business can operate without a business plan in place; it's the map that you’ll use to guide yourself through the potentially treacherous terrain of becoming a successful business owner. This plan should include the following:
- A summary
- An overview of processes
- Products and services
- Market strategy
- Sales and marketing plan
- Metrics and milestones
- Management and financial plan
2 Test the Concept
You’ve probably done some of this while your concept was just a hobby, but you need to make sure it works well as a business. This includes ensuring that you have cash flow set up for at least two years.
3. Check Yourself
This is something that you do for fun in your spare time; will you still enjoy doing it if there's added pressure from needing to make an income? No one in the world enjoys work every single day of the year, but it's important to enjoy what you do more than you don't.
4. Brand Yourself
An incredibly important part of a successful business is branding yourself well. Your branding is the face that the business presents to the world, and first impressions last! Choose your name, logo, fonts, and colors (your brand kit) to align with your concept and how you want to represent yourself.
5. Practice That Pitch
If you own a new business, you need to be ready to make “the elevator pitch” at any time. Anyone you meet could be a potential client or investor! You should always be prepared to represent your business well.
6. Curate Your Web Presence
You may not feel that you need a website initially, but you should have some kind of presence on the web. This includes social media platforms like Facebook and Instagram, sales platforms like Etsy or Shopify, or a website if that's the way you choose to go. Your customer base should be able to learn about you and find your product or service easily.
7. Craft A Marketing Strategy
Even if your product or service is the most incredible in the entire world, it's not likely to sell well without a good marketing strategy. Influencer and social media marketing, newsletters, paid advertisements, and the like are all needed to ensure that your product or service is well known.
8. Bring In Customers
Figure out who your target market is and bring those people into the business. Know who needs whatever it is that you’re selling and figure out how to best approach that kind of person and make your business indispensable to them.
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9. Be Financially Savvy
When you’re doing something as a hobby, you pay for it out of “disposable” income and it's done just for fun. With a business, you need to have a full-on budget and put money back into the business to ensure that it keeps running properly.
10. Find A Mentor
If you’re new to a business, you should find a mentor who knows a little more about it than you do and ask them for their help. No one can teach you the ropes better than someone who has already climbed them! The advice and assistance of a seasoned professional are invaluable.
Wrap Up
If you’re ready to move your hobby or side hustle into a fully-fledged business, take these tips into consideration, and you’ll have an easier time than most!