5 Tips for Turning Your Hobby into a Business

Hobbies are the things you choose to do; activities that you’re probably good at and enjoy doing, and these personal expressions “will give us unedited clues as to our real desires and interests,” says Joyce K. Reynolds, an expert business coach.

Career coach Phyllis Mufson agrees. “A hobby you really enjoy can be an important part of choosing a career because your hobby is a window into what you love and value and do most naturally, which are all important components of a career where you’ll flourish.”

1. Preparation

Starting a business isn’t easy. As long as you are passionate about what you are doing, the rest will fall in line. This is not to say that hard work and dedication is not involved. Starting a business from scratch is a full time job, a lot of times 24/7 job! You should ask yourself in the early planning stages if you are fully prepared to take on the challenge.

Create a business plan and an exit strategy in a notebook so you have a clear path of everything that’s involved, and what you expect out of your business. At times it may not feel as fun as it used to be when it was a hobby, but your time invested into your preparation will surely pay off, we promise.

2. Customers & Marketing

You should know who your key customers and demographics as you are creating your business plan. Do you have some potential customers in mind already? Will they be repeat customers? Where will you market your business, at trade shows, events, through mailing lists? If you have some potential customers ready to purchase your products, it will definitely boost your confidence to forge on!

Once you have a clear idea of your business, get your business cards professionally designed and printed. Don’t forget Flyers and Postcards! They are great marketing tools to promote your new business with sales and discounts, and just large enough to catch the attention of passersby. Now it’s time to start networking!

3. An Online Presence is Crucial

Prospective customers are searching for your business online. It is vital that your business is listed online, either on your own Website, Google+, Yelp, Facebook, Twitter, Instagram to name a few. If you are not listed online, how will your customers find you?

Get a basic website designed today! Showcase a wide range of your products through images, your brand, location and map, and any promotions you may be running.

Creating an online profile of your business builds customer awareness of your brand and services. It should be brief and personable.

4. Your Business is Your Brand

Your logo, color schemes, text and graphics should be consistent across all channels: your website, your social media accounts, your business cards, your flyers.

Your customers should be able to recognize your logo, your services whether they are looking at your business card, or your Instagram profile.

It’s important to get your brand on printed materials that help your brand stand out: Professional Business Cards, Round Corner Business Cards, Metallic Business Cards, Personalized Postcards, Flyers, and Brochures. 

Car Magnets are a great way to get your business brand seen ever where as you’re driving around, or even parked! Get matching window lettering on your Rear Window with your logo, phone number, and website.

5. Pricing is Important

Now that you’ve got a clear strategy, your resources and expenses should now be carefully considered for your pricing strategy. Know who your customers are. Do you want to set your prices to be competitive, or set it as a premium product or service? Whichever way you choose, it’s best to never launch a sale that make your prices too cheap over a long period of time. Your customers may think they are not getting the best quality for the amazing price. So set a realistic price for your product or service, and stay firm on your price.

Hobbies relieve stress, promotes our creative brain, and give us a sense of accomplishment. And there are the hobbies that become a growing business to achieve financial freedom. Whether you’re able to turn a hobby into a business, it’s important to have fun doing what you enjoy and to realize there is tremendous value in doing so.

Tags: business , hobby , tips