5 Tips for Turning Your Hobby into a Business
As part of my client intake process, I conduct a discovery call to find out exactly what each prospect is looking for and how I can help. Can you believe that in one week I spoke with three—not one, not two, but THREE—prospects who are all turning their hobbies into a business?! Not only did I find this super cool and bordering kismet as I’ve just turned something I love into a business, but also I found that I was sharing some of the same tips with them as I began to consult each of them through the process. So, I thought I would share my tips on how to successfully turn your hobby into a business. If you’ve been wondering whether you can turn your fun into funds, read on!
Do Your Research
It may sound boring, but the top priority has to be research. You have to find out whether there’s a need for your product or service. More importantly, is the market demand such that you will be able to make money? You’ll have to consider a) how much it will cost to make the product (or get the service up and running), b) how much it will cost to sell it (think overhead expenses), and c) how much money your prospective customers are willing to pay for it. The equation is simple: C > A+B. The first few months may be rough—that is not indicative of a foolish business venture. If you do your research and find that C should indeed outweigh A+B but those first few months you are struggling to turn a profit, you’ll need to evaluate your expenses and your prices, and make adjustments until you find your sweet spot. A mentor can be invaluable during those first few months!
Find Your Niche
Okay, you did your research, you found that there is indeed a need for your product or service… now you have to put your spin on it. You have to bring your unique flavor, attitude, or design to the table. If you are a painter, for example, maybe you home in on the popular charcuterie trend and start painting your art onto charcuterie boards. But a niche can also be homing in on a specific buyer. Using our painter example again, maybe your niche is depicting how current events are affecting families in your neighborhood. You start painting family portraits during COVID—grandkids in masks waving through the glass door to grandma inside the house. Just make sure your niche can withstand the test of time. If the charcuterie trend is out next year, what will be your focus? And perhaps in the second example, you could plan ahead for a second series of family reunions post-COVID. Thinking on your toes and nurturing your innovative side will help you navigate your niche for the long haul.
Legitimize Your Business
Nothing legitimizes your business faster than having a professional website. Especially in today’s world where consumers are window shopping from their laptops and phones, your website will be the first impression most people have of your business. A professionally designed website lets your prospective customers know you are serious, you are committed, and you aren’t going anywhere. People want to buy from business owners they know, like, and trust. Your website should no doubt showcase your product or service, but you also want to share a little bit of your background and let them know who you are as well. After all, you’re turning your hobby into a business—clearly, there’s a story of passion behind what you’re selling. Your customers will enjoy having a feel-good moment knowing they’ve contributed to a real person’s (or family’s) dreams. A website designer who offers copywriting and who understands branding will be your best bet to make your first impression on visitors a good one.
Start Marketing, Like Yesterday
Even if your doors aren’t open for business yet, it’s time to start marketing. It takes time to grow an audience and gain attention—don’t wait for that perfect moment to start marketing yourself. Blogging, YouTube videos, podcasting, and social media are all great ways to start releasing some teasers about what you’ll be offering. These platforms also give your prospects an opportunity to get to know you. But don’t take content marketing and social media lightly—if you are doing it right, you are building trust. However, if you are doing it wrong, you could be hurting your business before you even launch. Hire a professional if content marketing and social media are not in your skillset.
It’s All About the Branding, Baby
I mean, really, it’s all about the Benjamins, but we build a pathway to the Benjamins through the branding. Trust me. Maybe (likely) you won’t be Nike or Coca-Cola overnight. But branding is about way more than a logo. Everything from the colors you use, to the graphics and images you publish, to the way you speak about your product or service, and the way you speak about yourself… your branding really touches every aspect of your business. Invest in your brand and do not take it lightly.
