From Hobby to Livelihood: Turning a Passion into a Business
Today’s connection post comes from Maria Cannon. Maria believes we’re never too young to dedicate ourselves to a hobby. She created HobbyJr to encourage young people to find a hobby they love. Maria has suffered from depression and anxiety for years. Her hobbies–gardening, quilting, sewing, and knitting–play a major role in maintaining her mental health.
A hobby can make a significant difference in your life. It might be a great way to alleviate stress and pay yourself back for working so hard every day. It can be an outlet for your creativity, a way to share a talent with others. And for certain fortunate people, it’s an avenue to a new career, a more satisfying and fulfilling way to make a living. If friends and family think your talents are wasted in your present career and that you should be turning your skill into a vocation, it might be time to give it serious consideration. If you decide to look into it, be methodical and investigate the possibility step by step before transforming a passion into a profession.
Assess your viability
The last thing you want to do is overcommit and end up spoiling something you truly enjoy. Be honest with yourself. Can you produce enough to turn your hobby into a profitable business? Is there really enough potential and interest in what you do? Can you pay your bills, save for your kids’ college education, go on vacation and have enough left over to maintain an acceptable lifestyle? These are questions that people sometimes ignore. Be brutally honest about it – if you can’t answer these questions with a resounding “yes,” then the time isn’t right.
Take it slow and try it as a side gig
Don’t give your employer notice just yet. Be smart about it and ease into developing your new business venture. Take time to figure out how you’ll market your venture; how you’ll invoice and get paid; and whether you can work at home or need a separate facility. Start your side gig before you quit your day job. This will allow you to get a feel for how your business will be received, help you define a niche market and develop the logistics.
Network like crazy
This is the time to reach out to all those business contacts you’ve made over the years. Treat it like you’re looking for a new job opportunity. Consult with people whom you trust the most and who know what it takes to start a new business. Social media is a tremendous resource when it comes to identifying potential customers and making yourself known to a broader audience. Do plenty of research so you know where to find affordable vendors. These are all things that your contacts can help you with, so pick as many brains as possible.
Develop your plan
Much of your research should be devoted to developing a coherent and comprehensive small business plan. This will be your roadmap for transitioning from a full-time job to starting your own successful business. It should be a step-by-step blueprint that addresses what physical resources you’ll need to get started, how much start-up money you may need, and how to fill in the gaps financially while transitioning to your new gig.
Making a splash
It can be difficult for start-up small businesses to stand out, especially when it comes to pricing, customer service and other key factors. This is where knowing who your niche customers are will come in handy and how you’ll begin to develop a dedicated clientele. It’ll also help you fine-tune your product or service, gain an understanding of pricing structure and what opportunities there might be to offer discounts or special offers to attract customers.
Converting your hobby into a business takes patience and great care. According to Plexus, you need to be tenacious, adaptable, willing to take risks and be a good problem solver. You have to make sure your plans are viable, and that you can expect to turn a profit with a sufficiently large and receptive clientele. Remember, there’s no reason to jump into it until you’re ready, so take your time, do your research and ask lots of questions.
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