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How to Turn Your Hobby into a Profitable Business

 

How to Turn a Hobby into a Legitimate Business

Maria Cannon

For many, the idea of starting a small business holds a certain appeal, but the hurdles to actually doing it seem too much to overcome. One of the main hurdles is the question what would I even do? Well, it is possible to do something you enjoy and make money. Turning a hobby into a legitimate business could be just what you need. Here’s how to get yourself set up to succeed.

 

Decide if it’s feasible to even try

Yes, the first step may sound discouraging. But it’s not – it’s just smart. Do the math. Take a deep dive into your finances and see if it is feasible to start a new business from the ground up. If you need some help, then get some help. Do not forget to include your partner/significant other in these discussions. It’s not just you that will be affected by the work that comes with starting a new business.

 

Know what your business truly does for people

If you don’t know what your business does, nobody else will either. The first thing you have to do if you are serious about turning a hobby into a business is find its main focus. If you make something and sell it, what is that product exactly? Why should people want to buy it? If you are offering your services in some other way, then what are those services – specifically? Why are you more qualified to dole them out than someone else? I’m just going to sell stuff on the Internet isn’t focused. I’m going to be a life coach sounds nice, but what services are you really offering?

If you are unsure and lack focus, some tried-and-true business ideas include selling hot items such as wireless earphones, phone cases and backpacks for men and women.

 

Plan before action

Do you have a strategy for one week out? One month out? How about next year? Without a clear plan for business growth, you’re not really starting a business – you’re just charging people for something you do as a hobby. Ask yourself what you want to do, how you’re going to do it, and when you’re going to do it. Time is important. As a post on Forbes suggests, “to ensure your strategies are brought to life, there needs to be specific action plans … and the necessary steps to get you there in an agreed time frame.”

Write out a business plan. Really – write it out.

 

Think positively

While you can’t simply will success into being you can certainly increase its chances of occurring by harnessing the power of positive thinking. Research has shown that those with a positive outlook in business tend to have more energy, better problem solve, and better bounce back from hardships (resiliency). The good news is that positive thinking can be learned and trained. That positivity will show through to your future clients and customers.

Most importantly, treat your hobby like a real job. If you treat it like a side project, that is all it will ever be. Consult experts in your field. Grow an online presence. Set work hours each day and grind. You really can make money doing what you love, but it won’t come easy.

 

Photo by bruce mars on Unsplash

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