There is a saying that “Do what you love, you’ll never work a day in your life.” It gets more complicated than this if you have been out in the working world for a few years. Leaving your 9-5 job for entrepreneurship linked to your favourite hobby requires planning. There are bills to pay and you need to consider how to monetise your hobby. An advantage of working for yourself is that you work at your own pace. Your business will evolve over time so be prepared to change tracks when necessary and succeed.
The following tips help in turning your hobby into a career:
1. Start small
To get started, you will need at least a few months of expenses saved up, independent of the startup costs associated with your business, to make sure that you’ll have something to hold while you are creating the structure for your business. Remember to start small. Don’t ditch your present job to pursue your passion. You can juggle both together at the infant stage.
2. Make connections
With social media, you can connect with like-minded people and build a community even without being physically present. However, you need to tread with caution because some people will be less than willing to offer business advice to a potential competitor. The best way is to forge bonds before you start asking specific questions related to work.
3. Do market research
Having formed newfound online communities and real-life connections, you need to do your market research to know how much other businesses charge for the product or services you offer. You can get data from online marketplaces. This tip makes you know how your business will fit in and what competitors are doing. You would come up with your unique selling point after doing thorough market research.
4. Have a business plan
Going into a business without a plan is like embarking on a journey without a map. The business plan serves as a guide to help you achieve your goals especially if you’re thinking about looking for funding from angel investors. However, if you plan to run your business on your own savings, a business plan can help stay organised and goal-oriented.
5. Plan your finances
You need to calculate your monthly expenses, projected income, and total startup costs, including any new equipment you might need, and costs like membership fees for professional associations, online marketplaces, or accountants or tax preparers. Deciding whether your business is under sole proprietorship or limited liability or others is another consideration to note.
6. Get the word out
Thanks to the internet, your business can be visible. Before now, you might have had to allocate a significant part of your budget to advertising and lead generation, but now you can get started simply by posting on your favourite networks and letting people know what your business is all about.
7. Evaluate your goals
It makes sense to reassess your goals at intervals to know if you are running at a loss or making profits. It is normal that you may find out that you love one aspect of your work more than others, so you decide to place more focus on that area. Supposing there is no market for your products, you will need to change direction slightly to capture more business.
Eventually, you’ll have to decide whether to remain a sole proprietor or to choose some other form of business organization, including limited liability company, S-corporation, and so on.