One of the key factors of success when starting your own business is having a passion for it, so it makes sense to turn your passion into a business. One of the main benefits of doing this is that it will never feel like work which, lets face it, is the holy grail of working situations.
So how do you get started? The first thing to consider is exactly what you are hoping to gain from your hobby – do you want to earn a little extra cash on the side or do you want to turn it into your main source of income? Within this you’ll need to think about your current circumstances, for example – do you have a family to support?
If your aim is to ditch the day job, you need to make sure there is a demand for your service or product. Carry out some proper market research with potential customers, and don’t just rely on positive feedback from your friends and family, as they are likely to be biased.
After you have done this try to answer these three questions: Is it feasible? Are there enough potential customers? Can you make a profit? As great as you might think your hobby is, others may not be interested.
If you have ongoing financial commitments you will need to figure out how you plan to continue paying for them while you build your business. Ms Jones from Enterprise Nation advises people starting up a business to keep hold of the day job and to work on the business at the weekends and in the evenings. This will help you build both cash flow and confidence in your venture.
Once you start making sales it is time to make some noise. Do this by getting out to trade shows, getting to know journalists and utilising social media. If you can, build yourself a simple website to advertise your business online.
One of the key aspects of starting a business is the numbers. You will need to make a business plan that estimates costs and revenue for the first couple of years – hoping for the best but preparing for the worst.
If you want to turn your hobby into a business, seeking out an accountant could help you plan your finances to help turn your dream into reality. For more information, please see our Starting a Business page.
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