Thursday, March 29, 2018

Passion to Profit: Turn Your Hobby Into A Business

Passion to Profit:  Turn Your Hobby Into A Business 

 
Passion to Profit, How turn your hobby Into a business

It’s often been said that “If you do a job you love, you’ll never work a day in your life.” Most people have some interest or hobby that they are passionate about, and it’s a fortunate person who can earn their living from it. But if you have the skill-set and the drive to succeed, turning your hobby into a business venture could be the best decision you’ll ever make.  

Why take the risk? 

If you’ve found yourself stuck in the corporate machine, being your own boss can release your creativity and provide more meaningful employment. If you’ve struggled to find work after illness, addiction, or other setbacks, running your own business can provide a focus and a lifeline to help navigate your recovery. Pursuing your passion as a profession can expand your potential and help build your self-esteem and sense of purpose.  

Crunch the numbers 

Start by examining the fundamentals. Is there a market for your skill or your product?  If the answer is yes, move on to the math. How much do you need to bring in as profit to make the venture worthwhile? Be realistic and consider the start-up costs and all the expenses you’re likely to incur. Your cake recipes might be the best in town, but can you afford the training and the equipment to set yourself up as a professional cake artist? Set reasonable goals for success. Your part-time writing gig isn’t going to make you the next JK Rowling, but it can get you started on the path to becoming a professional writer.  

The next step is to do your research. Talk to people who are successful in the field you want to enter. Find someone who is living your dream and take him or her to lunch. Pick their brain and listen to their experiences. This expert can warn you about problems in the business, or point you to underserved niches in the industry. You should also check in to the local zoning laws and regulations for your area, as well as contact a tax professional to stay on the right side of the Internal Revenue Service 

Watch out for pitfalls:

One reason hobbies are so much fun is that we do them in our free time. When you have to meet a deadline or keep a customer happy, will the work still be enjoyable to you? Can you market your product and yourself? A big mistake a lot of entrepreneurs make when starting out is under pricing. Remember to value your time the same way an employer would and price your work accordingly. And if you don’t advertise, the world won’t beat a path to your door.  Word of mouth is great, but you’ll want to make use of every option available to you. 

Investigate social media and guerilla marketing. Network with others in the business, and always ask clients for referrals. Don’t be afraid of offering “free samples.” Set up a booth at a local craft fair or church picnic. Arranging to showcase your product or service in conjunction with a local event can bring in future customers.  

Always bear in mind that you’re creating a business. Your skill is a manifestation of your personal artistic expression, but it has to produce a profit. There’s a reason that the cliché of the starving artist is so ubiquitous. Do your market research, price yourself accordingly, network, and promote your brand everywhere, and every way, that you can.  

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