Many of us have enjoyable hobbies that fit around our full-time and part-time jobs, but have you ever thought of turning your particular hobby into your business?
Just think, it could be the best-paid hobby you have ever had, and remember, a business makes money - a hobby costs money.
Give a person a job they love, and they’ll never have to work again!
Your hobby could be your business idea, your motivation could be for your hobby to provide an income from something you absolutely enjoy doing every day together with the independence of working for yourself, being both the worker and the owner, in control, and making your own decisions.
Don’t assume your business idea is good because you like it...
There is much to think about, list your objectives including what you would like your business to provide you and where you would like it to be in the next 12-24 months?
Consider your Strengths (skills, experience, qualifications, unique selling point), your Weaknesses (what you need to grow and develop – any training requirements) Opportunities (marketplace, trends) and potential Threats (known competitors and ‘what if’ challenges)
There may be a gap in the market, but is there a market in the gap?
If there is a demand for your business, then know your customers, your business is all about them, create your business for them, know their profiles, what they buy, how often, if there is potential for referrals, then pinpoint your target marketing to reach them.
Consider your products and services, what your customers want, the service you would like to provide your customers, how will you action and deliver this level of service. Product suppliers may be required, if so, who they are, where they are, and what are their terms.
Business is like a wheelbarrow, you must push it to make it go…
Calculate how much the business will cost to set up, to run and how much profit you will need to generate to cover your monthly household costs and provide an income. How many products/services you will need to sell each month and at what prices, the resources required to achieve this, the costs of essential set-up items and your ongoing monthly operating expenses.
Don’t wait for your ship to come in, row out and meet it!
Business planning will be a vital part of your business, essential for you to understand and how to run your business, to find and retain customers and manage your finances, however, our busy day to day working and domestic schedules can often limit the time available to put some quality time aside to action a plan of possibilities.
Opportunity knocks more than once, but the first knock is the loudest!
So, could YOUR hobby become YOUR business?
To discuss further and learn more, contact Wenta and find out!