START THAT BUSINESS TODAY!!
WHAT’S YOUR HOBBY?
Do you want to turn your hobby to a business? As someone who has turned some of my hobbies into a business, I am here to urge you to do the same. You, too, can take your passion to the next level. From your home, kitchen, garage, living room, or porch, you can monetize any of your life skills just by dreaming big and learning what steps to take. The current economic environment calls for a new mindset to adapt to today’s reality. Things will never be the same, work from home (WRH) businesses are booming; more and more people are starting businesses every day from their homes. There is roughly 15 million home-based business in the U.S. and 30.2 million small businesses in the U.S., according to the Small Business Administration. Sole proprietors are 60.1 % of these firms, according to the same data. Do you have a passion or hobby? Would you be open to explore it for a business?
THE LEARNING CURVE
Do you run your business like a hobby? Turning your hobby into a business can shorten the learning curve of running a business. Especially, if you’re already proficient at doing the hobby. Plus, if people already know about your hobby, you can get clients/customers that much faster. But first, you have to have a mindset of being answerable to someone; it could be your clients or your work ethics. Discipline, both online and offline, is a must for your business to succeed. Times have changed, so instead of working overtime or working a second job, and paying taxes on the extra income, work for yourself and be your boss. The problem is that many of us are afraid to take action, even when we know we have marketable skills because we are so scared of failure. Failure is a scary proposition that has held many of us back. If this sounds familiar to you, then wake up. “You only fail when you stop trying.”
CASH IN FROM YOUR HOBBY
Do you want to monetize your hobby or talent? One of the benefits of owning a home business is being able to create a career doing something you enjoy. Do you like cooking? You could start a home-based catering business. If you have been to all the states in the U.S., why not start a travel agency or a travel blog. You could run a business from your kitchen, dining room table, garage, attic, or spare room. It has the potential for growth if you provide a service or product that people want and treat it like a business. Bill Gates and Paul Allen started the giant Microsoft from their garage. Guess who else started his business from a garage, Jeff Bezos of Amazon. So was Google by Larry Page and Sergey Brin, Hewlett-Packard (H.P.) by Bill Hewlett and Packard, and many others. Money or hobby? I say both!!
TEST DRIVE YOUR HOBBY OR PASSION
How about, looking before you leap? You’re allowed to earn money from your hobby without forming a formal business, which means you can test it out before fully committing to it. You may opt to turn your hobby into a business and run a home-based business after you experience the joys and pleasures of working from home. You can start part-time, running the company around your job. Testing your business will allow you to work through issues and determine if it’s something you want to pursue full-time.
5-STEPS TO TURN YOUR HOBBY INTO A BUSINESS
1.) TO DO OR NOT TO DO, IT’S UP TO YOU
First, decide if turning your hobby into a business or job will ruin the fun or make money for you. Part of the benefits of having hobbies isn’t just fun, but the satisfaction and relaxation that comes with it. Hobbies are a great way to take a break from the rigors of work and nurture your soul. So when you turn a hobby into a home business, it changes the focus from fun to financial necessity, which can lead to less enjoyment of your hobby. First and foremost, assess what it would be like to do your hobby all the time as a way to pay the rent and decide if you want to put the hobby in a position of “must do.”
2.) MAKE A PLAN
If you decide to move forward, create a business plan that outlines your business and the goals you want to achieve. Please don’t skip this step, thinking you already know your hobby or building it part-time. Taking your business to the next level requires assessment and planning.
3.) MAKE IT LEGAL
The IRS allows business tax deductions if you can prove what you do is a business and not a hobby. One of the factors IRS considers is whether or not you’ve formally created your business. That starts by determining your business structure, such as sole proprietorship or LLC. Regardless of your business structure, you need to open a separate business bank account and do activities, such as marketing, that show intent to be a business.
4.) DETERMINE IF THERE IS A MARKET FOR YOUR BUSINESS
Your friends and family may praise your homemade cookies, soaps, or jewelry, but will they pay for it? Not long ago, there was a reality show about saving a bakery where the baker loved baking, and her “friends and family” said she baked great goodies. Still, the expert baker suggested that the cooking wasn’t up to professional standards. When doing market research, your goal is to discover if people are willing to pay for what YOU offer specifically, not what they’d pay for the product or service in general. That means your products or service need to be professional quality. All businesses have one thing in common–THEY SOLVE A PROBLEM. Find someone who has a problem, create a solution, and sell it to them. That is how I started my headwrap business. If you can scale it, then you’ve just landed a company. Every time you hear a complain, there is money to be made.
5.) MARKET, MARKET, MARKET
Do you know the single most important thing you can do for your business? Let the whole world know you have a business. It’s one thing to make a few sales from family or friends, and it’s another to make a living selling to the public. Besides offering a great product or service, the secret to success is marketing. People can’t buy from you if they don’t know about you. Marketing activities should be a part of your everyday business operation. Create a marketing plan that outlines who your optimal customers are, where they can be found, and how you can attract them.
FIVE NON-NEGOTIABLES OF A BOSS
- Passion and Patience
- Align your values and principles
- Be honest
- Focus on value
THE GOOD NEWS
If you’re DONE being underpaid, or unappreciated but struggling to use your hobby as a launchpad for a new career path, you can start here. Turning your hobby into a business is a great income generating strategy, you get to be your own boss and while you make money doing something you love. But even if you’re doing it for fun, if you plan to make a living, you need to treat your venture as a professional business. I am here to introduce a business you could set-up from home and start making money in less than a month. The good news is that the start-up cost is less than $500. All it takes is stay focus and driven. Contact me HERE.