How to convert hobby into a profitable business?
About doing business on the passion it is extremely popular. With every other newspaper looks to us someone who abandoned his "real job" to take a hobby and a draw from his income. If it's so popular, why do not we do it all? Each of us has a hobby right?
First is it worth to transform a hobby into a business? Is it worth the bother and receive a little fun with your favorite classes for the money? Secondly if any hobby can be profitable?
The first question you have to answer yourself. In my opinion? It is worth a try. It can always be that "professional" entitlement hobby further you enjoy while you have income from it. If not you can always withdraw.
As for the business potential of the various activities, the matter is much more complex and here the fun begins. Well, you have to check yourself whether your hobby suited to benefit from its profits. How? This is what in today's post!
How to transform a hobby into a profitable business?
Develop a plan
I assume that if we talk about your hobbies are never planned. Easy going and motivated only pleasure (or ambition) pokonywales increasingly advanced levels of initiation. Those who just loved it, which felt "mint" zabierales for him.
Unfortunately, the continuation of this strategy for turning a hobby into a business is not the best idea. Moreover, it seems to me impossible. I do not want to scare you (arms BOSZ!), But in the plan of implementation of the business idea (which is your hobby because I should see this situation) will be a lot of things that simply will not have the desire. Even so I have! And who does not have a hand up, I want you to know and question how are you doing So to those things not to miss and do not let them ruin the plan, they should be planned, to realize what their role is, how they are important and you just deal with them. But this is only one of the functions of the plan.
A good plan will motivate you, arrange the operation, point the way to the target and De-stress when you do not know what to do.
Start your one-page business plan you should calmly enough. If you want to make a more accurate'll stick where you include what you have to do one after the other, to turn a hobby into a business, check out the free course "How to start a business project? Is it some exercises that will help you with this!
Clearly state what you intend to make money
You can not escape before it. Transforming a hobby into a business requires taking money from people! A terrible thing Especially if you are of those who think "I have to take money for something that makes me pleasure? it's not right. Well, you're wrong everything is as it should be!
The criterion of whether to take money for your business, not your comfort, and value we give to the customer. If your two hours sewing machine (let's assume that it's your hobby a favorite hour each day), will satisfy the need for clients, finding the perfect blanket for her goddaughter, who is looking for 2 months and it has been this warm enough so, you give someone more than himself have received by these two hours of fun in sewing. I have to take money for it.
At the very beginning, specify so:
what you want to earn? (For physical products? For advice and consultation? The electronic products?)
how much you need to earn? (To have something to eat. To pay the bills. To have to invest in development.)
Unless your product is expected to cost? (So ??that was a chance to sell it and to be able to make it properly.)
Perform the test (one, two, or fifteen)
If you have a hobby, I assume that you already have a product. This may be your knowledge, may be your work, may be your skills. So we skip the first few steps that make up the business planning and go into specifics.
One of the most important things in the course of your entire business will be testing. The experts themselves can write "this works, this is cool, it does not work", but really never know whether the way (eg. For customer acquisition) is good or not until you try it yourself.
The same is with setting the right price, product packaging, the appearance of a new website, newsletter content and so on. All you need to test, check for yourself. This is the only right way to find out what your business is and what is not. Better get used to them.
Come out to potential customers and show them your product!
Why should you test? Among other things in order to:
- detect product defects
- Know what your client needs and how to give it to him
- find out whether the price of the product is adequate to quality
- learn what you can improve
- find out what is your product or service unnecessary
The first test is best performed on people who perfectly fit in with your target audience. Normally doradzilabym commitment to the role of "testers" friends or family, but I assume that if you have a hobby that you do not go quietly in the basement, only a clear and your loved ones know about it, so they have to say about it. So you can skip this group and as previously mentioned, go to the search for the (real) potential customers and test them.
Continue doing what works
Customers who come with instructions to buy the most? Focus on them and think of how else you can convince them to continue recommending you.
Many orders bring guest posts for other blogs? Write more.
Potential customers like your newsletter and you write off on the news? Cool! Consider preparing for them a special offer!
Continue what you are doing well and is profitable. That's the magic of tests "palpation" which passed the test and do it again!
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