How Your Hobby Can Become a Profitable Business

We are all born with certain talents.  There’s no need to envy those who have turned their skills into a career.  You can do it too! Think about the things you make for family and friends just for a hobby.  Consider the type of advice you willingly dole out to co-workers and associates.  Whether it’s creating a product or offering a service, if it’s something you are really good at, you can turn it into a profitable business.  Here’s how you can do it.

Start with a Business Strategy

You don’t necessarily need a formal business plan, but you should at least determine things like: what the product or service will be, who it’s meant to benefit, how it will benefit them and where you will offer it.   As the saying goes, when you fail to plan, you plan to fail.  It is very time-consuming, but everything flows so smoothly when you start with a good strategy.

Next Consider Your Business Identity

Think of names for your company and its products. It needs to set you apart from the competition.   Be clear on what you’re trying to accomplish and consider what you want people to think and feel when they hear about you and your business.

Make it Official

Things like licenses, web sites and financials are all part of creating a legitimate business from your hobby.  Find out how to register your company at the local, state and federal levels.  It’s important to protect your hard work from those who may try to steal your ideas.

Make Your Presence Known

Once you know who your customers are and what your company represents, it’s important to share it with the world.   And don’t be shy about it.  People can’t support your business if they don’t know it exists.  There are tons of ways to market your business, from social media to traditional media to word-of-mouth.  Figure out what works best for your company.

Lastly, Get Help with Those Things You are Unsure About

It saves time, money and frustration.  Depending on your professional background, skills and expertise you may be able to do a lot yourself.  You can also do a lot of research online and through networking with other business owners.  Why not learn from other people’s mistakes?

About the Author

Ayesha R. Patterson is a business consultant, career coach, and author of The Subtle Shark: Redefining Career Achievement.  She has more than 20 years of experience in various leadership positions in the retail, production and service sectors.  She has managed multiple facilities, regions, and territories with responsibilities for 400+ and annual revenues in excess of $50 million.

Ayesha R. Patterson Bio Info

Related Posts