Wednesday, July 15, 2020

How To Turn Your Hobby Into a Business

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Business photo created by katemangostar -

“Choose a job you love, and you will never have to work a day in your life.”

We've all heard this quote a time or two before, haven't we? It truly is the ultimate goal--- to find a job that doesn't feel like work. As such, many find themselves looking for a way to turn their hobbies into a business. Today, we're going to look at a few things to consider when making the transition from something we do for fun to something we do for money:

  • Make a Plan. Set your goals.

    If you want to turn your hobby into a business, the first step is to make a business plan and consider your goals. Do you want to make this a full time business, or earn just a little extra spending money? Will it just be you, or will you need to hire employees? What do you need to get started? Set up a plan to address anything and everything related to your new venture.

  • Set Your Prices and Payment Methods.

    The goal of your business is to make money, so consider how much you need to charge for your product or service to make a profit. With some businesses (like photography, for example), you might find it best to start your prices lower until you have worked up more experience. Compare pricing to similar services to get an idea of what they look like in your area.

    Once you've decided on pricing, you'll need a way to charge your clients. Many people prefer to pay via card, so you'll want to be certain to have that as an option. You can check out North American Bancard merchant account services to get an idea of the types of products and services available to help your business grow.

  • Know the Legalities. 

    Depending on where you are and what your business is, there might be some legalities to consider. Will you need a business license to get started or anything of that nature? Do your research to make sure you are going about things the right way from the start.

  • Create a Web Presence.

    These days, perhaps the greatest tool in your business toolbox is creating a fantastic web presence. How many time do you Google a specific product or service you want? I know I do ALL the time! Set up social media accounts and a web page to help drive customers your way. Be sure to utilize SEO tools as well. Not sure where to begin? It can certainly be confusing. It can be a great idea to bring in the professionals, as it can make such a huge impact on your business and allow you to better focus on other areas as well. Here is a  SEO Company Mississauga to check out.

  • Consider Your Space.

    If you can run your business out of your home, this can certainly be a money saver... still depending on the type of business you're looking at, you may find you need more work space, OR a space that will allow you to meet with clients away from your home. If you need help in moving your home office to an outside office, consider using a mover like to take some of the stress of doing it on your own.

  • Don't Rush Into It.

    Nothing can ruin a good hobby like rushing to turn it into something profitable. Not all hobbies SHOULD be businesses, after all. Before making the transition, consider if it's worth it. If this is something that you use to relieve stress, will you still enjoy it once it's something you have to do? Are you truly ready and skilled enough to charge? Is the profit worth the time it will take? Take your time to consider these questions and do your research to help make the right decision for you.

Have you turned your hobby into a business? What tips and tricks have you picked up? What lessons have you learned along the way? Share them in the comments below. 


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