Wouldn’t it be nice if you were able to make money from doing what you love?
It’s the stuff of dreams. You won’t have to dread getting work done. The whole production or service delivery process will run smoothly. Getting paid for what you do will be the icing on the cake.
Sure, it won’t be a jolly ride all through. But it’s a lot better than barely pulling through every day under the weight of a role you detest.
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What’s the path to making a startup out of your hobby?
This article lays out eight steps to that destination.
- Know Why You’re Taking Action
Why do you want to carve a business out of your interest? Do you want to do this as a
side-hustle, or full-time business? The answer to these questions will help you know how to approach the building process. It should be a pointer to the amount of time, effort, and resources you’re going to commit to setting up.
- Think About the Ways to Make Money from Your Hobby
There may be several ways to make money from the single hobby you’re pondering. For instance, if you’re an artist who draws and paints, you could create digital art content, set up a physical or virtual studio, or teach art to online classes.
Whatever you decide to do, make sure there’s a market for it that’s big enough to generate a decent income for you.
- Weigh Possible Gains Against Disadvantages
You should only pursue turning your hobby into a startup if the gains to be made surpass the disadvantages associated with it.
If you love cooking and you’re thinking about launching a
catering startup, you should weigh the joys and financial gains you’ll derive from it against the costs and difficulties with building and running the venture. Go ahead with your plan if the gains exceed the costs.
- Sharpen and Build
Keep your regular job while you get better at the business you’ve decided to build. You can begin the startup as a side hustle, serving people close to you, or others who get to know about you via
word of mouth or the web.
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- Keep Your Eyes on Your Finances
Only take steps that are commensurate with your financial capabilities at each moment. If you don’t have the resources to start yet, you may try raising funds from relatives, friends, or willing investors. Just be sure that you’ll be able to repay the loans when the business begins to turn in profits.
- Come Up With a Strategy
Write
a business plan that describes your startup, its products, market prospects, resources needed to build it, and the revenues you’re likely to generate from it.
Your business plan will be your detailed roadmap to success. It should also contain things like your sales and marketing strategy, and the advantages you’ll possess over your competitors.
- Build a Brand
When you market your products and services, ensure that the messaging is consistent. People should recognize
your brand from its tone, communication style, and emphasis, as well as its logo and colours. Make these a regular feature across all your contact points with the public: website, social media, emails, banners, leaflets, etc.
- Deliver Great Service
This is the clincher when it comes to building a successful startup. When you consistently deliver top quality service, you’ll attract more demand. This allows you to grow your revenues and scale further. In time, you should have a thriving business built around your hobby.
Final Words
The road to making a startup out of your hobby is long and challenging. But by following the steps we have laid out here, you’ll get on your way to making it happen.
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This article was first published on 22nd June 2020
ikenna-nwachukwu
Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.
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