You’ve probably heard the saying that goes “If you do what you love, you’ll never have to work a day in your life”. Apparently, it’s the truth, especially when it comes to your hobby. So, it’s no coincidence many girls started transforming their hobbies into profitable businesses. Have you ever wondered if you can do it too?
Having a free-time activity you adore is wonderful. You can spend some time doing things you love while creating something beautiful. But what if you could also make money out of it to support yourself during and after college? Here are 6 main things you need to know about transforming a hobby into a business.
1. Make your dreams come true
Many girls see themselves in the art world. Drawing, creating and designing has always been your hobby. That’s why you decided to start college as an art, design and/or, graphic majors. But before you step into the business world, having some hands-on experience is fantastic. So, use your creativity and talent to make money.
You can make accessories or design clothes and sell them online. This will be your first step in transitioning from a college girl to a businesswoman. Pick a sphere you’re especially good at and start your small online shop to get practical experience as an entrepreneur.
2. Identify a business model for your hobby
Researching is essential if you want to transform your hobby into a business. Besides checking out your competitors, you also need to see will your type of business pay off in the current market. Even though it may seem complicated, creating a product and a brand is quite easy compared to getting your business off the ground.
To truly start your business, you need to know will it pay off. To lower initial business cost calculate how much money you need to create the product vs how much money are your customers willing to pay for it. According to that, you can see if your idea pays off.
3. Write a business plan
Creating a business plan helps you sort out the exact steps you are planning to take towards your goal. It includes all the things you want to achieve, your finances, your long-term and short-term goals. However, this doesn’t mean that you’ll have to write a 50-page long study of your business. Just get a business plan template you can easily follow and go for it.
Your business plan should include all the things you’ve already done and the things you’re planning to do to achieve your goal. In addition, don’t forget about your market plans and the customers you’ll sell your products to. Keep in mind that over time your business plan may change and that is completely okay. Just try to adapt to new coming moments and trends.
4. Pay attention to communication
As your business grows, you’ll need to pay special attention to your connections and communication with them. You’ll need to include your coworkers or associates in a more professional communication platform where your ideas and files will be completely safe.
If you want to upgrade your professional relationship and step up your game, you’ll probably need to seek safer alternatives for sharing files and ideas. That’s why engagement apps are a fantastic opportunity for your growing business. For more information and better ideas, find out more here and run your business like a true pro.
5. Learn the basics of marketing
If you’re planning on turning your hobby such as pottery, cloth designing or anything else into a profitable business, you need to grasp the basics of marketing. Why would that be necessary if you’ve mastered your craft skills? Well, if you want to reach more clients and actually sell your products, you need to know how to advertise and attract the right people.
For running a successful online business, you need to be familiar with concepts such as target audience, digital marketing and SEO. Even though additional knowledge is never a waste of time, focus on the basics and develop your strategy as you grow your business.
6. Get legal advice
Last, but not least, you need to consider the legal aspects of your business. If you’re truly serious about starting your own thing, you should get familiar laws and regulations in your country. You don’t have to be a professional. However, a lawyer or a solicitor can help you sort out any doubts you have about starting your business.
Here are some of the questions you need to ask your solicitor: How to protect intellectual property from theft? How to avoid copyrights from similar companies? What else can you do to protect your business? A solicitor can also help you with additional ideas and advice about your business in general. So, it’s always a good idea to ask someone more experienced in that field for help.
As you can see, turning your hobby into a business is a process that takes time. If you want to be a successful young entrepreneur, be patient and trust the process. If you follow these steps, you’re one step closer to making your dreams come true. Starting your own business is a great transition from college to adult life. So, embrace your energy and knowledge and follow your passion!
Morgan Rose Elliott graduated marketing from The University of Sydney. Hobbies include yoga, reading, home renovation. Rookie blogger who loves writing about business and lifestyle equally. She is happily married, stay at home mother of three.
Twitter account: https://twitter.com/MorganRoseElli1