Nearly half of working Americans report having a side hustle. From knitting to dog sitting, people are using their hobbies to earn some cash and make ends meet. Now, more people are beginning to realize their potential to turn these side hustles into a full-time job.
If your hobby is successful, why not turn it into a small business? Whether you’re looking to earn a second income or pursue your passions full-time, there’s a way to make your dreams a reality. With the right amount of dedication and a little luck, your business can be incredibly successful.
Of course, there might be a steep learning curve. However, all the research and hard work will be worth it in the end. Here are a few ways to boost your chance of success and transform your hobby into a small business.
1. Do the Math
It can be easy to jump right into developing your product, especially if you find that people need it. However, it’s best to develop a business model first. In other words, you must determine how much it’ll cost to make and sell the product and how much your customers will pay in return. Doing the math here will give you a better idea of how much you’ll actually make with your hobby.
2. Identify Your Target Audience
Finding the right customers for your business is key to your success. Attract the best ones by identifying your target audience. Who needs your products? What is their demographic and how much can they afford to pay? Observe your competition or businesses that sell products that are similar to yours. Figuring out what kinds of people they market to could help you better identify your own target audience.
3. Market and Gain Customers
Once you know who you’ll be advertising to, post advertisements on social media and elsewhere that will grab their attention. Speak their language, address their needs and create images that will resonate with them. Be consistent in your messaging and measure engagement to better target potential customers. Finding an effective way to appeal to them is the core of your marketing scheme. Only then will you reach those who have a real interest in — and will buy — your product.
4. Have a Test Run
Of course, your success is hypothetical, so long as your business model stays inside your head. Put it into practice by having a small test run. Take pre-orders and tease your audience with coming soon announcements to gauge consumer engagement and your prospective success. If there’s a general disinterest in your products, you may need to rethink your marketing strategy or target a more specific audience.
5. Plan for Emergencies
Throughout the planning process, continue to build your savings. You’ll likely hit a few expensive roadblocks on your journey to becoming a small business owner, so it’s important to plan ahead financially.
Even after you strike it big and get your own brick and mortar store, you should put away some cash in case of an emergency. For example, you may need emergency shop repairs in the event of a storm or natural disaster. When you have a rainy day fund, you’ll be better equipped to handle unplanned circumstances.
6. Expand Your Network
As you turn your hobby into a successful business, you’ll likely meet a few small business owners along the way. Connect with these people periodically to expand your network and even find a business partner to reach more customers and boost your mutual success. You might also find a mentor to increase your odds of surviving the next few years. As you learn the ins and outs of entrepreneurship, draw on their experiences and learn from their mistakes.
7. Commit and Succeed
If your startup is successful, you’ll likely transition out of your full-time job and fully commit to running your small business. This all-in approach may seem daunting and risky at first. However, the only way to turn your hobby into a lucrative business is to devote yourself to it wholeheartedly.
Dedicate time to research and learn about sales and marketing strategies. Most importantly, adopt a long-term growth mindset. Only then will you achieve positive results.
Press On
Everyone has their ups and downs — especially first-time business owners. This experience is brand new and your journey will be full of trials and errors, but don’t lose heart. Embrace the challenge, see your failures as opportunities for growth and press on. Nothing good ever comes easy.
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