How to Turn a Hobby into a Business

The hardest part of launching a business is finding the right idea.

Business

The key to a successful business idea is finding the place where your product, customer and goal intersect.

Let me explain. 

1. Set a goal

Every business starts with a goal. Some people want to build a billion dollar empire and others just want to earn some extra spending money. The amount of money you want to earn depends solely on the amount of time you would like to spend working. Once you set a goal you can think of a business that will help you reach that goal.

 2. Create Your Product

There are a million different things you might be able to sell, but you should start by focusing on what you can sell right now. What products or services can you start selling immediately?

Here are some questions you can ask yourself to help find the right idea:

  • What skills do you have that people are trying to acquire?
  • What kinds of products could you create?
  • What kind of work do you want to be doing on a day-to-day basis?

3. Your customer

Build it and they will come was only relevant pre-internet. Now you need to find the customers and build something they will buy.

One of my best friends got pitched by a direct sales skincare company. He was blown away by how much money he could make. All he needed to do was pay $1,500 for his starter kit. The problem? He could only think of 3 people he knew who would pay that price-point for skincare, which means he would be building his customer base from scratch.

Identify ten people in your close network who might be interested in your product, and create a plan for selling to them. These are your very first customers.

Some places you might look for customers:

  • Work
  • Professional Networks and/or Clubs
  • Close friends
  • Community groups (sports, church, etc)

Stay tuned if you are interested in turning your hobby into a business. I will be sharing advice all week in celebration of my new ecourse.

 

 

 

 

 

 

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