We are so lucky to be living in a time when you can create a business out of thin air. There has never been a better time to start a business due to the internet and advances in technology.
Which is why many people are realizing that they don’t have to work a dead end 9 to 5 job if they don’t want to. Instead, many are turning their passions and hobbies into a viable business. Some make extra money for retirement and others are able to turn it into a full time income and beyond.
This isn’t to say that it’s easy to start a business or that if you love your hobby enough you will make money. It still takes some discipline and hard work to make it work. It’s just that the reward is having an income based on something that you love.
In this article, I will go over what it takes to start a business from your hobby or passions.
Write a business plan
A business plan is often thought of as just a document to secure a loan for a business. The reality is that a business plan can also act as a blueprint for your idea. It puts down on paper how you plan to make money and the steps involved in making it a reality.
Take a look at some business plan examples to see if there is one that aligns with your own idea for your business. This is what is going to take your hobby and turn it into a viable business. You can’t just wing it and try to figure it out later. That could cost you a lot of lost time and money.
A business plan will help you make this an actual business based on reality with a solid plan on how to make it work.
Do the research
Part of coming up with a business plan is to research how your business is actually going to make money. Just because your friends and family love your idea doesn’t mean that there is an actual market for what you have planned.
The first part of that research is to find your ideal customer. Who do you think this product or service is actually for? By studying the people you intend to target you will find out if they are spending money on similar things to your offer.
If you feel like there is enough interest and that there is indeed money being spent then this is enough to validate the market for your idea.
Come up with a business model
There are a lot of options for you as far as making money from your business. You can choose from having a passive model with a website that does video courses online that you’ve done ahead of time. Or, you can do one on one consultations which involve trading your time for money.
Look how others are making money and see if this also works for your idea. Once you figure out your idea then find the right platform to get it to your customer and that will show you how the business model should go.