Create a business you love in honor of National Hobby Month
Many successful small business ideas are born from the owner’s favorite pastimes. Join famous entrepreneurs like Debbi Fields, Bill Gates and Walt Disney, who all started their acclaimed business empires due to a hobby they enjoyed! Check out our best tips for turning an interest into a small business, just in time for National Hobby Month:
1. Determine your business’s focus – Whatever your hobby may be, think about how it could translate into a profitable business. Maybe you love baking; consider opening a bakery, or starting a dessert catering business. Is your favorite physical activity yoga? Open a yoga studio, or get certified to teach classes. Do you like knitting or sewing in your spare time? Become a paid seamstress, or produce clothing items for retail stores. The right business idea might not come to you at first, so brainstorm different ways that you can make money doing what you love. There are a wide variety of hobbies that make money, and can be businesses that offer customers a service or product that they currently don’t have access to.
2. Collaborate with your opposite – You might think that finding someone with a shared passion will help make your hobby turned business a reality, but think again. While it is important that your partner or collaborator share an interest in your business’s service or product, look for someone who has different strengths than you do. For instance, if you’re creative, but lack fiscal knowledge, consider joining forces with someone with a financial background. This will help you start a strong business, instead of one that is lacking in core areas!
3. Do your research – Learn from other entrepreneurs’ mistakes! Look at other businesses in your prospective industry. What were their struggles? What worked for them, and what didn’t? By examining these factors, you’ll be able to save yourself a lot of unnecessary stress.
4. Consider the costs – Some businesses are easier to start than others. Certain business models will require equipment, tools and inventory in order to get up and running. While some business ideas could be executed from your home, you may require a business location for others. These are all important aspects to contemplate when considering successful small business ideas. If you start your business and are up-and-running for some time, you could also consider applying for additional working capital. Having extra cash on-hand may help you pay for costs that will help you continually better your business.
5. Spread the word – If you’re serious about starting a business based off of your favorite hobby, you’ll need to network in your community. Connect with individuals that can help you with marketing, hiring and other areas. Having the help of other talented professionals will benefit your business during its initial stages.
In honor of National Hobby Month, start a small business venture based on your favorite pastime! There are plenty of hobbies that make money, and can be turned into lucrative businesses. Starting a business based on a hobby can give you the drive needed when seeking a new entrepreneurial endeavor. Do you have a hobby-turned-business success story? Share it with us in the comment section below!