Do you want to start a business? Are you thinking of how to turn what you are doing into a business? It’s possible if it solves any people problem. The idea of business is to provide solutions to questions people have. And if what you do already does that, you can turn it into a business.
If you want to know how you can turn your hobby into a business, then here is my quick guide to help you get started immediately.
But first, I want to direct you to a resource that will show you how to start a business. You will need the knowledge because I will not be going into details. So, it’s crucial you get the foundation of starting a thriving business before you discover how to turn what you are doing into a business.
You need to define what you are doing. And I don’t mean to tell me about what you do. Instead, explain what you are doing based on the solutions. Or even the issues you can make it solve. For example, if you are a musician, you may not directly address a known problem, but you can identify needs that your music can meet.
MyBlog is an online publishing business. My focus is to solve the problem of starting a business. By providing enough information about starting a business, helping you to choose the right business ideas and showing you how to get it all started. That is what I’m doing.
By defining what you are doing, you can identify the problem you are solving. That way, you can affirm it in your service provision. And also recognize and focus on your target audience.
How it Works
Identify what you are doing that you want to turn into a business. It may be something you used to do or love to do. Now you want to go into business, and you are thinking what I should be doing as a business?
For instance, if you work as a plumber, that’s what you do. But turning your plumbing work into a business changes what you are doing. You will need to create a business entity to handle your plumbing jobs now. And even hire other plumbers to work for you.
Before, you used to work for your Company clients. Now, you are the one to get the clients for your business. It’s not the same way you have been doing it before. It’s now a plumbing business, with all the paraphernalia of a startup.
The critical factor here is turning what you are doing into a business. And there are steps you should take to achieve that. It’s a bit different from just starting a business. In this case, you already have a solution. You only need to start a company out of it.
From Hobbies to a Business
The list below is just a few of what you can turn into a business. You can add what I miss to this list. Also, let me know in the comment box. It will be appreciated. What I have here is to wake up your genius mind.
Action Points on Hobby Businesses
The process of turning what you are doing into a thriving business may not be too different from starting a business. From the explanation on how it works, using plumbing as an example, you can already get an idea of what to do.
But I want to correctly guide you on some of the crucial steps you should take.
Step One: Know Your Goal
You have a reason you wanted to start a business. Is it going to be a full-time business? Will you be quitting your current job? Are you doing it to make extra cash? It’s essential you define your goal, especially if the reason is to cover your expenses.
You also need to set a goal to guide you on what you want to achieve. And I don’t mean intentions on turning what you are doing into a business. But a guide in what exactly you want to be doing better now that it’s a business.
Step Two: Define How it Makes You Money
You should define how what you are doing is going to be different for your customers. How do you create a financially sustainable business out of it? What more can you offer to increase the value proposition to your target market?
For example, will you add training to what you are doing? Will you be opening more outlets? Or maybe providing quality repair accessories for sale? You should find additional ways to maximise your business to make extra income.
Step Three: Make it Enjoyable
It’s also necessary to ensure you will still enjoy what you are doing. Because doing it for money will include meeting deadlines, working late hours, and trying to please demanding customers.
Be sure you are prepared to handle business like marketing and managing finances.
Step Four: Get too Good at it
Also, know that it’s not going to be the same as when you are working for someone else. You have to be good at what you are doing to make money from it. You have to keep training yourself to upgrade your skill to be at par or better than your competitors
And you shouldn’t even start if you are not planning to be the best. You can put off your business plan until you are ready.
Step Five: Develop a Business Plan
Don’t even plan to start a business without writing a business plan. It’s not safe at all. It’s like a blind person walking all alone on a busy highway. It might not end well.
The time it takes to craft a well-written plan will save you from any impending mistakes you might encounter. You will be able to ensure your idea is viable. That you have as much money as you need to start. Even to set achievable goals and how to market what you are doing as a business to your customers.
Step Six: Get Business Training
If it’s your hobby you want to turn into a business, then know that you have to adjust yourself to how business works. You should change your mindset from hobby mood to business mood. Getting a mentor might help a great deal. Someone who have the skills you lack in business.
Step Seven: Learn About Marketing
To be the best in what you are doing is not enough. You need to learn marketing to be able to sell yourself to your target customers. A business is nothing without customers. It’s customers that makes it business.
Also, you need to build a website. Create social media handles to start making connections online as a business now.
Step Eight: Create Your Own Brand
In this century, not having a brand means not having customers. People gravitate to what they know. Your purpose of branding is to help customers to keep remembering your business.
Without a brand identity, your business will fade away with time. Even those who patronised you before might not continue with their patronage.
So, having a brand doesn’t mean your business must be in the big league. It says you want to be remembered by your customers always.
Decide on the right business name, logo, and colour scheme that reflect your business’s “personality”. And use them consistently in all your marketing channels, like your website, social media, and other marketing.
Step Nine: Get Your First Customers
Go after your first customers. And don’t be afraid to offer your service for free to test your end product. You should rediscover the needs out there for what you do now as a business.
Step Ten: Put Your Finances in Order
The right way to keep your finances in order is to set up an account with a bank for your business. To separate your business transaction and personal finances. You need to record your income and expenses. Pay your taxes. You may also be required by law to collect sales tax. And you will also need to get an accountant to go through your books and help put you in order once in a while.
You can turn whatever you are doing now into a business by following these simple steps. It’s one of the fastest ways to start a business. Because you already have the experience and insight into the kind of business before you launch out.
It can be even a hobby you have already build some reputation or following. Most internet influencers started by doing what you are doing. And when people became appreciative of it, they turned it into a business.