If you have a hobby that you really enjoy, you might consider leveraging it to make money. You’ll get to do more of what you love while also earning some extra cash. Perhaps you could craft or sell items related to your hobby, or monetize your hobby by vlogging or blogging.
Starting it as a side hustle is a great way to test the waters. You can even turn your gig into a full-blown business if it proves successful. Today, Software for Enterprise shares some tips to help you realize your dream of turning your hobby into a money-making machine.
Finetune your business skills with a degree
If you want to turn your side hustle into a full-fledged company but lack confidence, additional education can help. In fact, by earning a master’s of business administration, you can gain valuable skills in areas like communication, management, and accounting. Online degree programs are especially useful for entrepreneurs since you can work and study at the same time. Read online reviews to make sure online programs are respectable and certified.
Develop a business plan
A business plan is essentially a guidebook for your business. It explains what your products and services are, how they’re different from the competition, and how your company will be run. A well-written business plan can also be used to request funding from external parties, like angel investors or venture capitalists. Make sure you include all the essential components, from a market analysis to a financial plan.
You should also look into where you’re going to conduct your business. Will you work mostly online, or will you need a physical presence, as well? If the latter, will you buy or rent your space? If you decide to work from home, you may need to survey the boundaries of your property, as well.
Register your business and figure out taxes
Registering your business as a legal entity like a limited liability company, LLC, offers various benefits, from tax perks to simplified paperwork. Plus, an LLC protects your personal assets in case of legal issues. A lawyer can help you set up your LLC or you can use a less-expensive business formation service. Read online reviews of formation services to find one that’s reputable. Note that the business type impacts your taxes, as explained here.
Determine how much money you’ll need
Starting a business usually requires some financial investment. If you run your business from home, you can skip some expenses like commercial rent. However, you’ll still need technology and software, like a computer and printer. Make a list of all your startup expenses to determine how much you need. GrowThink offers a list of popular funding sources for new companies, including business loans, personal connections, and angel investors.
Invest in the tools you need to get started
Once you have your startup money secured, you can get the supplies you need to ensure your business is a success. Possible technologies that can help save you time and money include video conferencing tools like Zoom or Skype, web management tools like GoDaddy, and digital storage tools like DropBox. A tool like Miro can also be handy if you need collaborative online whiteboarding platform that allows teams to work together in real time on a virtual canvas.
Promote your business with marketing
Once your business is ready, use marketing to attract clients. A business card is one handy marketing tool. It’s a more lasting reminder of your business than an email and something tangible you can give potential customers. You can use ready-made templates when building your business card design, customizing the card’s text, colors, and font.
Gain valuable connections by networking
Networking is a valuable business tool. It allows you to meet potential clients and customers, as well as possible business partners, investors, employees, and more. Make a point of attending industry conferences and entrepreneurial events in your area. Constant Contact explains how to make the most of your networking, for example by trying speed networking or joining a local business organization.
Being able to turn your hobby into a business can be a dream come true for any entrepreneur. By taking steps like furthering your business education and researching business structures, you’ll set yourself up for greater success. The above pointers have some more ideas to help.