What do you love doing in your free time? Ever thought about turning your hobby into a legitimate business?
Everyone has a side hustle these days. However, most don’t see it as a profitable business.
Can you blame them? There are a lot of risks when it comes to establishing a business. Some of the risks present such challenges that some end up not even trying at all.
However, if your hobby has your friends and family screaming for more, that’s a good indicator to take the next step.
Before you turn your passion into a startup business , though, be sure you can definitively answer the following questions:
Is there anything special about your hobby?
A hobby can bring you joy and relieve your stress, but is it unique?
Take baking, for instance. Is there a secret ingredient that you use to make your cookies taste better? Or are you just using one of Gordon Ramsey’s recipes?
By having that unique feature or unique selling proposition (USP), you create an angle for why your products are superior compared to established competitors.
Can your business idea make money now and in the future?
Some entrepreneurs make the mistake of starting a business on what’s trending. If you want a successful business, you have to do your research.
Is there a need for your business five years down the road? How do you plan to scale your business?
After all, the last thing you want is to waste time and money on a business people don’t really need.
By thinking five to ten steps ahead, you can be prepared to face different challenges to meet changing customer demand.
What are your goals for your business?
Every business should always set goals. It provides direction and keeps you motivated. It also helps you improve your current strategies, especially when the results aren’t what you expected.
Is your goal to make money on the side while you work a full-time job? Or is your goal to generate X number of sales in a year?
When setting business goals, always remember to use the S.M.A.R.T. goals concept: Specific, Measurable, Achievable, Relevant, and Time-bound.
Now that you’ve got everything answered, you’re ready to turn that hobby into a successful business.
Without further ado, here are some tips to help you establish a legitimate business:
Craft a business plan
A well-crafted business plan will serve as an overall guide for your business. It includes how your business conducts operations, budgeting, and strategies.
A business plan will allow you to understand your business idea better, and will also help you secure loans or funding from investors.
Hire a registered agent
If it’s your first time starting a business, a registered business agent will help you to set up the legal structure.
When you hire a registered business agent, all the paperwork will be taken care of and more. Some of their services include:
- Process notices
- File tax forms and other legal documents to help you maintain good standing with the state
- Assist with legal matters
- Improve business image
If you want to get the best bang for your buck, here’s a helpful tip: incorporate your business in Delaware.
They offer business-friendly regulations and a host of tax savings.
Build an online presence
One of the most important tips to achieve success as a startup is to build an online presence. What’s more, it only takes a few steps.
Start by choosing a social media platform most appropriate to your market.
Next is conducting research about your audience’s preferences. Finally, consistently generate relevant and compelling content.
* Note: Just because creating an account on every platform is free, it doesn’t mean you should hop on ALL of them. Chances are, your audience will be more active on one social media platform. Managing multiple accounts all at once may overwhelm you.
Let us be the first to tell you, your hobby won’t become the number one choice by consumers overnight.
However, if you continue to work and find new ways to improve your business, sooner or later you’ll find the right formula.
It takes time to reach a certain level of success. If you’re not persistent, your business will fail. All you need to do is be patient and stay motivated.
As former IBM CEO Virginia ‘Ginni’ Rometty once said:
“If you’re clear on what you believe, you have a great foundation to go make a market.”
The Bottom Line:
Turning your hobby into a legitimate business can be a challenge. It takes thorough research, belief in your business model, and hard work. You won’t see success happen immediately, but as long as you stay the course, you will eventually reap the rewards of what you sow.
About the author: Derick Quinanola is a dedicated digital marketer and regular writer for registered business agent company Registate . He is based in the Philippines but has a global mindset and continues to find innovative methods to help businesses thrive in an increasingly digitized economy.
This is a Sponsored Post – the author has requested this post be shared on WE magazine for Women and WE were compensated for sharing.