How to turn your hobby into a business

Experts say if you choose a job you love, you will never have to work a day in your life. Turning hobbies into money making ventures has become a trend in the past couple of years.  Think about doing what you love and getting money for it. In addition to being paid for the hobby […]

Experts say if you choose a job you love, you will never have to work a day in your life. Turning hobbies into money making ventures has become a trend in the past couple of years.  Think about doing what you love and getting money for it.

In addition to being paid for the hobby that makes you happy, you can start with a minimal financial investment because you’ve already got the equipment you need.  For instance, if you are passionate about cooking, you can start from your kitchen.

So, if you have a hobby and you are thinking about turning it into a successful business, here are some tips to get you started.

1. Ask this question

Every successful entrepreneur most weigh all the merits and challenges before launching their new business.  And they most answer this important question: Am I meeting a need or do people really need this service? 

A business strategist, Lanre Philips, speaking at a conference tagged ‘Uncommon Business Mastery for Start-ups’ says ideas don’t make money but identification of a problem and solving it is what brings in money.

Answering this question will strengthen your resolve to move forward.

 2. Make a business plan

Making a detailed business plan helps evaluate the market, detect your target audience, and ensures your idea is truly valuable. You will have a clear idea of where to start and how to do it best. Plus, according to experts, planning is one of those things that increases your confidence, and being confident is a huge part of the job of an entrepreneur.

3. Examine your market niche

It’s very important to keep track of market trends and offer something special to your customers. Again, Philips says restaurants don’t just sell good food, they sell ambiance. “If you have a restaurant in a place like Abuja, you must understand that people are not just coming to you because you cook good food, but because of the ambiance. Good and classy environment is part of what your clients want not just good food,” he said

4. Create your brand

Think of the name of your brand, and its slogan if you want to have one. Create eye-catching photos of your products and write compelling descriptions. You can also read about business marketing and get some inspiration from writers to create a nice product description.

5. Go Online

Since we live in digitally-oriented times, advertising your business on social media networks and other online platforms is key. Doing so allows you to find clients outside your city or even from abroad.

6. Be passionate

The CEO of Malabis Lingerie, Halima Abba, whose business is almost a decade old, says  you need passion for your business to succeed. “If you don’t have passion, you will not go far. Because passion is working when you are not making a dime/kobo. When you believe in that thing you are doing and continue, it  will grow to become that big brand.