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When Your Hobby Becomes a Business

by Wendy Martin (follow)
Business Basics (34)      Business Start-Up (11)      Entrepreneur (10)      Business Concept (7)     
Whether you have a particular creative skill, craft, trade or specialty of any kind, you might be considering whether going out on your own and turn your hobby or skills into your own business is a good decision.

Here are some tips on helping you decide on whether it is a good idea.

If you're thinking about whether or not your particular hobby or skill could become your own business, there's many things to consider. Image credit: Carlos Sanchez/sxc.hu

Do your research
Research how much demand there is for what you're offering and if there are already organisations out there doing it?

Consider how much time it will take you to setup the business, the costs involved and how much groundwork will need to be done to get you to a point where you can serve your customer's needs from your first day in business.

It's also important to consider if any specific licenses, trademarks or accreditation are required for you to turn your hobby into a business. For example, some one who loves cake decorating or baking will require a health certificate/ license to sell baked goods professionally.

Create a business plan to structure how your business will run, what your marketing plan will be and how you'll measure your success. Image credit: Dominik Gwarek/sxc.hu

Create a business plan
Sure it's not the most exciting part of setting up your business but it can be a really useful way to determine what business structure best suits you and your business, your point of difference, etc.

You'll find plenty of templates online to assist you in creating a business plan that should help you answer the following:

What exactly are you offering and what consumer problem or desire are you or your products/services solving?
Is there a gap in the market for your product/service?
Why do you want to be in business/ what's your vision for the business and how much time can you dedicate to getting up and running?
What money and resources will it take to get off the ground?
At what pricing and business structure will your business be profitable?

A business a plan doesn't have to be overwhelming, just a guide for you to stick to as you develop a proposed strategy to starting and selling. Don’t forget to include notes about your backup plans and what you would do if you decide to close the business. It might sound silly to plan about closing your business before you have started, but it is exactly the best time to work all of that out as it is part of the big vision of the business.

You'll also find plenty of free resources available online through the Australian Government on starting your own business. Don't be afraid to take the leap, but make sure you're thoroughly prepared to jump!

#Business Basics
#Business Start-Up
#Business Concept
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