How to Turn Your Hobby Into a Startup?

startup

An old proverb says: “Do what you love, and you’ll never work a day in your life.” Yet, if you are an average worker who spends 8 hours a day at the work, you will assert that it is not so easy to be passionate about what you do on a daily basis. Of course, you can get motivated by reading quotes on hard work or sticking inspirational sayings on achieving big goals on the walls, but it is just a short-term solution. It will be preferable to find another profitable way to mix the business with pleasure. A good way is to turn a skill or hobby you enjoy into a money-making startup. Literally, any hobby that provides value to others, including cooking, painting, knitting, craft-making, etc., can be potentially monetized and turned into a startup.

Turning your hobby into a profitable startup isn’t easy, yet, it certainly isn’t rocket science. With thorough preparation and strategic execution, you will soon enjoy a positive result.

Useful hints to turn your hobby into a startup

Here are 5 essential steps helping you to turn your passion into a profit:

  • Create a strategic plan: Having a well-defined strategic plan is essential, especially at the beginning of the monetizing your hobby process. A business plan will help you thoroughly set all aspects of the startup and establish short and long-term goals. For example, if you are an ace at making delicious dishes, you can consider opening a small canteen or a restaurant. However, first, you should create a step-to-step strategic plan defining your investments, desirable profit and target customers. A well-defined strategic plan will prevent you from many unforeseen future problems.
  • Invest more time in your startup: Quitting a stable work you are risking the money you live on. This is a scary proposition that prevents many talented individuals from pursuing their dream and having a job that is also a pleasure. But those who don’t take risks, don’t drink champagne. Working a full-time job and spending extra hours pursuing a hobby isn’t practical. Once you decide to make a profit from your hobby, it ceases to be just a pastime activity. If you want it to become a good source of revenue in future, you will need to find ways investing more time and efforts into your hobby to turn it into a successful startup.
  • Make effective connections: There is an unwritten rule in business: “It’s not WHAT you know, but WHO you know”. If you are a talented guitar player, but you only play at family or friend gatherings, you have little chances to benefit from your talent. If you intend to turn your hobby into a startup, be prepared to be active in getting new acquaintances and promoting your talent. Networking and making connections with other people can increase your chances of making your hobby or talent known to others. Attending social events and mixers is a good way of networking that can help you find potential partners or customers. You may also become a member of clubs, go to conferences and groups in your specialty that cater to other professionals in the niche.
  • Build an online presence: In today’s social-media driven world, online presence has become a must in generating any activity. Currently, more and more people seek the service or item they need in online platforms. In this point of view, monetizing your hobby includes creating and maintaining a website and social media profiles. The Internet has made it easier than ever to get in touch with like-minded people, which can be a real boon to a startup. You can make use of LinkedIn, Facebook, Google+, Twitter, Tumblr, Pinterest, etc., to virtually meet other people in your industry and make your skills and talents known to them.
  • Consult a business attorney: Having a money-making hobby and eventually growing it into a successful startup will require some legal assistance. Having a business attorney to deal with all legal issues will save you time for focusing on other aspects of your startup as well as refrain you from future legal headaches. The experienced business attorneys at The Margarian Law Firm have handled a wide variety of business matters, from start-ups to complex business litigation cases. They will put their deep knowledge of business law and successful experience into making your startup lawful and profitable.

 

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