How to turn a hobby into a business
It’s a dream for all of us, right? Taking something we enjoy doing and turning it into a profitable enterprise - one we can actually earn a living from. So here are a few tips for conceptualizing a business and running it smoothly.
Create a business out of your favorite three things
Chances are, if you’re interested in something enough, you’ve spotted a gap in the market that you can make money from. Combine a few of your interests for something uniquely yours.
Learn some key essentials before you begin
Get to grips with the ins and outs of video production and website creation so that you can start to market your business - and save money on agency fees in the process.
Focus on solutions, not problems
Starting out, you’re going to run into your fair share of roadblocks. Often, it’ll involve staff who are at loggerheads with other people. A good leader motivates people to spend more energy on finding a solution, rather than fixating on the problem.
Don’t try to please everyone
Trying to please everyone is a rabbit hole from which you’ll likely never emerge. In business, less is often more. Clarity and focus are far more important than an all-encompassing approach.
Keep your focus small
Don’t run before you can walk. Or in other words, keep your focus small. Your time is precious and your resources are likely to be limited, so take incremental steps forward, rather than shooting for the moon. Trying to build something before the company is ready is only going to waste time.
Not only do you want good people, you want people who are going to fill positions you can see on the horizon. And because it can take months to identify a candidate and then get them in to the company, don’t be afraid to start looking for hires early.
Don’t think that staff are going to stick around forever
People are going to come and go - that’s life. A mistake is to fixate on the staff you have in the here and now, and fail to envision a future where different people might be working for you. One other thing: to you this is your life. To them, it’s a job. So don’t take it personally when they do one day leave.
Get mentors who can be honest with you
Mentors are incredibly important, but their feedback is only useful if they’re able to be completely honest. Look for people with experience in a field similar to your own - and remember, family and friends don’t count.
Celebrate the wins
Business is a rollercoaster and it can be hard work, so always take time to celebrate those small victories. Most entrepreneurs agree that the lows are more frequent than the highs, which only emphasizes the importance of this point more.