How to Turn Your Hobby into a Business: So, you have a hobby that you really enjoy, something at the back of your mind says that you can start making money from it- but where on earth do you start? Turning your hobby into a business can seem like a mind field, but it is totally possible.
Mavis Amankwah is an award-winning entrepreneur, diversity ambassador, motivational and public speaker and the founder of Rich Visions www.richvisions.co.uk today Mavis is going to share her tips on how to turn your hobby into a business…
Know Your Numbers: Numbers are the most important thing in business. So if your hobby is doing hair for people at home, and you really enjoy it, you need to know how much it’s going to cost to service each client. £20 for a wash and tong might seem reasonable, but if it takes an hour and half to do the hairstyle, and you are supplying the products, and travelling to the person’s home, the chances are you have an expensive hobby that is costing you. Knowing your numbers is crucial. A lot of creatives that I meet struggle with this, but there is a way to simplify it: work out how much you realistically want to earn, and calculate the cost of the materials that you are using, and the time that it takes you to make it. Also include marketing costs (flyers, Facebook adverts, etc). You should get a clearer idea of profitability from there. The main thing is, keep your costs low. You don’t need to shell out on a fancy website to begin with. To build a basic website you could use www.wix.com or a free wordpress.com template to create your own, and upgrade only when you are making money, and are profitable.
Know Your Market: You might love knitting bright jumpers for baby boys, but will people buy it? to a certain extent, you have to separate what you like from what your market wants. If no one is buying your products, then you have an expensive hobby. A simple way to know and understand your market is to create a survey in Google, and ask people. 5 – 6 questions about products and pricing. A simple survey should help to determine if there is a need for what you are supplying and the price people are willing to pay for it. Don’t get frustrated at first, because the reality is that it can take people years to understand their market, and sometimes it involves tweeking your prices and your offering. Don’t give up!
Sell: It’s a 4 letter word that some people hate, but this will determine whether you really do have a business. Sell. Sell via social media. Sell to your friends. Sell to your target market. Selling does not have to be in your face or sleezy. There is a way to sell that is totally natural. A lot of people that I know hate selling because it makes them feel uncomfortable, but if people want what you have, there is nothing wrong in asking for money in return. Make it easy for people to pay you, so if you are selling hand made products, consider using Shopify, Etsy, not on the highstreet where you can get set up quite easily. Make the process pain free for your customers, and deliver on what you sell.