Turning a Hobby into a Business
There has been a lot of talk in the news about how people have pivoted during the COVID-19 pandemic, turning hobbies into lucrative business ventures. With so many people out of work, now seems like a great time to start doing something you love. But, can your hobby be a sustainable business? Where do you even begin?
Our hobbies are a great source of joy. However, turning a business into a hobby means you no longer get to do the task at your leisure. You must do the task to earn a paycheck. Once you’re sure you are ready to turn your hobby into your work, you can figure out an action plan to get you there.
Where to start
In the beginning, you might have more questions than answers. Who is your target market? What are these people willing to pay for your product or service? How does your product or service differ from others like it? How will you communicate this value to your customers? These questions can be fleshed out in a business plan, which should help to keep you organized as your hobby turned business grows.
Now is also the time to set clear, measurable goals your business. We suggest writing them down in a place you can be constantly reminded of what your end goal is. Sharing your goals with your business partners, while networking, or even your clients is a great way to open up new doors.
Building your brand online
Most successful businesses (especially now) have a strong online presence. A website is a good place to start. Make sure that the site is set up for growth. The WordPress content management system is a smart platform on which to build your website. You can start small if needed, and still have the ability to add ecommerce, membership, scheduling, and more as your businesses takes shape.
Social media can be a great way to get your name out there and connect with customers on a more personal level. When securing a domain name, we recommend also securing any and all social media handles you think you’ll want in the future. This eliminates the stress of having someone else snag your brand name.
Making it legal
It is important to register your business in the state you work/live. Give some thought to how you’d like to structure your business if you will have partners or employees.
Taxes are an important part of running a business. Some online accounting tools can help with taxes and payroll. However, it may still be necessary to hire an accountant to help with the annual tax filings required as a business owner and/or employee.
Now might be the best time to turn your hobby into your dream job.
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