We’re all familiar with the popular advice to do something you love whether you’re a white-collar worker or a business owner.
This advice is even more emphasised in the business world because of how demanding it can be to start a business.
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It’s indeed a great idea to turn your passion into a career. After all, you would be spending the rest of your life doing it.
However, it’s risky thinking that passion is all it takes to start a business. You may end up disliking it and wishing you never ventured into it in the first place.
If you’re sure you want to turn your hobby into a business, consider taking the following steps.
Think Critically About It
To be successful in a business venture, you have to love what you do. Is your hobby simply something you do in your spare time or can you see yourself sticking with it for a long time? You’ve probably heard of cases where people fall off out of love with their passion. That’s why it’s imperative to do some introspection and even test the idea out, which brings us to our next point.
Test The Concept
No matter how much you yearn to turn your hobby into a money-making venture, it’s risky rushing head-on into it. About 90% of entrepreneurs fail and most of them fail because they fall out of love with the idea that prompted them to launch their business.
That’s why the importance of testing the idea before committing fully can’t be overemphasised. It’s a good idea to test your business as a side hustle before quitting your job. Switching from the 9 to 5 lifestyle to an entrepreneurial one can be emotionally and financially draining. This is it’s important to prepare well.
Write A Business Plan
Writing a business plan is a no-brainer when it comes to starting a business. Businesses seeking funding know it’s one of the first things that come up. Nevertheless, it is vital whether you’re trying to get a business loan or not.
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A good business plan should include the following:
- An Executive Summary
- Company Description
- Market Analysis
- Competitive Analysis
- List of products and services
- Markets and strategies
- Sales and marketing plan
- Outline of your sales strategy
- Financial Plan
- Management team
Your business plan should come first if you take your business seriously.
Learn The Basics Of Marketing
You won’t reach any customers if you don’t know how marketing works. It’s good to have some knowledge of the basics of marketing from the get-go. You should adopt digital marketing practices and incorporate offline marketing practices as well. This will widen your reach and increase your chances of getting customers.
Whatever you do, set up a website and social media channels for your business. Also, try running ads for Google and Facebook. Test many methods and see what works best.
Find A Mentor
Once you’ve built your business to a considerable stage, consider finding a business mentor. A good business mentor is someone who has experience with building a business and can offer you guidance during the early stages of your startup. This could be someone in your immediate network, an old business colleague, or a well-known entrepreneur in your industry.
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