How to Turn a Hobby into a Small Business
Hobby turned to a business? Why not. Hit to birds with one. Make money with something you love. And your wife can’t blame you for spending too much time and money on your hobby. So read on for some tips on turning your little hobby into your own business.
You might want to read this how to start a small business
Be the first
A lot of hobbyist turned businessmen started business mostly because of one thing – they have search long, hard and wide to find items related to their hobbies. Specialized craft and hobby stores can be rare in some localities. Besides, that means that your business will also be your passion. What a perfect deal.
Create a people network
Check out your locality if there are other people who share your hobby. Ask them if they are looking for materials, items, equipment or supplies in your locale. If you have a substantial number, then that enhances the feasibility of your work.
Subscribe to magazines
If you’re really a die-hard hobbyist, you are subscribed to magazines, newsletters, e-mailing lists that cater to your hobby. Try contacting these magazines if they their subscription lists are for rent or for sale to give you a database on potential clients in your locale.
Attend trade shows
Trade shows let you in on a pile of stuff. This exposes you the trends and the bigger players in the business. Knowing the trends is really important. You can scope out the competition too in these trade shows.
Explore a franchise or a retailing set-up
You might also want to explore talking with established specialty shops if they franchise out branches. It might be more worthwhile to operate as a branch (which automatically sets-up distribution and delivery processes) rather than having to set up deals with distributors. But if you like the challenge in building something ground up, why not do so?
Start out servicing your small people network. Start by offering only a few items to test the market. This way, you can easily bail out if business doesn’t click. Keep track of new items that people will be looking for so that you can expand your line of offerings in the futures.
April 25, 2007 Wednesday at 3:35 am