The gap between those who can access and use digital technology and those who can't
At the end of the day, it’s about putting your passion out into the world and letting it stand on its own (with the disclaimer that being nimble and adaptable to change going forward is often crucial to success).
Does what you offer need a production facility, or is it something you make from home? If it’s a service, do you need a Wi-Fi connection or a full office? Are there supplies or marketing materials that you will need?
It’s so easy to get carried away trying to make sure all risks are mitigated and everything makes complete sense and there are no hesitations. This mindset, though, can be paralyzing to taking your passion from an idea to actual fruition.
Does your hobby-turned-entrepreneurial endeavor warrant patents or copyrights? Should you form a corporation or register as an LLC? Perhaps having liability insurance would help set you, and potentially your clients’ minds, at ease. What legal steps are necessary to keep you and the company protected?
What new skills, certifications, or information might you need or would make you and/or your product or service more valuable, more widely known, or possess more credibility?
There's a lot you will have to do on your own, but when opportunities to connect with others present themselves, challenge yourself to do so.
It’s your story, so be proud! Let people know what fuels your fire and why this drove you to pursue it further and build a business out of it. A reminder to always keep in mind, and even explicitly answer, the following question: why should people care?
Having your offering easily accessible in locations where your target market typically is or has access to means empowering them to make an easy choice. And that choice? To buy from you!
Usually there are associations dedicated to specific industries. These organizations offer resources, networking opportunities, and educational programs.
The United States Small Business Administration, or SBA, is a government agency that offers tons of free and low-cost resources.
Platforms like Udemy, Coursera, and LinkedIn Learning offer affordable courses on a wide range of business topics, from marketing and finance to leadership and sales.
These takeaways are what will take you from just an idea to that first step in the direction of success (however you define it).
The following five resources will aid you in your entrepreneurial journey. While this is definitely not an exhaustive list, it's somewhere to start.
Hobby, side hustle, or lifelong passion: whatever you call it pales in comparison to how you execute it. If turning your dream into a profitable reality is what will bring you joy, then use your natural intuition plus this guide to get everything started.
Sources: (SCORE) (SBA)
See also: Tips to find your perfect career match
Risk can be measured in numerous ways; take time to evaluate what’s on the line for you, and how open or adverse you are to challenging it.
If competition in your industry does exist, after identifying the players involved, assess if what they offer differs from what you do. Are some or all needs being met? What niche does or could your service/product address?
Entrepreneurship means on any given day you could be working on developing marketing materials or hand-crafting your product or even putting on your best salesperson’s cap and pitching to potential clients. To optimize a tight budget and limited resources, you will need to be flexible to pivot on tasks.
Utilizing a model known as SWOT (strengths, weaknesses, opportunities, and threats) is extremely helpful in identifying areas in which you should pay close attention. Whether it’s a strategic opportunity to capitalize on, or something in the world or in a particular country that can make your business more challenging to start or run, this insightful analysis will help prepare you.
There won’t ever be one moment or any sign painted in the sky that tells us now is the time to start. There will always be more we can do to prepare or other things to consider, but you have to take that leap of faith at some point.
Hobby? Side hustle? Lifelong burning passion? Call it what you will, but we all have one. Though, for most of us, the chance to transform these desires into full-fledged, money-making opportunities is rare. Whether it be due to fear or perhaps varying barriers to entry including lack of financial backing or business savviness, kick-starting your entrepreneurial journey can be a seemingly impossible endeavor. But worry no more! With this beginner's guide, you too can turn a dream into reality.
What follows are questions to consider when transforming a hobby into your own money-making business, plus resources and high-level takeaways. Click through to learn how to transform your idea today!
Assessing the potential commercial landscape is key. Are there direct or indirect competitors currently? Who is also contending for your consumers' share of mind and money?
Earning a living by doing what you love
The ultimate intro guide to your entrepreneurial journey
LIFESTYLE Business
Hobby? Side hustle? Lifelong burning passion? Call it what you will, but we all have one. Though, for most of us, the chance to transform these desires into full-fledged, money-making opportunities is rare. Whether it be due to fear or perhaps varying barriers to entry including lack of financial backing or business savviness, kick-starting your entrepreneurial journey can be a seemingly impossible endeavor. But worry no more! With this beginner's guide, you too can turn a dream into reality.
What follows are questions to consider when transforming a hobby into your own money-making business, plus resources and high-level takeaways. Click through to learn how to transform your idea today!