Could you turn your dreams into reality?
by Charles Shun, Business Advisor at Wenta
Many of us have enjoyable hobbies that fit around our full-time and part-time jobs, but have you ever thought of turning your hobby into a business? Just think, it could be the best-paid hobby you have ever had. A business makes money whilst a hobby costs money.
Give a person a job they love and they’ll never have to work again!
Your hobby could be your business idea; your motivation could be for your hobby to provide an income. Doing something you enjoy every day combined with the independence that comes from working for yourself, being both the worker and the owner, in control, making your own decisions.
Don’t assume your business idea is good because you like it...
There is much to think about. Try listing your objectives, include what you would like your business to provide you with and where you would like it to be in the next 12 - 24 months.
Do a SWOT analysis of yourself. Consider your strengths (skills, experience, qualifications, unique selling point), your Weaknesses (what you need to grow and develop – any training requirements?) Opportunities (marketplace, current trends) and potential Threats (known competitors and ‘what if’ challenges).
There may be a gap in the market, but is there a market in the gap?
Is there a demand for your business?
Always know your customers as your business is all about them, not you. Know their profiles, what they buy, how often and their potential for referrals. Now pinpoint your marketing to reach them.
Consider your products and services. What do your customers want? What is the service you would like to provide to your customers? How will you action and deliver this level of service. Product suppliers may be required, if so, who they are, where they are, and what are their terms?
These are all questions that need an answer when considering starting your own business
Business is like a wheelbarrow; you have to push it to make it go…
Calculate how much the business will cost to set up and run. Consider how much profit you will need to generate to cover your monthly household costs and provide an income for yourself.
How many products and/or services will you need to sell each month and at what prices? What are the resources required to achieve this, the costs of essential set-up items and your ongoing monthly operating expenses?
Don’t wait for your ship to come in, row out and meet it!
Business planning is the first vital stage to setting up your business. It is essential for you to understand how you’re planning to run your business, how you will find and keep customers and how you will manage your finances. Yet, busy day-to-day working and domestic schedules can often limit the time available, so put some quality time aside to action a plan of possibilities.
Opportunity knocks more than once, but the first knock is the loudest!
So, could your hobby become your business?
If you’ve been bitten by the entrepreneurial bug and wish to find out if self-employment is for you, contact a Wenta business advisor at a centre near you.
Alternatively, attend our free one-day business start-up workshop Ready, Set Grow! Is self-employment for me?