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How To Turn Your Hobby and Business Idea Into A Cash Cow

It’s good to have a hobby. It provides us with a past time that allows us to relax whilst also improving our skills and talents in our chosen field.

There is an endless possibility of fulfilling hobbies you can seek to undertake, and if you’ve been practicing your particular hobby for a long time you might find that your skills have become so good that there is money to be made from your abilities!

Go through the checklist below to take your first steps to get a financial gain from your modest leisure activities.

Is your hobby a marketable service or product?

It goes without saying that the easiest way to turn a hobby into a source of revenue is if it is something the majority of people will want to have. You could be fluent in French and become a private tutor, or you may make custom birdhouses to order for your client’s back gardens.

The principle remains the same, you need to have something that people want or need. Or at the very least you need to be providing something novel and interesting enough to pique consumer curiosity.

Find your target market and advertise to them.

So your skill is something you can market and advertise, excellent! Now you need to test the waters to gauge the interest for what your hobby can provide. One of the easiest ways to do this is by building a quality website. Here you can showcase your product and services, showing why your product is useful, the making of process, commonly asked questions, payment details, etc.

The website can become your one-stop shop to advertise yourself to the global market. Take further advantage of this by offering a monthly emailing newsletter that people can sign up to that provides new information about your product and future sales for example. Having people subscribe to a mailing list also gives you really useful figures for the number of people interested in your product.

Figure out how to serve the demand you create.

If you’re using a quality built website to serve the majority of your customers then you need to be concerned with factors such as packaging and transportation of your product. Is it large and heavy? Or light and fragile? Do the majority of your customer’s orders from overseas or will it mostly be handled by domestic freight transport?

These questions and more must be thoroughly researched and answered so you can make an informed decision about how much to charge your customers for getting your product to them.

If the majority of your customers happen to be local then perhaps consider a strategy that minimizes your web presence in favor of word of mouth and having a physical location that is easy for a large number of people to come and visit to transport the product themselves.

Don’t let it become a job.

Remember that this should still be your hobby. The advantage of this revenue stream is that it’s supposed to remain a hobby – something you enjoy doing to relax. Always ensure that you keep this in mind.

Don’t take on more orders than you can handle and don’t allow the hobby to become a point of stress and unrest in your life otherwise it’s no better than working a stressful job that you don’t like. It’s your hobby so take control of how you want to run it as a small side business, don’t let consumers dictate your management and working hours.

How To Turn Your Business Idea Into A Profitable Reality

Many of us have had a great idea for a product or service in the past, some of the ideas have been so good we’ve been convinced that they have the potential to earn us a lot of money. And yet, the idea never gets off the ground, gets neglected, and washed away into memory by more urgent priorities.

If you’re serious about an idea and truly believe in its potential then the following guidelines will help steer you on a course towards successfully realizing your vision.

business idea

Be proactive and enthusiastic.

Nobody else is going to make this vision a reality for you. Of course, you’ll be able to find help from people along the way but everything has to start with you, you are the generator of the concept – the visionary who draws enthusiasm from the faith you have in your idea.

You must take the initiative at every point to reach out and take the first steps to allow the business plan to obtain some momentum. You’ll undoubtedly encounter people who are skeptical and will question your motives and strategy, do not let this discourage you!

In fact, these scenarios are a very good thing, these questions will test and analyze your business plan, and may even help you address current weaknesses and shortcomings. View every challenge as an opportunity to improve the overall business model.

Do the right research

Become an expert in the field, it can be toy cars, organic turnips, maternity clothing, or a home delivery company. It doesn’t matter what the area is, this is a requirement for success in every business model. It gives you the information you need to make the right choices do not rely on ‘good feelings’ and ‘hunches’ about any of your strategic decisions.

Always endeavor to draw your decisions from tangible facts and figures from your research. This is a particularly useful practice when it comes to obtaining funding for your business idea – presenting a plan based off estimates and best guesses will impress no-one, you need concrete data to validate the direction you’re progressing in.

Network and develop relevant contacts

You need to know the right people related to your business idea if you want to make it work. Throw yourself into the world and seek to establish as many useful contacts and resources as possible. This can be from phone calling, emailing, or even traveling to conventions and presentations related to your field of interest.

Always be on the lookout to establish a new contact to increase your network, you never know when you might need someone with a certain skill or resource.

Expect some failures

The journey of guiding business from conception to fruition is incredibly difficult, and no-one does the whole process perfectly. You can take great care with your research and execution of your ideas to minimize the likelihood of potential failure however at least a couple of mistakes and disappointments are an inevitability throughout your journey. Do not let these setbacks defeat you.

The mark of a successful business person is how effectively you deal with these failures. Always learn from the mistake, internalize the problem, and amend your business model to better deal with any similar problems you encounter down the line.

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