Do you have a hobby? Fine! For some people, it’s just a way to spend their free time, but for you, it’s a real passion that inspires and fills life with meaning. It can be about anything – photography, roasting coffee, or making bouquets. This activity must give you joy and peace once you realize that you are seriously addicted and have already reached certain heights. And then a reasonable question arises – is it possible to turn this hobby into something more?
The good news is that today it is more accurate than ever. You can fulfill your cherished dream and turn your hobby into a small business. This is easier than it seems because nowadays, everyone can launch a website, make it popular, reach out to their audience, etc.
But let’s not deny: the transition from hobby to business, even a small one, will require some effort from you. The main thing is to do everything correctly, consistently and not lose passion. To prevent this from happening, we decided to share everything that we know ourselves with you.
Conduct marketing research
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A massive plus of your favorite activity is that you do it for the soul and not compete with anyone. When it turns into a business, you realize that your plans now depend on where the industry is heading and what similar companies, small and large, are doing. Detailed research will help you navigate the situation and understand what niche you can occupy.
It’s not just about watching competitors. In addition, you study the target audience, see how it interacts with competing companies, what it is interested in, and how it will perceive your product. The primary value of marketing research lies in the fact that it is possible to develop a well-thought-out communication strategy on its basis.
Write an ambitious yet realistic business plan.
The main goal of any business is to make a profit. It sounds straightforward, but it’s essential to understand that nothing happens by itself. You will have to work on a business plan, define short-term and long-term goals, calculate costs, time spent, resources, and growth rate of your business.
A good business plan should answer the following questions:
How is your workflow organized? How long does it take to produce a product or provide a service?
- What’s your monthly budget? Where will you get the money? Will you take out a loan? If so, under what conditions? What are your monthly expenses? Count everything: rent, utility bills, material costs, transportation costs, hosting fees, domain purchases, etc.
- Where can I buy your product? Can you increase the number of points of sale?
- What will the price be composed of? Are you planning sales, discounts, package deals, and other incentives?
- And the last thing: in what time do you expect to get on your feet and start earning? What are your forecasts for the next month, quarter, and year?
Advertising and branding: think about how you will be different from others
You probably discovered that you have quite a few competitors during your research. Think about what your difference will be. The keyword is brand. A brand company offers more than providing a service or selling a product. Successful brands attract people with their signature chips, approach, and mood.
Prepare for branding to be a long-term challenge that arises every time a company undergoes a conceptual change. Not sure where to start? From our article on how to build a strong brand. As we said, you’re probably focusing on online promotion, so we recommend reading the complete guide to online branding as well.
Tell about yourself on the Internet.
People will meet and communicate with you mainly on the Internet, so you need to show your best side online. It’s about doing marketing and branding at all suitable sites.
Here is the minimum required to start recognizing you:
Professional site. Excellent, understandable, informative. You can create such a site on the cloud retouch platform. When you’re done, don’t forget to work on the optimization to reach it through search terms as many people as possible.
- Mobile version. Please do not forget that nowhere is without her. Many people will visit your site from a smartphone or tablet, and you don’t want to disappoint them. We remind you that you can optimize your site for mobile devices in just a couple of minutes in the W editor.
- Social networks. They are perfect for finding new clients and interacting with your audience. And they don’t cost a dime. First, decide where the best place to create accounts is, and then start thinking about a promotion strategy.
- Mailing lists are a great way to stay in touch with your audience. If you regularly send exciting and useful letters to clients, they will not forget you. We advise you to start your newsletter using the cloud retouch ShoutOut app and make sure everything is really as we say.
Don’t forget the local market.
Take part in various local events more often. Remember that this is not only educational but also beneficial for your business.
Meeting new people, you, first of all, expand your social circle, make valuable contacts, and begin to see the prospects for profitable cooperation. Second, new business friends can offer surprisingly good advice while getting started as an entrepreneur. And third: today the world is experiencing a severe interest in everything local. People want to be responsible consumers and support local producers. Get their attention, and you will have many interested clients.
Prepare for difficulties and do not be afraid of them.
No matter how small, starting a business is a rather tricky undertaking. You don’t have to wait for everything to go like clockwork because it won’t. Everyone faces difficulties, even very famous and successful companies. The main thing is to understand that they can be overcome. Be prepared to replay everything at the very last moment. Accept that your plans can and will change. Don’t give in to doubts and disappointments. Comparing yourself today to yesterday and celebrating your progress is an easy exercise to help you gain strength and get through tough times.
