According to the concept, you will never have to work a day if you do what you love. Of course, after a few years in employment, you discover that doing what you love and making a living from it takes more effort than simply following your heart.
You will need a money-making strategy if you want to quit your 9-to-5 job and establish a business based on your favourite hobby.
1.Begin Small
There are several reasons to start producing money from your hobby before attempting to turn it into a job. But let’s start with the most obvious: money. Aside from the initial charges, you’ll need at least a few months’ worth of expenses saved up before starting your firm to ensure you’ll have enough money to live on while things are getting started.
Starting your firm while still employed will also help you establish whether there is a genuine need for your product or service and how much labour goes into its creation, providing you with the knowledge you need to determine the specifics of your finances later on. (For more information, see Section No. 5.)
Working two jobs is a wise way to ensure that you’ll still enjoy your new career when you’re doing your hobby for money rather than pure love, even though it can be exhausting and a balancing act.
2.Establish Links
Thanks to social media, a small business owner may engage with like-minded individuals more simply than ever. LinkedIn, Facebook, Google+, Twitter, Tumblr, Pinterest, and other social media sites can help you virtually connect with individuals in your field.
Just remember to proceed with caution because only some people are willing to provide business advice to a potential competitor. The best method is to build relationships before asking specific questions. There is a better time to send out a generic form letter soliciting input from strangers. The goal is to become a part of the community, not to steal ideas from the opposition and flee.
3.Conduct market research
Get a broad idea of what other businesses charge for your goods or services via your newly discovered online networks and in-person interactions. A brief peek at internet markets can reveal what people are setting.
Discover the environment and how your business will fit into it. What services do your competitors offer? What requirements do you meet that they do not? How do you distinguish yourself from the crowd?
4.Create a Strategy
Creating a business plan is the minor magnetic component of starting a new company, but it is critical, especially if you plan to seek outside funding. Even if you want to operate your firm exclusively with your money, a business plan will help you organize your thoughts about your new venture and highlight any unforeseen challenges.
5.Create a financial strategy
Calculate your monthly expenses, and total start-up costs, including any new equipment you may require and expenses such as trade organization membership fees, online marketplace fees, accountants, or tax preparers. This information should be included in your business plan.
You must also budget for quarterly projected tax payments, including self-employment tax.
You’ll eventually have to decide whether to continue operating as a single proprietor or to incorporate as a limited liability company, S-corporation, or other sort of business entity.
6.Spread the Word
Thanks to the Internet, advertising your availability to the general public is now easier than ever. Previously, you would have been required to devote a significant percentage of your budget to lead generation and advertising. Still, you can get started by posting on your favorite social media channels and alerting people that you are open for business.
Check that your employer has no policy barring part-time or freelance work and that your company does not rely on any trade secrets you learned there. If all those requirements are completed, write a one-line synopsis of what your company does and share it with the rest of the world.
7.Examine Your Goals
Despite careful planning, you will only completely comprehend what running your firm is like if you do it for a while. As a result, it makes sense to assess your goals regularly to ensure you’re on target.
Your objectives will change over time. You can focus more on a specific aspect of your profession after learning that you appreciate it more than others. Alternatively, you can discover that the market for your product is smaller than expected and adjust your strategy to enhance sales.
The advantage of being your boss is that your job will change over time. If you recognize it, you’ll be able to successfully change your route when it’s necessary.
