How would you turn your hobby into a financial gain ? For example , if you crochet for a hobby or bake cakes for a hobby. Would you feel comfortable turning it into a side business to help you financially or at least take the cost out for the materials used?
What steps would you take to start the side business?
Re: Hobbies
How would you turn your hobby into a financial gain ? For example , if you crochet for a hobby or bake cakes for a hobby. Would you feel comfortable turning it into a side business to help you financially or at least take the cost out for the materials used?
What steps would you take to start the side business?
I highlighted which I think is an interesting choice of words and that's true with most people. I did it a long time back (been 6-7 years or more) when I turned one of my craft related hobbies into a commercial project. That project is not active anymore. Some lesson learnt solely based on one project
1- If you don't have any experience, you'll have to experiment and for that you'll need extra money. You won't be able to start getting money right away.
2- Some of your experiments are going to fail.
3- Don't rely on family and friend's feedback. They are going to like everything you create and might not be too rational giving candid feedback. Ask on some online forum and expect really mean replies.
4- Commercialize. Not everything you'll create will be appreciated so you'll have to change the medium based on what your clients require.
5- For starter, sell products not services. Make some stuff and stock them. Take pictures and show it to your potential clients. Switch to offering services later. (unless its a cake business where you cannot really stock)
Step 1: Research for suppliers, vendors and don't rely on only one. You need to have a list to go to and keep using all of them so you have a rapport with all of them.
Step 2: With limited resources (I am just assuming) it is not practical to conduct surveys before you launch a project but you still need to test it for the market. Either have an exhibition or put your craft on an existing store on profit sharing basis.
Step 3: You'll be able to find out your potential customers through step 2. So you can specifically ask them what they want.
Step 4: Keep repeating Step 2 and 3 until you build a client base and than you can expand.
Re: Hobbies
Hobby and passion- Market
Won't jinx myself by addressing the gain part. Mr. Market is very unforgiving. You get arrogant, he kick you in the groin.
Got no business acumen. Above post very informative.
Re: Hobbies
Eastern, I loved the way you explained it all in such a simple manner .. I agree with your strategy on how to begin a little business out of one's hobby.
The key point being that stock up on products so that you have something to show and initiate from. That bit was awesome, I learnt that the hard way too !