TURNING A HOBBY INTO A BUSINESS

Has it always been your vision to turn a hobby into a business? Or often dreamed of being your own boss? You may have only ever been employed, so the thought of starting a new business may leave you feeling a bit apprehensive.

So what makes a start-up thrive? We believe there are three key areas and we call them the three P’s - Passion, Planning and Perseverance.

Passion

Passion will be your biggest motivator when starting up a business. People buy from people and will invest in your passion. Working for yourself as well as starting a business will take a lot of time investment to start with and if you are not passionate about what you are doing or the sector you are in, it will often lead to a business failure.

Planning

Planning is key; without a robust plan it will be impossible to map the future of your business. Will you need any cash to get your business started? What will your overheads be and how long will it take for you to generate your first sale? Your business plan will need to include areas such as how you are going to market your business, what your overhead costs will be, to determine how much you need to charge for your items or service. And importantly, how much do you need to make to cover personal and family bills as well as those of the business? Cashflow is the number one reason why businesses do not survive so planning enables you to keep an eye on the cash and the timings of your incomings vs outgoings.

Perseverance

A start up business will take time and won’t happen overnight. Often with the focus on how to get started, you can lose sight of your end goal. Make sure you have some ‘you’ time to check back to your goals. Do you want to start a business for a better work life balance? Is your goal to grow organically and not quickly as this will ensure the longevity of your business? Make sure that your business decisions are focused on achieving your end goal. If that’s improving your work life balance, then make sure you’re putting processes in place to streamline your work.

There is no doubt that this in an exciting journey which you are about to embark on but getting it right from the start will help you and your business grow and thrive to achieve those goals faster. It’s also important not worry if your plans change or even your passion for your new business dips at times, it is all part of the journey.