How to turn your hobby into a successful business? Many talented people are asking this question. When you get at a certain level, your hobby can be turned into a real business. Whether you like to keep it your side hustle or get really serious about it, there are some things that you should know. Read on and find out more!
Make a business plan
Don’t be afraid to put all the ideas and actions on paper. This way, you can clearly see that you can achieve them. Create a professional business plan that will help you make your idea come true.
If you are not familiar with the SMART goals, then you are missing a lot. This simple method is used both by top managers in the business or even by people that want to make their life goals come true.
SMART stands for:
How can this simple acronym help you achieve your goals? First, you need to be as specific as you can about your goal. Do you want to achieve more customers or spread the word on social media? Then, turn your goal into numbers. For example, I want to have 1,000 followers on Instagram. This is measurable. But, keep the numbers realistic and possible to achieve. This means that the goal is attainable.
Make your actions relevant to your specific goal. Also, set your time limits. Consider your possibilities and the time that you need to do it. I will give you a clear example of how your SMART goal should look like.
“To grow my online presence, I want to obtain 1,000 Instagram followers by the end of the month. “
When you know your goal, you will work toward it.
Make a home office
Not having a clear border between your personal life and the hobby that will become your business is difficult. This can put you away from doing it. Have your own designated space for work. If you don’t have the space for a separate workroom, use the space in your living room or bedroom. Place all the things that you need there, so you automatically come into the work mood.
Also, make sure that you set your working hours when you will be there. It is very easy for family and friends to distract you. They might not be fully aware that you are working and need space. This thing always happens in the beginnings, but they will get used to it.
Separate bank account
It would be very difficult for you to deal with your own expenses and the business ones. Make a separate bank account, so that you will have everything in place. It will be a lot easier to organize your finance and complete all the legal documentation for your business. Track your expenses on a weekly, monthly, quarterly level so that you can do a comparison later.