Tips for Turning Your Favorite Hobby Into a Profitable Business

Whether you like knitting, gardening, building apps, or making music, your favorite hobby could serve as the foundation for a lucrative business. Basing your new business on an existing passion is a great way to maintain motivation as you navigate the startup steps ahead of you. While turning a hobby into a business can take some of the fun out of it, many hobbyists find a greater sense of meaning and fulfillment by sharing their craft with the rest of the world. Here are some tips from Master Photographer Cindi Fortmann to help you make the leap from hobbyist to entrepreneur. 

Do You Really Want to Monetize Your Hobby?

Monetizing a hobby comes with pros and cons, and it’s important to be aware of these before investing time and money into your new venture! On the upside, you’ll get to be your own boss, earn money doing something you love, and deduct hobby expenses from your taxes. On the other hand, starting a business from a hobby puts pressure on an otherwise relaxing and enjoyable activity. Entrepreneurial-minded hobbyists tend to thrive under this pressure, and some find it part of the fun. If you love the idea of running a business, challenges, and all, you’ll love running a business based on your favorite hobby.

Learn Basic Business Management Skills

Once you decide that entrepreneurship is right for you, create an action plan to bring your business idea to life. For example, you could go back to school and get a business bachelor's degree. Enrolling in a business degree program will help you learn key skills in accounting, communications, and management that will allow you to turn your hobby into a functional and sustainable business. Consider online courses for greater convenience and flexibility, especially if you’ll be running your business at the same time.

Follow a Business Startup Checklist

Before moving forward with your hobby-based business, create a startup checklist, so you don’t miss any important steps along the way. Here are a few important things you’ll need to do before launching your business:

- Create a budget.

- Choose a business structure.

- Research your industry and target audience.

-Get licenses and permits from federal, state and city authorities.-Consider investing in home-based business insurance. 

Since laws vary by state, make sure you check with your local authorities regarding what legal steps you need to take before selling products or services to the public. Even if you’ll be running your business from home, the same laws will apply. Don’t skip this step!

Conduct Market Research

Even if you think there’s a market for your business idea, it’s important to conduct market research to better understand your industry, competition, and customers. HubSpot explains that market research will help you learn what’s trending in your industry, who makes up your target market, and what influences their purchasing decisions. Beyond researching this information online, be sure to actually talk to some of your ideal customers to discover specific issues or opportunities to prioritize as you build out your business plan.

Establish a Social Media Presence

Social media is a fantastic marketing tool for hobby-based businesses. Posting about your business on social media is a great way to build brand awareness, connect with potential customers, and create brand loyalty. Since social media platforms offer many opportunities to share visual content, social media marketing is ideal for craft businesses and photography brands. To get started, SproutSocial suggests identifying your target audience on social media to help determine your ideal posting schedule, content plan, and brand voice.

Building a business based on a favorite hobby is a great way to ensure you love what you do. Before launching your new business, be sure to write a startup checklist, conduct market research, and consider going back to school to learn key business skills. Knowledge and planning will ensure everything goes smoothly as you turn your hobby into a business!

Do you need product photography for your new website and social media pages? Cindi Fortmann Photography specializes in Professional headshots, Commercial photography and Personal Branding. Call or text today! 678-643-2388 or email us at cindi@cindifortmann.com. Check out our work at https://www.cindifortmann.com

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