We all dream of doing what we love for a living. Here’s how to make it happen

 

Starting your own business has become the preferred option for many budding businesspeople who want to improve their work/life balance. While 2020 was a tough year for us all, it’s also given many people the chance to reflect on what we truly want to get out of our work, and for a lot of people starting their own business is the answer.

But how do you go about doing something you love for a living, and actually making a profit from it? It may sound like an impossible dream, but it can come true with a little smart thinking and a lot of hard work.

With that in mind, here are four ways to turn your hobby into a business. Let’s take a look.

Focus on financial feasibility

You don’t need me to tell you that businesses fail without money. Making a living from your hobby means, well, making a living. Start-up costs can be significant, so before you abandon your day job to pursue your pastimes as a career, verify that there is market demand for the products and services you intend to offer.

The good thing about this is that, because you’re passionate about your hobby, you wont mind jumping online to do research around the market. Find out more about your potential audience and build up your knowledge until your confident you can hold your own in the industry.

Decide on your angle

Chances are, you’re not the only person who is interested in your chosen hobby. Whether it’s art, music, baking or something else altogether, there are likely many other businesses out there which focus on similar things.

Which means you need to determine how you can stand out from the crowd and offer something original. What is your unique selling point? How do you intend to distinguish yourself from your competitors in a way that appeals to your target audience? These are the kind of questions you’ll need to consider.

Get to grips with marketing

Once you’ve got an idea for what kind of business you want to provide, you’ll also need to gather information on how to spread the word. After all, you can have the best business in the world, but if nobody knows about it, it’s not going to succeed.

Thankfully, technology has made it easier than ever to create, scale and market a company to a large audience. Take E-Sports as an example. Streaming platforms like Twitch have allowed individuals to turn their passion for gaming in a full-time job.

Building up a strong social presence for your business is essential, so get on social media and start making connections with potential competitors, clients and customers. Create a compelling website with essential information and lead your social following to it with interesting, engaging and unique content.

Seek out passionate individuals

Once your business is effectively up and running, you’ll need to think about scaling. And to do that, you’ll need to start scouting team members early. Use social media, recruiters and hiring events to find potential candidates that can fill the gaps in your skillset and bring something unique to the table. They might even have their own ideas about how to turn your brand into something even bigger and better.

 

Got a business idea you’d like to get off the ground? Get in touch with the team at TEDCO Business Support Today. Simply give us a call on 0191 516 61 02 or drop us an email at hello@tedco.org.

What we offer

TEDCO offers one-on-one support provided by a dedicated team of business advisors and a range of pre start seminars available to clients who are taking the first steps into self-employment. This could be looking at an initial idea and developing it further, looking at how to start a business plan, business competitors, business marketing.

Are you eligible?

If you are looking to start and grow a business we’d love to hear from you. Our friendly team of experienced Business Advisors are on hand to take your call to discuss the support available.

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©2018 TEDCO Business Support Ltd. All Rights Reserved. View our privacy policy Company Number: 08568533 | TEDCO Business Support Ltd | VAT No. 169 8629 44 GB. North East Business and Innovation Centre (BIC) Wearfield, Enterprise Park East, Sunderland, SR5 2TA, United Kingdom.