Hobby to Entrepreneurship Transition-Is it possible to succeed?? The answer is emphatic yes.
A hobby is generally defined as an activity you engage in regularly during your leisure time.
The first obstacle one has to cross is a mindset change. Hobby is a skill and any skill can be monetized.
The problem is that many of us are afraid to take action, even when we know we have a marketable skill, because we are afraid of failure. We fear that if we attempt to monetize a hobby and fail, we’ll no longer feel joy or satisfaction from the activity at all… or others will regard us differently. Source- Entrepreneur
Hobby may require less
capital to start a business. This could be operated from home. Many women would
like to work from home Their hobbies could be an ideal Launchpad from their
Individuals are passionate about their hobbies and this is an advantage while setting up business as this boosts the energy level and the drive to succeed.
Hobbies which have potential to become a business
4. House Maintenance
5. Bonsai Plants
6. Guitar and other musical Instruments
9. Stamp and coin collection
10 Dog Training
11. Horse Riding
12. Cookery Classes
13. Foreign Language Skills
14. Home Decoration
15.Roof top Gardening
16. Editing Skills
19. Public Speaking
21 Cale/ Baking
1. You have to have an idea that is financially
viable in some way.
2. What problem are you solving for any individual?
3. Do you have a network?
4. Decide your Target Customers
5. Learn Selling skills
6. Setup website to facilitate digital marketing
7. Test your product/service through your network
8. Initially the basics can be offered free and intensive training can be charged
9. Do not ramp up too fast
4 Entrepreneurs Turned Hobbies Into Successful Businesses- Andrea Lotz-
Online Editor at F+W Media Inc
Jennifer Trebisovsky started her small, local, simple syrup company in honor of her grandmother.
“I worked in bars and restaurants for eight years, and love to cook and experiment in the kitchen,” Jennifer said. “Last summer my grandmother passed away. She was a very important part of my life.”
To pass the time, Jennifer took to gardening—one of her grandmother’s favorite hobbies. Inundated with more herbs and vegetables than she knew what to do with, Jennifer started making simple syrups to use for cocktails and cooking.
Her friends encouraged her to start selling simple syrups at the local farmers markets. She came up with the name for the business, Sally's Syrup, after her grandmother.
It took a little less than a year to start her business, encouraged and supported by friends and family, who told her, "The worst that can happen is it doesn't work out."
“I could not have done any of this without their kindness, time and encouragement,” said Jennifer.Takeaway:
Like Jennifer, if you want to start your own business, you’ll need support from your friends and family. Talk to the people you love about your passion. Some of them likely have some great ideas you can put to use, but more importantly, you’ll find out who’s got your back when things get tough in the future!
A hobby is done as a leisure activity. On the contrary setting up a business requires more time commitment. Certain basic traits of entrepreneurs like networking, selling skills and ability to motivate employees are critical skills.
Strong will power and ability to withstand failures and face difficult situations can turn hobby into a profitable business.
A word of caution - there is no magic wand for success.