15 Steps To Turn Your Hobby Or Talent To A Lucrative Business

 

It is everyone’s dream to able be turn their hobby or talent to a lucrative business someday. Talents are not just spices for leisure, they are tools for making wealth. The ideal job is one which you enjoy doing.

Everyone has got that wonderful talent that they use for passing time. It could be singing or cooking or any other amazing talent.

The beautiful thing is that it’s enjoyable and its grown into becoming a hobby. These are steps towards turning that amazing talent or hobby to a money making venture.

1. Understand what you’re getting into

First and foremost, you need to understand the intricacies of what you’re going into. The basic understanding of the fact that you’re plunging into business is quite important. It implies that your time and resources will be demanded. It also entails that the next couple of months will be properly tailored towards achieving a feat in this dimension.

2. Research, gather knowledge

Do your homework well. Prior to now, you’ve been passing time with this amazing potential of yours. But now, you need to channel your time towards researching on the business phase of your hobby. Research on people who have treaded this same path. What are the necessary things they did? What are the basic challenges they faced? What are basic skills I need for a start?

3. Define a winning strategy

You don’t just go into a business without a strategy to succeed. Obviously, many people have been in that business before you. If you must compete with them, them you have to define a winning strategy. Think of something that will make you more marketable than others.

4. Get a face

Having the consciousness that “this is business”, you need to have a brand name that people can reckon with. It could be your name or nickname or a name that points people towards your art. But you just have to get an identity and then package yourself well. In its simplest ways, have an identity that is presentable and admirable.

5. Draft a business plan

The importance of a business plan can never be overemphasized. A good business plan should contain the entire blueprint of the business. See your potential business as something bigger than a hobby. A business plan will give you a continuous direction. It is also very necessary when soliciting for funds.

6. Get Employed

The new business is a different entity on its own. For instance, Mark Zuckerberg and Facebook are two different entities. Mark Zuckerberg works at Facebook. Though he is the founder, he is also employed as the CEO and gets paid by the business. And he takes his job as the CEO very seriously. Your business needs someone who can treat it as the separate entity that it is. Getting yourself employed means that you’ll have defined working hours and you will dedicate those hours wholeheartedly towards the development of the business.

7. Value for zero fee

As a strategy for penetrating the market, you should be more concerned about making your brand acceptable and recognised, rather than making cash. When you are recognised, offers come your way and cash flows in. For now, you can consider running free or highly discounted services for the first couple of weeks until you’ve broken in.

8. Network connections

Build connections, join forums, attend seminars and workshops that are related to your field. Network with like-minded entrepreneurs. A number of them will come in handy pretty soon. Some of them have been in your field longer than you even thought of business. Get to know their challenges. Gather tips from them. Share your current growth with them. Have them review and rate your efforts. Keep them close. Good relationships transcends to success.

9. Development

Based of the regular tidbits you gather from entrepreneurs in your field and challenges you’ve encountered, research and develop yourself. Make Google search engine your friend and YouTube your close friend. Browse these platforms for related tutorials that you need. Please note that development is steps-oriented. Don’t be in a hurry to play for the UEFA champions league, when your club hasn’t qualified for the Premier League.

10. Feedback

Always seek for feedback and reviews from your clients. It will inform you on areas of your services that needs attention. It is also a source of encouragement. In addition to that, it shows your customers that you care about their opinion.

11. Remain positive, sail on

With challenges flowing in and a number of hiccups here and there, ensure you remain positive. Always remember that the road to success is not paved with gold. Remain optimistic and focused. Discouragement can easily make you lose sight of your goal, so remain positive and continue.

12. Get funded

Solicit for fund from different sources. Fund helps you to expand. There certainly may be need to rent an office space or buy a number of equipments, or run advertisements. All these need funds and most times, they are not readily available. The availability of business plan makes people to take you seriously when you solicit for fund.

13. Build a trusted team

Two good heads are better than one. When the cash is available to hire a few hands, get trusted ones. You may not be able to run around alone with the entire business requirements as it progresses. A team will account for division of labour.

14. Win or learn mentality

Don’t expect the journey of an entrepreneur to be hitch free. You will face a number of disappointments. Negative feedbacks, poor patronization and a number of related ills. Always have the win or learn mentality. If you don’t win, don’t fail to learn. Learn from every perpetual failure you encounter. They should be stepping stones for you.

15. Get inspired.

Draw inspiration from diverse sources. Listen to things that makes you high-spirited. The success stories of great achievers should ginger you to aim for the top and become the best in what you do. A good playlist can also do the magic. And God should be your bedrock.

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