Ok you’ve got a hobby that is well received by your family and peers. You’ve spotted a “window of opportunity” or “hole in the market”. How do you overcome all the obstacles and turn your hobbies and ideas into a successful business? Well here’s a list of questions to ask yourself.
1. Is your idea really viable? Can you make enough sales to not only cover your business costs but also make enough money to live on.
2. Can your sales be sustained? After the first interest in your products from your friends, family and peers, you will need to keep selling to strangers that you will need to find. Are you sure that you can do this? Have you thoroughly investigated the need for your product? Have you made it unique enough?
3. Will you enjoy turning your hobby into a business? At the moment your hobby is your escape from your business life. Starting a business is hard work and very stressful – do you want to involve your hobby?
4. Will people be interested in what you have for sale? Are you sure that you are not getting so enthusiastic about your hobby that you have let it cloud your judgment?
5. Is there a future for your business? Can you keep improving your product and add extra items to your offerings? Plan this out before you make the decision to start your new company. A stagnant business which does not change its offerings soon disappears.
6. Can you afford to start you business? Starting up a business is expensive. Setting up the production or manufacturing of your new product could be expensive – especially at the beginning when you are only selling small amounts. Check thoroughly that you have considered ALL costs, including taxes and professional fees before you make that first step.
If you understand all of the above, are sure about what you want to sell and to whom, are sure of the costs and stress of turning your hobby into a business – then good luck. Many people have made their hobbies very profitable businesses and with good planning you may well be able to join this group.
Lee Lister writes as The Biz Guru, for a number of web sites including her http://www.clikks.com where she sells her informational products. With over 20 year’s management and business consultancy experience with businesses large and small as well as being a serial entrepreneur, she now helps others set up, develop and market their businesses.
If you would like more help and assistance in setting up your new business then visit http://www.startmynewbusiness.com for advice and assistance.
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