A Smart Guide to Take Your Passion From Hobby to Big Business
Hobbies can be a great way to earn extra income and if done right, it can become your entire career. Learn more below!
A Smart Guide to Take Your Passion From Hobby to Big Business
Doing something you love is a great way to spend your downtime. But what if you could earn a living from a hobby instead? Use this guide to take your passion from hobby to big business, courtesy of Croissant.
Launch with a Side Hustle
Making money from your hobby can take time, but starting as a side hustle lets you build up to a full-scale business model. For example, if crafting is your go-to hobby, make a small batch of items to sell. Take note of the material, labor, and packaging costs to price your products and estimate business expenses. Modify your practices as your items sell to maximize profit (and minimize costs).
Arrange a Business Plan
Writing a business plan gives you a roadmap for growing your hobby beyond side hustle status. A solid business plan outlines details like sales targets, customer profiles, financial projections, and more.
Informal calculations might be part of your side hustle, but a formal business model requires in-depth financial planning. The US Chamber of Commerce recommends three financial statements in your business plan; a profit and loss document, a balance sheet, and a cash flow statement. Financials can make or break your growing business, so start early while building up.
Grow on Social Media
Formal marketing efforts might be part of your business plan, but social media helps you begin organically. Most people use social media personally anyway, so posting about your business venture might grow an interested audience.
According to Statista, 90 percent of marketers who use social media choose Facebook; Instagram makes a close second at 79 percent. Think about promoting your side hustle on your existing accounts or opening accounts on popular platforms to grow your audience.
Select Smart Tools
As your startup grows, investing in project management software helps you do more in less time. In apps like Trello, you can organize and color-code projects. Tools like Zoho Projects are cloud-based and offer automation and collaboration options.
Project management software also allows for remote collaboration with others. Whether you want to hire a contractor for a one-off project or connect with an assistant, tools, and software keep everyone on the same page.
Hire Out Tasks
When the business begins booming, it’s time to consider outsourcing tasks so you can focus on what you love. A simple way to free up space in your schedule is to delegate tasks to a freelancer.
With freelance hires, you can get the support you need without paying benefits, insurance, and higher taxes. Hiring freelancers still requires that you document payments and pay taxes, but it’s a simpler process as you continue to scale your business.
Head Back to School
If your passion project is growing outside your scope of expertise, going back to school may be the right move. Consider returning to the classroom to earn your most useful business degrees in accounting, business, management, or communications. In fact, it’s possible to earn your most useful business degrees from an online program that offers flexibility so you can balance work, home, and school priorities. Plus, you’ll learn skills that help you thrive in all areas of business ownership.
Bring on a Business Coach
Working with a mentor or coach is beneficial for business growth and learning to manage your time. Plus, many entrepreneurs and business owners find greater success after working with a coach. Leaders quoted a survey that suggested professionals who worked with a coach “grew their net income by 46 percent.”
Coaches typically focus on sustainable growth and provide accountability for entrepreneurs. Whether you are hitting a wall with business progress or want to explore new directions, a coach or mentor can help.
Pursuing something you love can put you on the path toward work that feels like fun. As you build your business, steps like going back to school and building a formal business plan can help you make the most of your time and your passion. From there, running your new venture will be enjoyable and lucrative.
Croissant makes it easy to find workspaces on the go. Try new coworking spaces or drop by your comfortable favorites. If you have any questions, don’t hesitate to reach out!