Have you ever wanted to turn a hobby into a business? I love, LOVE planners! I created my own planner stickers and literally cut them out myself. I ended up turning that into a product in my business.
When you’re first getting started it can be really confusing on what steps to take next. Here’s a step-by-step guide to walk you through the process of turning a hobby into a successful business.
Will Turning a Hobby Into a Business Ruin Your Love for Your Hobby?
Turning a hobby into a business can be a great way to make some extra money, but it’s important to understand that it can also change the way you relate to your hobby. When you’re doing something solely for fun, there’s no pressure to perform or meet anyone’s expectations but your own. But when you’re running a business, you may find yourself feeling stressed and anxious about meeting deadlines and making a profit.
It’s important to remember that your hobby is supposed to be enjoyable, so if it starts to feel like more of a chore than a pleasurable pastime, it might be time to take a step back and reassess your priorities.
With that said, however, many people find that they actually enjoy their hobby even more once they’ve turned it into a business. It can be incredibly gratifying to see your hard work pay off financially, and knowing that others are benefiting from your talent can be a great source of pride. So while there may be some risks involved in turning your hobby into a business, there can also be some very rewarding benefits.
Step-By-Step Guide to Turning Your Hobby Into a Business
If you’ve decided to take that next step to transition your hobby into a business, here are the next steps you should take to get started in the right direction.
Choose a Business Name
The right name can help your business stand out from the competition and be easily remembered by customers. But with so many businesses out there, it can be difficult to find a name that’s both unique and memorable. Keep in mind “cute” misspellings like “kraftroom” makes it harder for people to find you online.
There are a few things to keep in mind when selecting a business name. First, make sure the domain is available so you can create a website and social media accounts. You also want to make sure the name is legally available in order to avoid any trademark disputes down the road.
Check out the United States Patent and Trademark Office database to check if your business name is already trademarked.
Once you’ve settled on a few names, it’s important to test them out and see which one feels the best. Try doing a poll using the “story” feature on Instagram or Facebook to see which name people like best. Ultimately, the most important thing is to choose a name that represents your business.
Don’t get stuck here though. Time and time again we’ve seen business never get started because someone can’t decided on a business name. You can temporarily use your last name along with your niche, like Sayers Custom Tumblers.
Set Up Social Media Profiles for Your Business
In order to get your business off the ground, you’ll need to set up social media profiles for it. This is a great way to connect with potential customers and promote your products or services. But before you can start posting content, you’ll need to choose a name for your business and create accounts on the appropriate platforms.
Again, you’ll want to make sure the domain name for your website is available so you can create a website down the road. You can check this at websites like NameCheap.com or GoDaddy.com. Once you have a domain name in mind, search for it on social media platforms like Facebook, Pinterest, and Instagram to see if it’s already taken.
If it’s not taken, claim it as yours and start filling out the profile information with accurate contact information and branding materials.
Establish a Separate Checking Account
If you’re serious about turning your hobby into a business, it’s important to establish a separate checking account specifically for business transactions. This will help you keep track of your expenses and income, and make it easier to file your taxes at the end of the year.
There are a few things to keep in mind when setting up a business checking account. First, make sure the bank offers free checking accounts with no minimum balance requirement. You also want to be able to easily transfer money in and out of the account so you can access your funds when needed.
Some banks offer special business checking accounts that come with added features like online bill pay and expense tracking tools. If this is something that interests you, be sure to ask your banker about their options.
Ultimately, the most important thing is to find an account that meets your needs and makes it easy for you to manage your business finances.
Set Up an Etsy Store
If you’ve decided to turn your hobby into a business, one of the best ways to get started is by setting up an Etsy shop. Etsy is a platform where artists and artisans can sell their handmade or vintage products to a global audience.
Setting up an Etsy shop is easy and free. You just need to create a profile with accurate contact information and branding materials. Once your profile is set up, you can start posting products for sale.
When setting up your shop, be sure to include high-quality photos of your products and write detailed product descriptions. You’ll also want to make sure your prices are competitive and that you’re fulfilling orders in a timely manner.
Promote Your Products on Social Media
Create a marketing plan to let people know that your hobby is now a business. Remember those social media profiles you created? Start creating posts to attract your perfect customer or client. Be sure to include high-quality photos of your products.
Now, there are many and I mean MANY of us, who cringe at the possibility of “selling.” The best posts aren’t “salesy” at all. Some of my best posts are behind-the-scenes focused. Here’s an example:
Notice the caption of the post doesn’t tell anyone to buy anything. We’re showing how much we’ve grown and how the viewers (aka customers) have helped us get there.
Set Business Hours
Overwhelm, it’s real and we all face it when building a business from home. The boundaries blur between family and business time. I talk about it a ton on CEO Mama Mondays, with one of my business besties, Chris Jerry.
Clarity on How Many Hours You Have Available
Take 20-minutes and map out what a normal week looks like. Start blocking off time where you have non-negotiable to dos. This might be dropping off and picking up kiddos from school, your job, anything that’s pretty much set in stone.
Now you have a clear view on how many available hours you truly have to work on your business. Knowing this is key to setting expectations for yourself. Do not, I REPEAT, DO NOT compare the growth of your business based on someone else’s working hours. It’s really easy get caught up in watching similar businesses and comparing growth, but they have a different life to work around. Base your growth on what you can do!
It can be difficult to turn your hobby into a business, but with the right tools and advice, it can be done. With a hard work and dedication, you can turn your hobby into a thriving business.