How can you quit your job to start a business and put the 9 to 5 behind you?
Turning Your Hobby Into Your Career
Many people decide to leave their old work routine to do something they love. This journey often begins as a hobby that eventually becomes a career. If you choose to venture down this entrepreneurial path, there are definitely factors to consider first. With the right planning, it’s possible to turn a dream and hobby into a viable business reality.
Be ready to ask yourself some of these questions:
Is Your Hobby Something That Can Be Marketed?
Some of the hobbies that we enjoy have the potential to grow into a profitable business – others may not. For example, if you like working with animals, there may be a market for grooming or training services in your area. You could turn your hobby into a career that makes going to work enjoyable.
Other hobbies might not be so great for an alternative career path. If you like to hike, you may not be able to make a living freelancing as a hiker – but you may be able to tweak the activity enough to create a career at least involving that hobby.
We recommend researching the demand for your hobby as a profession thoroughly. Start by looking up businesses and entrepreneurs in a field that you love. What kind of services do they offer and would you have to expand or consolidate yours? Is there a similar community you would be able to cater to as well? What is the demand like in your desired area? These are just a few questions to get you started with market research in order to help you better understand the demand for your hobby.
Do You Want The Income From The Hobby To Be Your Sole Source of Income?
In most situations, a hobby is something that fulfills an emotional or entertainment need. Take a minute and ask yourself if your hobby or talent will still be enjoyable to you as work. When you transition from fulfilling your emotional needs to fulfilling the needs of others, you have to decide if you are willing to go out of your comfort zone to cater to other people’s needs.
Are you willing to base your living on using your hobby or talent to fulfill someone else’s requests?
Deciding to take that first step involves understanding the ups and downs of starting your own business. To minimize your risk, think about creating a side business and building it up first before quitting your day job.
What To Do When You Decide To Take The First Step?
When you take that first step to turn your hobby into a full-time job, make sure you approach it with a plan. Putting the cart before the horse can not only hamper your business’ growth, but it can also put you into financial hardship if you choose to go all out and ditch your current income.
Here are the steps that we recommend taking before jumping in head first:
Create Your Business Plan
Business plans are the roadmap to your business’ success. These should include the goals of your business and how you intend to finance it. Include goals for profit in these plans as well. You will need a completed business plan before you seek out investors or business loans.
EIN (Employer Identification Number) and Business License
If you are going to run your entrepreneurial debut business solo, you won’t necessarily need to have an EIN. We recommend obtaining an EIN if you don’t want to use your social security number for everything. If you’re not operating as yourself, you will need to register your trade name and get a business license.
Maximize Marketing Potential
You have to get your feet wet and begin somewhere with the product or service you intend to sell. Before you can fully maximize your marketing, make sure you understand the target audience you plan to sell it to. Making early sales will help identify who is interested and help you build a more tailored marketing plan.
Social media is an incredible resource to research potential customers, make sales, promote your business idea, and more. However, don’t fall into the trap of creating a brand before building a viable business. Before investing all your energy and resources into creating social media profiles, make sure to prioritize getting your first few customers. Offer your services to family and friends, and ask them to spread the word if they’re happy with what you’re offering.
Make Your Financing Count
Financing is important in any business venture, whether you’re just getting started or looking to grow. In fact, looking into the right financing can make or break creating a fully functional business from the start. All funding and money coming in or going out of the business should be meticulously documented and accounted for. If you must use financing from a financial institution, research the companies before taking the money.
Hatch Makes Small Business Financing Easier
Starting out as an entrepreneur can be difficult. There is a multitude of material and business strategy to learn before even embarking on the journey. Part of this journey is finding an investor who shares your vision or passion for your business. You won’t always find these investors starting out, but you may be able to take on small business financing.
Hatch can help fill the small business financing role. Hatch makes getting funded fast and easy by giving you access to the funds to help grow your business. Hatch is a different type of small business lender with:
- A quick and easy application process
- No requirement for previous business history often needed for financing
- Access to your funds when you need it through the proprietary Hatch Card
Hatch makes your business line of credit available on your Hatch Card, with repayment terms like a traditional credit card – just for your business now instead. The Hatch Card makes it easy to pay for daily business expenses but can also be kept for a rainy day emergency.
The best part about Hatch Card? Your line of credit can range from $200 to $5,000 and is available for ten years! Ready to find out more about what the Hatch Card can do for your new business? Click Here to learn more.
Paying for business expenses has never been so easy – Let Hatch help you follow your dreams!