I love collecting coins. I love taking my coins and displaying them out in large display cases scattered all about my house. I know the weight. I memorize the dates, origins of coins, and the materials that make them. I love coins so much, so they have developed into my passion-and my hobby.
Whether my passion for coins is true or not isn’t really the point. It is a perfect example of someone who has a passion, and by extension, a hobby. Hobbies can by nice, as coin collecting can be rewarding if you are into that sort of thing. But developing a passion for coins is much different than turning this into a profitable and viable business opportunity.
So how can a coin collection be turned into a successful business venture. And do not count selling the coin collection, because the idea isn’t too sell away your passion but grow it. So how can this be a quality business?
This is the primary issue with turning a hobby into a viable business. Many people have hobbies, but very few have turned their hobbies into capital. Sure, it has a lot to do with lack of motivation, and you absolutely need motivation to excel here. As well, it has a lot to do with lack of knowledge. But that can be fixed by researching business start-up texts and obtaining impeccable business knowledge
This knowledge dives into the root of hobby business creation-know the craft. It takes more than a passion for something to make it viable. You have to translate this to success.
Firstly, do not force a hobby. If you do not have a strong passion for something in the sense of it being a passionate hobby, it is probably not wise to take this route in exploring a business. Know with the upmost confidence that this is something you can really drive. Many hobbies are simply that- hobbies. A music listener may like music but have no desire to create music or build a business around this medium. A painter may love painting, but is not motivated enough to devise themed custom paintings for order.
Beyond that, it is wise to scope the arena. Review the competition. If your business idea is already dominated by local competition, perhaps you should take a different outlet (take to the Internet, for example) or a new business direction entirely. But this is just one step to research. As a matter of fact, the most significant and polarizing aspect of hobby business creation is knowledge. You must find a way to translate your hobby to a business, but also by informing yourself of that business climate. You need a plan on how you will grow your business, and create this translation. Try joining business oriented clubs, or taking classes, to find direction. Even further, you can always turn to the internet and find inspiration from others who have accomplished something close to what you want to do. The world of hobby business is vast and unfocused. There are so many ways to enter this industry.
Individuals, who want to turn a hobby passion into a business, tend to be less entrepreneurial focused. People with those spirits already have knowledge of principle business tactics and strategies. But those who want to start a hobby business usually are doing so based on the strength of their hobby. Knitting is a fantastic hobby, and can wield fantastic results. Committing knitting to a business involves a few things. For one, you need to know your market. You also need the less practical knowledge of why people would want your product, and what differentiates it from other more massively manufactured knitting services.
All business creation follows a formula. Though it may slightly adjust, the basic idea is:
- Finding a why
- Making a plan
- Follow through
- Add a new element
When you find a why, you are finding why people would want to purchase what you provide. Do not get cocky. No one really wants your product because it’s YOU (especially early on). People want it because it is useful, helps save them time, or is unique. Find WHY people want what you have to offer, and make it more than ‘because it’s cool.”
Of course, making a plan is only an extension of your goals. How are you going to promote and market your business? How will you obtain funds? How will you allocate funds? Who is your business demographic? These are just a few questions that will establish the future of your business. Getting a bank loan almost universally requires you to develop an extensive business plan. But if you are not getting a bank loan, which is probably appropriate given the negative inception of loans, you are best at still composing a plan. Make it detailed, but not comically so. Plans change. But creating a core game plan for the business is essential.
Following through is about not quitting before things start happening. Starting a business, you always come across that initial hump. It is that point where you realize that this is not going to grow overnight, and you may get cold feet. In hobby businesses, it is easy to collect and adore. You are not being challenged with your hobby because it is just that. But turning that into a full-fledged business justifies a certain follow through that makes you stay and act committed to the project.
When you commit and gather speed, and get past that initial hump, you are likely obtaining some traction. It is at this point you add a new element to your business. If you are selling clothing, perhaps add jeans to your shop. If you are using coins as your business, perhaps expand into creating your own coins. It is this desire to expand that will result in a successful business and worthwhile growth.
Starting a hobby business is all about realizing you need knowledge outside the hobby itself to succeed. Many hobbyists are enjoying their hobbies through the eyes of a collector, or someone who enjoys it. This gives them a unique perspective, but an often limiting one. You have to hold the perspective of a businessman just as high, and see the big picture. If you cannot translate your hobby into a successful business, you are lacking the creativity necessary to do so. Hobby businesses, more than any other, require a heightened sense of creativity. Because what you are supplying is essentially entirely superfluous. It may be fun, it may be entertaining, but most hobby businesses provide a “nee’ based solely on entertainment. You have to appeal to those truly indebted and involved with the hobby before reaching those on a more mainstream level. Hobby businesses are enticing, riveting, and blossoming with potential. But finding the business potential in a hobby is a whole task all unto itself.