Have you ever considered turning your penchant for knitting into a craft shop, finally finishing off that novel, or embracing your love of yoga and becoming an instructor? When you want to turn your hobby into a job, it can be difficult to know where to start. Here are our expert tips:
Don’t quit your day job
It’s best to test the waters before you leave your full-time job, says founder of CV writing service StandOut CV, Andrew Fennell. “This way you can get the company up and running without having to risk the income of your current job, especially if you have bills to pay.”
Leyla Kazim, a freelance writer and founder of London Cheap Eats, adds that this approach “will likely mean long hours, but it’s necessary to minimise risk”.
When you are trying to juggle a full-time job and a small business, it’s important to plan your time, says Lydia Fairman, founder of Fairman Consulting. “There’s lots you can do on weekends, to help you set yourself up to start generating revenue as soon as you can.”
However, some entrepreneurs prefer to quit the day job to give them the motivation – and time – to succeed. “For me taking the plunge and leaving my job made my business idea more real and me more determined to make it work,” says Martha Keith, founder and managing director of stationery business Love Give Ink.
“I initially tested the idea by setting a stall up at a local fair and seeing how customers responded to some samples, but I then handed in my resignation letter. For me, I never wanted to have regrets about not giving it a go, but I think that depends on what level of risk you are comfortable with.”
Be productive – but pace yourself
When you start out, you have to be disciplined about how you use your time, says Denise Beedell, development manager for the Federation of Small Businesses. “Set alarms on your phone or laptop so you are more aware how long you’re taking to do things.”
Though you must remember to factor in some downtime or you’ll burnout, adds Beedell. “At some point you may want to have a chat with your employer about reducing your hours or taking unpaid leave to focus on your new venture.”
Rome wasn’t built in a day so don’t worry if you have some slow or unproductive days, adds June Angelides, founder of Mums in Technology. “There’s an illusion that it’s all exciting and glamorous in entrepreneurship which isn’t true. It’s hard work, so pace yourself.”
Get involved in social media
LinkedIn is a great tool to identify potential companies and make contact, says Fairman. “Set yourself up a company page, and just go out there and start networking. If you’ve got a few potential routes in and introductions already, you’re halfway there.”
You can also use social media to build an online following or a client base. “The first step [with social media] is to build an audience,” explains Sam O’Connor, chief executive of Coconut. “That’s what takes the time and effort. Initially you won’t make money from it so you have to be driven by passion.”
Social media consultant Alison Battisby advises starting out with Twitter. “LinkedIn and Twitter are great platforms to use for B2B and business-related content. Start following experts within the industry, companies that you’d like to work with and tweet practical tips to show off your knowledge and gain credibility.”
Facebook and Instagram are trickier for new businesses as they are more visual platforms – so you need plenty of image or video content to make it work, adds Battisby.
Get your prices right
When you start selling or putting a price point on your work, you should look at what your competitors charge, says Fennell. “Also pay attention to what is being offered for the prices – why are the more expensive pieces charged so? Do they have extra features? Price your products at an area you think is fair given the market and experiment as you go along to see which prices provide the best income.”
Kazim adds that you should calculate how much you’d be happy to accept, for the amount of time something takes to produce. “For example, if someone wants you to photograph their restaurant food for two hours, plus editing, how much would you be happy with, without feeling short changed? Then as your experience and exposure grows, you will be able to adjust accordingly.”
Bear in mind that humans tend to value expensive things more than cheaper items, says O’Connor. “Our mind fools us into thinking they are higher quality. If you price too low you may put people off, especially with something subjective and aesthetic like art.”
Don’t wait for the right moment – start now
“In a year from now, you’ll wish you started today” is Kazim’s mantra. “If you want to start an online shop, want to enrol in a course to up your skills, start a blog, write a book – just do it.” she says. “The sooner you start, the sooner you’ll start seeing developments.”
Of course, turning your hobby into a job will come with added work, long hours and a lack of personal contact – at least at the start. “For me the buzz of being the master of your own destiny, far outweighs the stress,” she says.
“I’ve always learned a lot more when I’ve been doing my own thing and I’ve felt more fulfilled,” agrees O’Connor – though he acknowledges this doesn’t apply to everyone. “For me there is the financial risk on one hand, and on the other hand, there’s the risk that you remain unfulfilled or regretful. When one tips the other, that’s the time to make a change.”
“Remember that things don’t have to be 100% or even 1% successful to be a life-changing experience. It depends on your definition of success and what you take from it,” he adds.
So what is the best time to begin? It’s up to you, says Keith. “You have to start somewhere. My advice? Make the leap and do it.”
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