Just Jimi

Steps to take in moving from a hobby to a business

steps-to take-in-turning-your-hobby-to-a-business

Things to consider while turning a hobby into a business

Steps to take in moving a hobby into a business is a journey. I learned that having the right tools is extremely important as you start your journey.

The best advice I’ve picked up has to be Steve Covey’s ‘Start with the end in mind.’ This, to me, means having a clear picture of what you’re trying to build and then working backwards.

If I were to advise a newcomer, based on my experiences, I would start with some facts.

  1. Turning your hobby into a business should be fun; enjoy the journey!
  2. Talent is not enough; it will take a lot of hard work.
  3. Building a business can be expensive and should take careful planning.
  4. Look for professionals with your interests at heart to help you put your structure in place.
  5. Prepare to talk to as many other business owners as possible; their knowledge will help you.
  6. A business needs to be able to make money that will allow it to grow.
  7. Starting a business is a risk with no safety net.

Factors to consider

I love entertaining people; watching people have fun and laugh is my thing. I have worked in the casino industry for many years, so I started a mobile fun casino hire company serving London and Surrey. We are in the hospitality and entertainment industry; therefore, it’s a highly competitive industry. To succeed and thrive in the hospitality industry, you need to be visible and stand out.

So, firstly, do you have a plan on what makes you different from other companies? Secondly, who are the clients you are trying to reach? Thirdly, how will you reach them? Finally, how will you work out the right price that will enable you to provide your best service and sustain growth?

Steps in moving from a hobby to a business mistake to avoid

The biggest mistake I made and had to rectify was not keeping accurate records of everything, including costs. I couldn’t honestly tell you what it cost to run an event in my first two years. This meant that I had experiences of running some events at a loss. There are reasons to have loss leaders, but not calculating the costs shouldn’t be one.

Another mistake I have been fortunate to avoid is hiring people who don’t have the same vision as you. The people you work with are as important as those you work for. If your staff, freelancers or associates don’t care about your business, your clients will not have the best experience.

Lastly, it’s about pacing yourself. I am a risk-taker, so I often tried to run before I could walk. It took a while before I realised that I had to find adequate storage before rushing off and buying equipment.

Conclusion

Thank you for taking a few minutes to read my blog. Next week, I’ll write about what I’ve learned about putting processes in place, and then the final blog will be about pricing.

I look forward to catching up with you on Wednesday. Please share your views in the comments section; I would love to hear from you.

 

 



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