How to Convert Your Hobby into a Business
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Published by TOP4 Team
For years, you’ve taken care of your private collection religiously, and now it’s time for you to consider profiting from it and sharing your passion with people with the same hobby as you. Here’s how you can do it.
Put your business hat on.
It’s exciting when you realize that your hobby can turn into much more than just a pastime, and you now have an excuse to spend even more time absorbed in your collection! However, it’s important that you now put your business hat on and treat your newfound money making activity as just that – a business.
You can’t treat it as a place where you’re just going to a hang out. That will only last for a short amount of time. You have fun in your business, but you should realise that just having fun will only take you so far.
Put your customer’s interests ahead of your own.
A big trap for keen collectors who choose to launch their own business is only to select items that cater to their own tastes. Now that you have a good reason to spend more time on your hobby, it would be tempting only to source products to complete your own collection, but if you want to grow your business, the trick is to think about the customer’s interest before your own.
It’s all about quality.
Collectors are a passionate bunch of people. Those who are obsessed with a particular product will search high and low all over the world to find the next item to make their collection better. For most online businesses based on collections, competition is fierce. One of the smart ways to separate yourself from your competitors is by stocking the best quality products available, which boosts your credibility as a collector.
Get social media savvy.
Depending on whether your market is most active online, it could be a good idea to develop a presence on social networking sites.
Immerse yourself in the community.
Collector exhibitions, fair and other hobby events present great opportunities to tap into your customer base. While most of your sales happen online, it pays to meet a representation of your target market face to face. After all, these are the people who are the most passionate about your product, so you’ll learn more about how you can best serve them. Exhibiting at these events will also help raise your profile and credibility within the community.
Join your community’s online conversation.
When you turn your collection into a moneymaker, online forums and other sites specific to your hobby play an essential role in connecting with other collectors and organisations to boost your business.
Now that you already know how to convert your hobby into a business, consult one of the top online marketers in Australia to help you grow your business.