Kasfia Rashid - “Money Matters with Kash the Bookkeeper”
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Hello and welcome to week 5 of our 10 week Build a Business boot camp!
We all get into business because of a passion- I usually say- this passion is what keeps entrepreneurs warm on those very lonely, cold nights as we lay awake wondering what we got ourselves into… Moving on. This passion for the purpose of our product or service is VERY important to the longevity of business. It fuels innovation, it helps you stay focused, and of course is a cornerstone of the whole brand!
But what if you don’t have a passion? What if you don’t want to save the world through fuzzy socks? What if you don’t’ have an angelic singing voice, can’t dance for beans, and have no idea what a crease cut is? Can you still have a thriving business that makes enough to support you and your family?
Great questions, ones we will be exploring today as we take a look and how real-life businesses were started from a real life hobby. Find something that fulfills you creatively then connect with other people who share that passion, enough to create a customer base.
“Find three hobbies you love: One to make you money, one to keep you in shape and one to be creative.”― Anonymous
Show Objectives - The Why
Sometimes, we can get stuck in the traditional understanding of what a business is, you have to have something to sell or a service to provide, usually you will needs some formal education or a proven skill set, in something that can be exchanged on a consistent basis to others.
Times have changed.
No longer are any of those things required! Just like we don’t need a store front or an office to service our customers, we also don’t need to provide traditional wares. Thanks to advancements in technology, you can create a business from the comfort of your own home, using what you are already doing and monetizing it! With over 7 BILLION people in the world, no matter what you’re into, there is a tribe for you! Building a business out of your hobby as the added benefit of a built in passion.
So..What are some of YOUR hobbies that can be turned into a business?
What You Need to Know - The What and the How
Building a business from your hobby isn't the easiest thing in the world, but personally I think it is well worth the effort. Do you have to follow the traditional steps to start a business based on a hobby? The correct answer is of course you do. But it doesn't have to be as intense as starting a traditional business. Check out these 10 steps from bplans.com to get a head start: https://articles.bplans.com/how-to-turn-your-hobby-into-a-business/
10 steps to turn your hobby into a business
1. Set a goal
Simply deciding to turn your hobby into a business isn’t a goal. Of course, you want to be working on something you’re passionate about, but what else do you want from your business?
Do you intend to quit your day job and run it full-time? Are you just looking for a side hustle? Do you simply want a challenge or even just the freedom to make something on your own?
2. Do your research
This process is simply you learning more about your potential customer. You’re asking questions, looking at the available market, analyzing competitors, and identifying your target market.
3. Identify a business model
The second half of doing your research is identifying a business model.
Find a platform that fits your customer-base, business offering, and pricing strategy.
4. Test your idea
So, before you go full steam ahead you’ll want to validate your idea. You’ve done a bit of this already when asking potential customers questions, but this is where you test if they’ll actually buy it.
5. Develop a business plan
If you find that your idea does have traction, it’s time to make things official. Writing a business plan helps you put everything you’ve done so far in order and ensures you’re covering all your bases. This is where you put together all of your market research, business goals, operational costs and think about long-term goals and milestones.
6. Get your finances in order
You’ll naturally identify your startup and operational costs throughout the business planning process. But you’ll also need to get the rest of your financial plan in order. The documents included represent a snapshot of your current monetary situation, the health of your business, and any future expectations you’ve forecasted. You’ll need a:
At the start, a full financial plan is valuable for you to keep track of how your business is doing and identify any areas for improvement. Eventually, if you apply for a loan or pitch your business this will be a vital piece to successfully receive funding.
Lastly, you’ll also need to get your personal finances in order. This means understanding your current financial situation, what you can afford for your business, and if your personal credit will affect your business. You’ll likely want to separate your business from your personal finances if you become a full-time business owner, but if it’s initially more of a side-hustle and you’re in good financial standing this may not be necessary.
7. Learn marketing basics
The potential of your business can quickly die if you’re not reaching your customers. That’s why it’s vital that you do some research and know some marketing basics from the get-go.
8. Get customers
This may seem like an obvious step, but it’s vital for long-term success.
9. Set milestones
Milestones are something you’ll need to cover in your business plan, but they aren’t goals that you set in stone. Instead, they should evolve as you operate your business, see results, and adjust your trajectory accordingly. While you likely set milestones to get your business up and running, these later goals should be what you intend to achieve long-term.
10. Find a mentor
Now that you’ve gotten your business off the ground it may be time to grow your network and find a business mentor. IBGR has mentors around the physical and business world to help you! Just reach out!
Read more inspiring stories:
1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners.
Written by Kash the bookkeeper
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