Start As A Side Hustle
You’re excited. You want to jump right in. You know your idea is a great one, and you’re sure it will make money from the start. So you quit your job, and you start your business. If you’re one of the very few lucky ones, everything you dreamed will come true. If not, you’ll lose a lot of money, and you might have to forget the business altogether because you went all in far too soon.
To prevent this from happening, you should start your new crafting business as a side hustle. This means that you’ll still have your day job, and your business is something you work on at the weekend and in the evenings – your spare time, in other words. You might be starting small, but it is a much safer option. If you’re not relying on the income from the business, you can spend more time honing it and getting it right. As soon as you start to make enough money to live on, you can consider quitting your job knowing you have a sustainable business to work in.
Write A Business Plan
Just because you want to turn your hobby into a business, that doesn’t mean you shouldn’t take it as seriously as any other business should be taken; it doesn’t mean you shouldn’t write a business plan. Your business plan is your roadmap to wherever you want to take your business, and writing one will help you get the idea clear in your head. It will show you what kind of investment you need to make, whether you need to borrow more money to afford the equipment you’re going to need, and the additional training you might want to take to ensure you are the very best at what you do.
The business plan also helps you to make decisions within the business. If you know where you want to do, decisions will be easier to make, and mistakes will be less likely (although it’s always good to have a contingency plan, just in case). You’ll know that using Glue Guns Direct for materials is a good option, for example, because you’ve got the business plan figures to back it up.
Find Your Customers
You might have a fantastic business that is different and exciting, but if you don’t have any customers, it still won’t make you any money. This is why you’ll need to find your customers so that you can build your business and turn it into the success you know it can be.
Market research is your first step. Do some market research – or engage a third party to help you with this – and you’ll be able to determine exactly who your target market is. Once you know this, you can create a marketing campaign that focuses on that exact market. This means you won’t be wasting any money advertising to people who aren’t going to be interested in what you’re selling, and you can put that money towards other business expenses.