Real Online Career

Do some research

Once you've developed the core idea, it's time to do some good old market research. In other words, you'll want to see just what your competition is like. Also, figure out how you differ from the current market offer and who your ideal audience is. When researching your competition, it's always better that you share your focus both on those who have succeeded and companies that have failed big-time. Without seeing both sides of the coin, there's no way you'll grasp the full picture and learn some useful info.
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Additionally, you'll want to scout the market for potential partners and allies. For instance, imagine you need to transfer some equipment to your new office (once everything else is set and done) or that your new business ideas have something to do with regular relocations. It's way better to get acquainted with some folks in the moving business and rely on pros for help whenever assistance is needed. That way, you'll think everything through to the tiniest detail without doing everything at the last moment and settling for the least painful solution. 
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​Outline your business plan (make a draft)

Here's one of the most important steps to take when you have a great business idea: make a draft business plan. Whether they're formal or informal, they'll enable you to visualize the basic components of your business before it launches. Here are the things you'll have to consider when outlining your future business plan: 

• Your unique story, and you'll introduce it to potential investors or affiliates. Exactly how will you "sell" your concept?
• Your financial and operational objectives. What is it that you're trying to achieve?
• Your business growth. Where do you see your business in the next few years?

If you're wondering where to find some blueprints for these plans, you've got a number of great books you'll easily find online by typing the title of this paragraph into your Google search bar. 
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Create a prototype

The next step you'll want to take is concerned with building yourself a prototype. It's a sine qua non of any type of business planning. In other words, it's an essential component of any business idea coming to life. A prototype will enable you to see if the things you've planned out are doable. Here's the thing: the process of prototyping isn't solely associated with the creation of physical products. It can also represent a modest webpage (detailing your future business) that will function as a tool to gain email addresses from various curious parties. If you're targeting a certain niche, such as fashion, you might also want to think about making a blog that will, subsequently, help you gain an audience before you build a representational product. Your objective is to confirm if people are willing to spend money buying the stuff you'll create. 

​Consider the funding

Remember the good old: I've got a fantastic business idea; all we need is a lot of money. Now, you'll want to think about just how much money you need for your business start-up and how exactly you would like your new enterprise to be sponsored. Here are the most obvious approaches to the issue of funding: 

• Bootstrapping—That means you'll rely on your own funding since the term represents businesses that have started with little or zero outside investments
• Bank loans—Many (small business) organizations will lend you money. However, they'll require you to pay for the principal plus interest
• Selling your shares—There are numerous "fresh-on-the-market" businesses that have investors who, in return for the money they're put in the firm, get a stake in the company's expected profit
• Crowdfunding campaigns—If you think you've got an idea folks will lose their minds on, you'll want to think about organizing a crowdfunding campaign via Kickstarter or websites similar to it

So that was the last of the steps to take when you have a great business idea.​

That's about it

There you have it, folks! These are the steps to take when you have a great business idea. As you could've read, there's a lot to be done before your ideas see the light of day without you having to risk it all. However, with enough patience and hard work, everything's doable, as we're sure you'll see somewhere in the near future! 

Photo via unsplash

A man wiser than us once said - choose a job you love, and you will never have to work a day in your life. Life in the middle of the pandemic has reminded us all about the things that matter. Many people have decided to leave their boring office jobs and explore whether they can make a profit from their true passions. But, it's not easy to turn your hobby into a business. Here are some tips you should follow to make it possible.
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1. Find a common interest

A hobby is something that you enjoy doing. But, for it to become a business, other people have to have their part of the enjoyment. There is no business without customers. That should be the deciding factor when deciding whether your hobby is profitable. The most bizarre hobbies could become a great small business idea with only one crucial ingredient - common interest with many people. 

Your 'weird' hobby could become a business

Who would've thought that making slimes would become a profitable business? Some of the successful crochet sellers certainly did not believe that would be a thing when they started making their first piece out of fun. There are so many exciting hobbies-turned-into-businesses that are overflowing TikTok these days. The weirder the hobby is, the more attention online it gets. More attention means more customers - and there's sufficient ground to do your business on.

2. Spread the word

You're sure your goods and services are fantastic - then you should spread the word to the rest of the globe. Marketing does not have to be prohibitively costly to be effective.

1. Begin by creating free social media profiles.
2. Participate in community activities to help spread the word in your area. And when your sales increase, you may experiment with paid marketing alternatives such as social media advertisements.
3. Create a website and social media sites to promote your business. Be sure to constantly improve your communication with the market and other small businesses.

Having a web presence, as well as the appropriate tools, may assist you in expanding your target market.


3. Don't skip writing a business plan

A business plan serves as a blueprint for a company, and it is often necessary to get business financing. However, even if you are not seeking money, you should not neglect this phase. It was recently reported in some studies that entrepreneurs who prepare a formal business plan are 16 percent more likely to reach viability than those who do not. Be sure to include some of the essential points, such as:

1. an executive summary 
2. an overview of the company
3. products and services 
4. market-oriented tactics
5. plan for sales and marketing
6. metrics and benchmarks (measure the progress)
7.  financial strategy

Writing your plan down will help you spot its possible flaws, so you correct them before it's too late!

4. Use your budget wisely

'If you want to profit, you have to invest,' you might say. And that would be true. But, be careful with that. Many people diving into the world of small businesses invest more money than they can gain. We know that you're excited that you're becoming an entrepreneur, but don't make this rookie mistake that can make it harder to turn your hobby into a business. Be wise with your money and invest little by little in the beginning. Always look for ways to save money in your startup budget rather than spend it. Calculate your gains carefully and use your budget according to it. 

5. Figure out the office space

Depending on the nature of your small business, you will need an actual office to work in, or you won't. But, even if you're fully equipped to work from the comfort of your home, it's good to find an isolated space where you'll work in. When you have a desk or even the smallest area dedicated to your work/hobby, your productivity will increase drastically. The more your creative juices are flowing, the more groundbreaking ideas you'll have for the development of your business. 

To avoid mess and clutter in your 'office' while your business is developing, you should consider packing your belongings and renting storage. Professional storage companies will keep your inventory safe and ready for sale. You'll have clear office space in front of you, maximizing your productivity.

6. Be realistic about your possibilities

Maybe you've come up with a fantastic idea that will attract many people at once. But, it's essential to be true to yourself and your potential customers. Pay special attention to good time management. In the beginning, you surely won't be able to take on too many orders and maintain the quality you want. So, set up a scale for every week (realistically) and keep up with it. That way, you won't disappoint any customers, and you won't be overworked from the very start. You want to turn your hobby into a business and do something enjoyable in your life. But that will not be possible if you take on too much all at once.

7. Don't forget the life-work balance

Even if we poetically said at the beginning of this article that you wouldn't work a day in your life - every effort you make should be balanced out. It's especially easy to forget to go home and rest when you're working from home. More so if that work is your hobby. But, to preserve your mental health, it's good to establish some boundaries in your life-work schedule. Having good time management is crucial. It's to be expected that you'll work a bit more than usual when it's all starting, and you have to figure a lot of stuff out. But, as time goes by, you should take the reality checks more often and decide rationally what amount of work is within your boundaries of pleasure. 

It's the best time ever to turn your hobby into a business

After the pandemic started, many people saw the value of small businesses. The amount of support that is provided is the best it's ever been. That's why you shouldn't fret - dive into this beautiful world of opportunities. Share your talents with the world. Turn your hobby into a business and don't work a day in your life! 

Photo via unsplash