Do you have a hobby that you could do all day? Turn your childhood hobby into a business while you are still at home with your parents.

Save for start-up costs

To turn your hobby into a business you need to grow your savings. Whether you are extending your lawn care hobby into a service or selling crafts to your neighbors, you will need some money to get all the equipment for your business. Each time you get money for chores, birthdays, or the holidays, put some into your Velocity Community Savings Account. Your savings will grow, and you can start testing for interest in your business.   

Test for interest

Before you start buying all your supplies to turn your childhood hobby into a business, make sure your friends and neighbors are interested in buying it. Take some time to chat with your family and friends to see if they would want or need your service. Plus, it will be a fun time to chat with your friends about your hobby.

A great example of this is when Jessica wanted to take her hobby of painting and make it a business. When she thought about selling her paintings, Jessica knew exactly who to ask to see if there might be interested buyers. She went straight to her grandmother because Jessica had gifted her a painting for her birthday. Her grandmother said it was a great idea and already had some friends asking about getting a painting for themselves. Jessica got to work after that.

Create a plan

Grab a big piece of paper and get ready to start your plan to make your childhood hobby into a business. First, figure out how much you will charge for your service or item. You’ll want to make sure that the price of your supplies is not higher than what you are charging for your service. The money you make back from selling your service is called profit. A good rule of thumb is to see what other companies are charging for the service you plan to provide. That will give you an idea of where you should start. You can take this money and put it back into your business by buying more supplies. This way, you will continue to earn more.

Also, make sure to plan out how much time you have available to put towards your hobby. As you get busier, you want to be sure you can still complete your service for each customer. Check your schedule and set time aside to finish anything your business may need.   

Let people know

Now you have all your supplies, but you need to let everyone know that you have started your own business and are ready to start taking orders.

Here are some tips on spreading the word that you turned childhood hobby into a business:

• Put a flyer up at your neighborhood community board.
• Take a parent with you to your different neighbors and let them what you are doing as a business.
• Let your friends know about your business to help you spread the word to their families.

Remember, you are the best person to support your business so be proud and share your success.

When you are ready for your childhood hobby to turn into a business, make sure to think about these tips to success!

Source: Entrepreneur