New York City, 2 Nov 2021, ZEXPRWIRE, Many have heard of Colonel Sanders, and his awe-inspiring story of how he transformed his chicken cooking hobby into a multinational, multibillion-dollar business as a sexagenarian.
It wasn’t easy for him, but he made it. Just like raising a financing round via safe notes which is a massive undertaking.
The key is to set your priorities right and follow a proven method in transitioning your hobby into a business. You never know, you could even make a billion-dollar company out of it. Stick around as we highlight the process that could change your life forever.
Getting a business started is not just about the steps you take, but the strategies you implement to get the business on its feet. Here are some tried and tested tips that will ensure you succeed faster at building a business from a hobby.
Get valuable hands on experience that you can integrate with your passion
You have a passion for your hobby, but without any experience in starting a business, you may have to rely on luck to get your business off the ground. Experience helps you get acquainted with the flows of the business so that you are able to move with confidence, anticipate challenges, and solve them.
One way to build your experience is to do your hobby as a side hustle while you still have a consistent source of income to get you going as you solve the teething problems. Taking an apprenticeship with someone who has already mastered your craft is a great way to gain the skill necessary to actualize a hobby into a business.
For instance, you may not know that a local restaurant prepares tortillas better than you do in your spare time. Working with the restaurant may empower you to understand how you can improve your hobby so you can scale it to a money-making venture.
Or you can go work for a startup or large business, and see what they do well from the inside.
Practice, learn, Repeat
Whatever hobby you do, whether coding, cooking, playing the piano or soccer, you will get better at it with consistent practice. You need to be patient with the learning process and be ready to take feedback from potential clients. Failure and mistakes at the beginning are part of the learning process and generally help develop your skills over time. You’ll hone your expertise over time, and increase the odds you’ll succeed in building your hobby into a viable business venture.
If you start your venture off immediately as a business there are chances, you’ll make losses and possibly run out of capital. You have to learn to hold a brave face in the face of everything. Not only while getting better at your craft, but to improve your business practices.
You can hire staff who are more competent at your hobby to learn from one another and also build the business. Do not expect immediate results if you look forward to long term success.
You might be tempted to give up, but default to keep working hard and learning the ins and outs of the hobby at a world class level. Many entrepreneurs in this sphere have touted patience as an important ingredient in their success in building a business from a hobby. Also, don’t be afraid to share your hobby with close family and friends as you keep growing.
Hire Some Help
When turning your hobby into a business, it’s always tempting to want to handle all of it. Unfortunately, you can only do so much. You have to be willing to give up some level of control to guarantee the success of the venture. Allow parts of your business to be handled by those who are most proficient in that area.
Have some mentors and co-founders who understand your vision and can help you actualize your dream. A team will help you get some additional insights, increase productivity or fund the business, and give it better standing than if you handled all of the business by yourself.
Co-founders and staff bring in additional skills that help compensate for your weaknesses. By working in a team, you can develop a better growth approach for the future. While a mentor can help share their knowledge and develop new opportunities for your business, and help you avoid the pitfalls.
Alejandro Cremades is a serial entrepreneur and the author of The Art of Startup Fundraising. With a foreword by ‘Shark Tank‘ star Barbara Corcoran, and published by John Wiley & Sons, the book was named one of the best books for entrepreneurs. The book offers a step-by-step guide to today‘s way of raising money for entrepreneurs.
Most recently, Alejandro built and exited CoFoundersLab which is one of the largest communities of founders online.
Prior to CoFoundersLab, Alejandro worked as a lawyer at King & Spalding where he was involved in one of the biggest investment arbitration cases in history ($113 billion at stake).
Alejandro is an active speaker and has given guest lectures at the Wharton School of Business, Columbia Business School, and NYU Stern School of Business.
Alejandro has been involved with the JOBS Act since inception and was invited to the White House and the US House of Representatives to provide his stands on the new regulatory changes concerning fundraising online.