ARTICLE ARCHIVES Turn Your Hobby Into A Viable Business.
Many people aspire to run their own businesses, but few actually set off on this challenging path to success. Most of them are deterred by the complexities involved in running a "real" business. Is running a business really that difficult? The answer is both yes and no.
Yes. It involves an on-going process that requires you to develop a business plan; analyze market opportunities; select target markets; develop a product concept and positioning; set your pricing, distribution and marketing strategies; monitor and control your marketing effort.
No. You can pick up the skill and knowledge as you run your business. Nothing beats learning on the job as you can apply an idea immediately to your business to see its effects. This newsletter will explore various aspect of running a business in future issues.
The most difficult part of running a business is actually the start up phase. Most of the elements mentioned above in business planning have to be done right at the beginning.
The first step is to identify the business that would allow you to tap on your existing skills, knowledge, resources and business contacts. It should also be something that you enjoy doing very much. It is human nature that when you enjoy doing something, the job becomes a pleasure and you will be motivated to go an extra mile to get things done.
The best place to look for the 'right' business is to look within you. List down your likes and dislikes. What are your hobby, passion, interest and specialized skills? What inspires and motivates you, and keeps you going on and on... forever?
This will be your ammunition to fight against all odds as your business grows. You need it because running a business is like conceiving a baby, a very long-term undertaking. You cannot abandon it halfway. As an entrepreneur, you have the responsibility to ensure that your business has a fair chance to develop and grow into an entity that could function on its own without your daily intervention. You have to put in place an operating process; a system to monitor and control your operations; the right people to do the jobs; and a reward and compensation package to retain and reward workers.
So, doing something that you enjoy most is the single most important criteria when evaluating any business opportunities. Start from your hobby. Every hobby can be turned into business opportunity. Perhaps you can learn something from the two young Canadians who are on their way to starting their own businesses.
Monique Stewart, 30, plans to set up an exclusive online dog boutique called Dogtown.
"I am pursuing this business because of my passion for dogs and every aspect of the 'dog world'. I asked myself how I could be a part of all that and create a career that I love," she told The Straits Times when she came to Singapore to network with local women entrepreneurs.
"I found the answer in Dogtown. My experience of having to go to many sources to meet my dog's needs made me eager to organize all these into one location for other dog-lovers. Dogtown will carry products, accessories, novelties, educational material and referrals, plus a Dog Birthday Club!"
Fellow participant of the Young Women Entrepreneurs program in Canada, Lesley-Anne Slisko, 27, a photographer, wants to create a line of greeting cards bearing multicultural images.
"I am passionate about multicultural images. I feel that there is a lack of representation of ethnic images in advertising. I want to be able to celebrate different cultures through my images. I'm also interested in images of women, so I'm trying to combine both these ideas,'' she told The Straits Times.
"My mentor, Mrs. Kheng Soo Lang, who owns Glamour Shots, ... reaffirmed my belief that you must believe in your idea to keep going. My goal is to have solid designs and actual products ready in the stores by the end of April. The next big step is to exhibit at the biggest stationery show in New York in May!"
Notice the similarity between the two women - PASSION. Both women are turning their passion for dogs and multicultural images into business ventures. They have a higher chance of success than the average person because they are passionate, committed and motivated to create a career they love. And already they have taken the first step to test their ideas and network with like-minded entrepreneurs. You, too, can do that if you dare to dream. Believe in your idea and make it works.
