Transforming a Pastime into a Profitable Venture: Crucial Points Artisans Should Ponder Over
In the wake of the pandemic and a subsequent cost-of-living crisis, many individuals have transformed their lockdown hobbies into side businesses, or "side hustles." These ventures span a range of creative pursuits, from crafting home-made goods like jewelry and prints to writing books for sale on platforms like Amazon.
transitioning a hobby to a side hustle can provide a much-needed financial lifeline for those grappling with tough economic times, and an opportunity to pursue passion and talent beyond the confines of a traditional 9-to-5 job. But before embarking on this journey, potential side hustlers should weigh the various factors and considerations carefully.
Nick Green, a business expert, entrepreneur, and founder of Printed.com, offers insight on key aspects to consider before making the leap from hobby to side hustle.
1. The Power of Branding
Begin by spending some time contemplating a name for your brand. Steer clear of impulsive decisions; instead, draw inspiration from the core motives that motivated you to start in the first place, ensuring a name that is memorable, meaningful, intriguing, and distinct. Once you have a brand name, think about your branding strategy, identity, and marketing tactics.
Presenting your brand effectively is essential to communicate business values and areas of expertise, fostering a strong reputation amongst customers and clients. A strong brand impression builds trust with customers, helping to forge lasting relationships and set you apart from competitors.
As you move from bedroom hobbyist to businessperson, pay attention to the physical presentation of your brand. While the packaging for products should be professional, it doesn’t have to be costly. Get creative with budget-friendly solutions, like repurposing business cards into earring backers, bracelet holders, or pin badge backers. Leveraging free sites like Canva for design work maintains low upfront costs, especially for those starting out.
2. Time Management
Building a side business requires both time and dedication. Balancing a full- or part-time job, home commitments, and your side hustle may prove challenging. Setting dedicated dates for yourself is crucial for accountability, especially when offering services or working with clients. Ensuring your side hustle is reliable and meeting client expectations is essential for building trust and a lasting client base.
When setting up your Etsy page or an online shop, carefully consider the feasibility of making and shipping times, keeping in mind your existing schedule. Decide whether you'll produce products in advance or on-demand, and determine your suppliers’ turnaround times. Having a well-planned operation ensures timely delivery and an efficient workflow, allowing you to balance your side hustle alongside your current commitments.
3. Protecting Your Side Hustle
A crucial yet often overlooked aspect for many new side hustlers is the need for business insurance. Depending on the nature of your products or services, public liability and professional indemnity insurance should be carefully considered to protect your side hustle from potential complications. Working with a business insurance provider helps ensure that the insurance policy fits the needs of your unique business.
4. Upfront Costs
Prior to launching your business, it is essential to anticipate the initial cash investment required. These costs can vary but might include branding materials, shipping, packaging, website hosting, insurance, and any additional expenses that may arise during the early stages of your enterprise. By having a rough estimate, you can start building a financial buffer, reducing the risk of being out of pocket while pursuing the side hustle.
Starting a side hustle can be both profitable and fulfilling, given careful planning and consideration. The success stories shared on social media may make it seem easy, but there are multiple aspects of running a business that potential side hustlers must weigh before diving in blindly.
Evaluating the appropriate lifestyle, home-and-garden, business, or shopping niche for your side hustle is crucial in creating a successful venture. As you delve into branding your new business, consider how it aligns with your passion and market demand.
Once your brand is established, effectively managing your time between work, personal life, and your side hustle becomes essential. Prioritizing and planning will help you deliver excellent service while building trust with your clients, ultimately setting you apart in the competitive marketplace.
