3 hobbies that have the potential to become a small business venture
If you have a hobby that you are particularly good at as well as a flair for business, you may have considered combining the two. Many people these days are turning their hobby into a business. Perhaps lots of people have commented on your creations and suggested they would like to buy one from you. Maybe you have discovered a gap in the market and believe that your hobby could become a full-time job. There are loads of hobbies that have the potential to become a small business venture. Here are 3 of them.
Personalized gifts company
If you have an electronic die cutting machine such as a Silhouette Cameo or a Cricut Maker, then you probably make bespoke items already. Selling them could prove to be a very lucrative idea as the possibilities are endless when it comes to what you can make. Monogrammed Tees and handbags are very popular, and personalized baby onesies make great gifts for newborns. Do some market research in your local area to find out what competition you have. If several people are doing a similar thing, it’s a good idea to try and find a product that no-one has tapped into yet. Start with a few products and you can increase your inventory as time goes on. Once you set up a solid customer base, you will probably find you get lots of repeat custom. You might be surprised at how quickly your venture expands.
If you have mastered how to make your own beer at home and are passionate about craft beer, you might want to consider opening a microbrewery. It will take lots of work, cash, and effort but, if it’s something you truly believe could work, it might be worth pursuing. If you require funding then, like most small businesses, you will need to prepare a business plan outlining your proposals in terms of how the small business loan will be spent, as well as forecasting sales and business growth. Amongst other things, you will need suitable premises, equipment, a license to sell alcohol, and a name for your beer. There are many different rules and regulations which could apply depending on which state you live in, so do your homework in advance. With some planning and hard work, your dream could become a reality.
Who doesn’t love cake? If you have a flair for cake making, then it’s a hobby that has the potential to become a profitable small business. When pricing your products, it’s important to account for your time. You wouldn’t work for free anywhere else, and this shouldn’t be any different. Some cakes can take hours to complete, so you mustn’t undersell yourself. Wedding cakes are big business these days as are cakes for kids’ birthday parties. Some people will spend hundreds, so if you can perfect your craft and find your target market, you could be on to a winner.