If you’re in your second act, that is, you once had a ‘real’ job and you are now retired, or, you were home with the kids (a hard job in and of itself…though you don’t collect social security for it!), and you’re now an empty-nester, you may be wondering how to create a business built on a hobby.
I get it. So many women are in this spot. In this place in life. In this mindset.
“I love <sewing, cooking, crafting, teaching, you name it> and I’m really good at it. I wonder if I can create a business out this hobby?”
The answer is yes. Yes, you can!
Over at Guidant Financial, they say “finding happiness and profitability” are the reasons many of us give for starting a small business as a baby boomer. When you put it that way, it sure seems like a great idea to me!
entrepreneurs over the age of 50 are creating a significant impact on the landscape of small business: baby boomers born between 1946 – 1964 accounted for 54 percent of current small business owners and 43 percent of aspiring entrepreneurs.
I offer a check list of what you need to do to get started on a new business, just email me for it. It offers immediate guidance on moving forward step by step.
To get you started, here are the Top 5 NECESSARY Tasks you need to consider, as you take your big idea, based on your talent in a hobby you love, along the path to business success. Why do I say ‘necessary’? Because, as human beings, we rarely do anything that isn’t necessary. At least, in business. If you make it necessary, it gets done! #Truth
Starting the Journey
Understanding the BIG Idea: I like to say you can't ride two bicycles at once, so even if you have a dozen great ideas you want to turn into a business, be picky. Pick one to move forward with this year.
The BIG Idea Market: First question: is there a market for what you're selling? If you think you're the ONLY one selling this kind of product or service, maybe even the ONLY one whose ever thought of selling this product or service, I have a bridge to sell you, as we used to say in the olden days of the 20th century.
You need to learn as much about your competition as you can. And yes, you do have competition. If you truly think you don't, I'd love to hear why.
The Foundation of Your BIG Idea: What are you building this big idea on: quicksand and rocky cliffs? Or, are you focused on honest research and education? Sometimes we discover it's the first two, and then we have to work harder on the second to make the foundation stable and secure for you.
Your BIG Idea Team: Who's taking this journey with you? It's truly hard to go it totally alone. When you're starting something new like a business in your second act, you need all the help you can get. Gather friends and family, and even former colleague, and see who is willing to take this journey with you - as a partner, if you like, but certainly as a sounding board.
Marketing Your BIG Idea: Yep. Ya gotta do it! YOU gotta do it. Talking it up here and there won't bring in the customers. You should begin this task far ahead of your launch, by the way. It includes learning how to use social media effectively (I can put you in contact with a very smart woman for that!). It means considering webinars and workshops. By the way, this is where your team can be vital to your success!
Don’t Court Disaster!
There are several important steps within each of these tasks that are NECESSARY for your success. Overlooking them could spell disaster. I know many of you are ready to go it alone, with your team. You don’t need me. But, many, many of you do need me.
I will take you from side hustle (that amazing hobby you are so good at) to serious business (making money out of that hobby, and let’s be clear - it’s NOT a business if you don’t make a profit; earning a dollar here and there is not considered a business).
My last point is this: no matter what your hobby is, no matter what you’re really, really good at, you can turn it into a profitable, successful business that you are in control of. This means YOU decide on working hours, on vacation days, on income, and freedom to live the life you enjoy.
If you aren’t sure how to make all of that happen, leave a comment here and I'll respond with suggestions. It's my desire to put you on the right path, and to help you avoid too many potholes along your sweet journey to business success! (you will, of course, endure some - I can guide you around most of them, but falling into a few will be the best learning experiences of your life! I should know, I've stumbled into a good many potholes in my day.)