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 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’me really good at it. I wonder if I can create a business out of my hobby doing this?”
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.
We have a check list at Nurturing Big Ideas to give you some immediate guidance on moving forward with your small business. You can download it on the Start Here page.
To get you started, here are the Top 5 NECESSARY Tasks you need to consider, as you take your big idea, based on a hobby or experience you have, 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: we 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, pick just one and move forward with it.
The Big Idea Market: First question: is there a market for what you’re selling? If you say you’re the only one selling this or creating it or even thinking of it, I have a bridge to sell you. Understanding how and why competition is good for you is one of the things we teach you at Nurturing Big Ideas.
The Foundation of Your Big Idea: What is it built on? Paperclips and sawdust? Or, honest research and consideration? Sometimes, we discover it’s the first and we have to work on the second to make the foundation stable and secure for you.
Your Big Idea Team: Who’s with you on this journey? It’s truly hard to go it alone, when you’re starting something new like a business in your second act. Gather friends and family and even former colleagues, and see who is willing to take this journey with you, maybe as a partner, but certainly as a sounding board.
Marketing Your Big Idea: Yep. Ya gotta do it! Just starting and talking it up here and there, won’t bring in the customers. This task, by the way, should begin far in advance of launching your big idea business. Not before step one, but soon after. It includes learning how to effectively use social media and offline events/opportunities. This is where your team is vital!
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 us. But, many, many of you do need us.
We 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. If you aren’t sure how, email us for more information on what we can do to put you on the right path, and to help you avoid the potholes along your sweet journey to business success!