These 11 coins can turn your kick start business to become a giant to earn billions in this competitive world.It makes one to come up hurdles and lead everyone.
2. 1. Choose Passionately
Firstly, you need to identify your
favorite hobby which you are
passionate about and
simultaneously, find out whether
it is possible to implement the
same idea to start with something
new.Once you have decided to
start a business from your hobby,
it’s very important to enjoy the
hard work you will be putting into
the business.Once you start the
business do not take it lightly as
you will be investing money. Live it
and breathe with it. This would be
the first step for a successful
business venture.
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3. 2. Provide a worthy Product or Service
It’s very important to know if there is a
good market for your product. Well!
This can be done very easily. Once you
start selling your product or service,
you will get to know whether it’s worth
doing a business with it.In fact, many
people waste time in building a
platform around the idea and later
discover that it is not a viable business
option. So, to avoid these kinds of
situation, try to find out if you have
something to offer to the market which
people want to buy and meanwhile
have a huge demand.
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4. 3. Networking and Establishing Yourself
Once you have established a business then
it’s time for you to establish yourself
and maintain a good network.
For instance, if you are attending a party
or any casual get together, you can
always talk to your friends about your
new business venture and its demand in
the market.
This could be the most basic step that you
could follow to step into the market.
Through this, you might probably get
insights about the similar product or
service which you are selling.
Other than that, you can use all the major
social networking sites and blogs to
share your ideas and knowledge. Once
you get noticed for the kind of business
you are doing, you will get all sorts of
possibilities open up to you.
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5. 4. Sell Your Product Free Of Cost
Hobbies that are transformed into a
business can be considered as
blessing. Since you have the luxury
of developing your business
gradually and you can sell your
product or service free of cost. It will
help you largely in recognizing
yourself with the product you are
selling.Apart from that, you can start
making and selling customized
product through which you can take
your whole business into a whole
different level by gaining lot of trust
from the customers.
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6. 5. Don’t leave Your Day Job
Without creating a good market for your
product, do not leave your day job. It’s
not advisable to leave your job until
your idea is accepted successfully in
the market along with better return on
investments. Besides, when starting a
new business, you need to be backed
with a strong financial security.For
instance, let’s consider that you left
your job to improve your business,
after few days you will start worrying
about money. Meanwhile, you will
start losing on your creativity and
when you take any decision you will
only think about how much you will
be earning out of it rather than how
creative you could be.
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7. 6. Research! Research! Research!
Research is the most essential thing for
any business you do.The most
wonderful concept of turning your
hobby into a profitable venture is
you will never feel you are actually
working. Seek people who have also
turned their hobbies into business.
Also you can take adequate help and
advices from such personalities to
know the pros and cons of starting a
business out of your favorite
hobby.Joining industry and trade
organizations can help you in
becoming a professional in that
particular field from just being a
hobbyist.
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8. 7. Build Credibility
Initial credibility built by the customers provide you a
rough sketch about where your company is going to stand
in the next few years.Whenever possible make sure that
you try to promote your product by having maximum
media exposure so that you get noticed in the vast market
place..For instance, if you are starting a scrapbooking
company, you can get yourself a blog and attend some
conferences.
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9. 8. Conduct a Market Test
Perform a market research and test the market before
you invest all your hard earned money into a new
business.Through market research you can find out
your competitors, the price points that they follow and
their targeted markets.After analyzing your
competitors you will be able to develop a plan for the
market that will help you to double your sales. In fact,
there are various channels through which you could
test the market, such as eBay, Amazon, Etsy, to name a
few.
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10. 9. Have Good Peers and Teammates
You need to have trustworthy friends around you who
will give you good piece of advices along with solid
feedback about your product or service.Your friends
include financial advisers who support you for the e-
commerce site; technology people, business mentors,
creative geniuses and many more.Always remember
that a good team will qualify as a successful company.
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11. 10. Your Friends and Family Can Give You Feedback
Your thinking can be greatly influenced by your family
and friends. Always keep your mind open for
suggestions and criticisms. Do not consider anybody’s
advice light because you never know a silly idea can
work well for you.
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12. 11. Always Treat Your Hobby Like A Business
Treat your hobby like a business even though you are
not able to make it a big shot business. You will have to
stay professional by responding to all the phone calls
and emails, meeting all the deadlines and learn the art
and science of customer service.Hard work and
dedication always pays off to start a new business out
of your passionate hobby.
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