7 effective strategies to turn your hobby into a profitable business

7 effective strategies to turn your hobby into a profitable business

If you missed the previous article titled Useful tips to turn your hobby into a profitable business,  kindly read it here. In this article, we would look at 7 effective strategies to turn your hobby into a profitable business.

If you followed the last discussion and you have decided on your WHAT. You are convinced about your WHY, and you have concluded on your WAY. For instance, you decide that WHAT you want to do is turn your hobby of playing the saxophone into a business. You are convinced that your music will be a blessing to people plus you would make some money from it, this is your WHY.  Then you decide that the WAY to achieve this goal is to organize shows and saxophone training classes.

P.S – If making money is not part of your WHY then you are doing a Charity and not a business. So be sure people will be willing to pay for WHAT you are doing. #JustSaying

 

You have done everything right. You decided on a WHAT, and then carefully convinced yourself on a WHY. Then you planned out an effective WAY, however, things don’t seem to go as planned.

What do you do? You PERSIST!

Here’s what I mean.

Strategy 1. P—Plan

Be clear about what your PLAN is. The first key word here is having a good plan. What is a good plan ? A good plan is one that is Simple, Specific, Realistic and Complete. (Learn more in my book, Click Here ). Ensure you have a good plan for what you want to do.

Strategy 2. E – Execute.

Whatever your goal, you’re going to need strength and stamina to achieve it. A wise man once said, ‘making money is automatic if you have a good plan and stick to it’. You need to stick to your plan. It is not enough to have a ‘good plan’, you must be willing to go against all odds to execute the plan.

Strategy 3. R—Remind yourself.

WHY you are doing WHAT you are doing is very important because down the line you would face challenges that would question your reason. But with a clearly established WHY you would be able to press on regardless of the challenges you face.

Strategy 4. S—Survey your habits.

To achieve success in your goal you have to take action—lots of it. Habits are a collection of actions; the problem is not all habits will help you get to your goal. You might have a habit of sleeping late, this may prevent you from waking up early to take certain actions. You might have the habit of showing up late for meetings, this might impact on your customer relations. Learn to understand which habits are holding you back and reprogram them.

Strategy 5. I —Improve Daily.

Success isn’t achieved in a straight line; it’s never as simple as it seems. There will be twists, turns, ups and downs—prepare yourself for the unexpected by knowing that you’ll need to improve daily along the way to overcome those challenges that get in your way.

Strategy 6. S —Seek experts.

Success will take time and along the way, there will be people that can help – experts that can help you improve, learn a new habit, teach a new skill or prevent you from making a mistake—seek these people out—put your ego aside and ask for help! These Experts would be found in books, seminars etc. The important thing you must note is that you must always look at people that have gone ahead and learn from them.

Strategy 7. T—Team Up!

For the really big goals—the ones that leave you wondering if it’s even possible—find someone who is great at the things you’re not, at the things your success goal require. It is important that you understand the value of having a team. Most times, one person isn’t efficient in all areas that pertain to a goal, this is where a team comes in place. One person plants, the other person waters, and another person ensure the increase. The action of each member of the team is what ultimately brings the success.

 

In conclusion, it is possible to turn your hobby into a profitable business and yes, you can have fun doing it. Just have a clear WHAT, understand WHY and decide on the WAY. Afterward, be willing to PERSIST until you achieve your goal.

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7 effective strategies to turn your hobby into a profitable business

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