So you are finally mentally ready to give your dream a go and turn your hobby into a business without investing a ton of money or getting a bank loan. Yes, it’s possible, I’ve done it a few times and I know so many others that started their business without investing much money into operations. Whether you are thinking to start a blog, build your Instagram following, create a digital product or any other service programmes that will help you lead a financially independent lifestyle, I have strategies that I will share in the coming weeks to help you get there in no time.
The secret is in building a strong foundation strategy and focus on providing value to others. I truly advise against focusing on making money when you’re just starting out. The hell, it took me at least 3 years to start making five figures from my hobby with goals to turn it into six figures within the next year. From the start, I focused on helping people make decisions on where to eat, what to wear, where to travel and what to do in destinations I travelled to. Now I’m ready to expand even further and share how you can turn your hobby into a business.
One thing that has remained the same for me from DAY ONE is me looking to deliver value to others and help my people save time. The truth is that in order to gain followers and a community in the digital world you either need to educate, motivate or entertain. This is something I have at the back of my mind every time I create content and I always try to inspire and motivate people to be a better more independent version of themselves.
Don’t get me wrong, I have stumbled upon many obstacles and made plenty of mistakes along the way which in all honesty I’m extremely grateful for as because of them I’ve learned so much and I have finally stepped into my power and decided to share all that I know about business and the experience I picked along the way.
So if you have so many ideas but confused as to where to start, I really want to help offer strategies and experiences that will help you narrow down your strengths and build that foundation strategy that will get you to the success way quicker than it took me. In one year you could be making a five/six-figure salary just from monetising your hobby. The secret is making it authentic to yourself, not focused around competitors and no shortcuts. You have to show up, work hard, live in a positive mindset and believe in yourself.
So without much further ado, let’s start with 3 simple techniques that will help build that foundation strategy in no time. I wanted to start with understanding the offer we can create, our target market and how we can share this new opportunity with the world.
Every time I worked on a new project in my business school, we had to start with SWOT Analysis. This simple but effective exercise will save you a lot of time and you can do it at so many different situations. It’s a great way to become more self-aware and grow your confidence. The heck even Kim Kardashian is a fan.
When performing SWOT we want to look at your Strengths, Weaknesses, Opportunities and Threats. You really should be brutally honest with yourself and remember that this exercise is meant for your own eyes and it will help you improve on many different levels.
Strengths will produce more enjoyment than weaknesses but weaknesses are equally important as these can be your growing pains and potentially the same pains that your ideal client will have. I have created a downloadable for you to use as a guide when performing this exercise.
Simple questions to consider when analysing:
STRENGTHS – What motivates you? What does success look like to you? What influences you? List your personal characteristics and compliments that you receive from your family and inner circle. What problems are you good at solving?
WEAKNESSES – Are there any negative areas in your life right now that you could improve on? Be honest with yourself as in order to improve the situation we always need to identify the problem. For example, a lot of the last year I put my focus on others and never said NO to a lot of situations, this left me drained and it affected my overall performance and business growth. Once I sat down and identified these small but impactful issues I was able to correct and bring the focus to what’s really important to me and my life.
OPPORTUNITIES – What opportunities can you identify in both your immediate and distant environment. Do you get repeat questions for advice from your friends and colleagues? Is there something you do for your friends that helps them solve a growing pain or problem of a sort? These are potentially your and something you should pay closer attention to.
THREATS – What negative conditions can your identify in both your immediate and distant environment but you are able to minimise. There will always be all kinds of threats that you will face but remember overcoming these make you wiser and stronger so this is a good opportunity to list your potential threats, for example, competition and create a plan to overcome before it even occurs. This way you are mentally prepared and able to overcome them. As previously mentioned I used to say YES to everything, this includes every event invite, every coffee and drink invite and even date which made me lack in work performance as I was drained without realising. From that, I managed to create a better time and focus management system that helps me stay on track with your goals and focus on my business and community over people that drain my energy. Creating a management system that will help you overcome your strengths is crucial to long terms success.
Let me know in the comments below if you would like me to share more about my time and focus management systems?
It’s very important to remain open and honest with yourself as you perform this exercise. You can repeat this exercise each time you grow or achieve a goal to keep your business and offer fresh and in line to your authentic self.
Next week I will cover how to pick your target market followed by best practices to niching down. New episode covering Hobby to Business Series is going to be live every week on my IGTV Channel.
I hope you can join me 🙂
Lots of love!