It might seem absolutely crazy to leave a job in our unstable financial times but is there ever really a right time to change your hobby and passion into a career that you create and love?
No-one wants to have regrets when they are old and not have chased their dreams and passions. It is possible to turn your hobby into a career!
A recent study by YouGov released on International Women’s Day found that more women than men want to turn their hobby or passion into a career. 48 % of female respondents wanted to turn their hobby into a business compared with 39 % of males. The fact that more woman want to work for themselves isn’t surprising with the existing traditional work structure, the gender pay gap and the nursery fees.
Like many people, you may dream of spending less time at work, more time to collect kids from school, less time commuting and more time enjoying your hobby. Whatever your passion, starting any business is risky and we share our top 10 tips when taking the plunge into self-employment.
- Do your Research
Learn as much about the industry as you can. Get to really know your competitors. Check out their products, turnover, pricing and how and where they advertise. Find out how you can provide better or different.
- Take the time to name your company
Naming a company is something that is never considered for long when moving from a hobby to a company but it’s one of the most important decisions you will make. Search Company’s House to ensure the name isn’t taken. Check Social media Channels to ensure that these are available. Check to see if your website domain name is available.
Consider your company’s name in 5 years from now. Does it allow for product expansion? Does it limit your location or offerings? Think Big!
- Visit Business Gateway (https://www.bgateway.com/)
Business Gateway are a great source of information, no matter what type of company you are creating. They will advise you on any latest grants that are currently available in your area. These grants can change monthly so we recommend building a close relationship with your advisor.
You can also receive access to lots of free workshops and training support ranging from creating a business plan, tax, marketing, web design, networking and social media. Business Gateway can update you with all the employment and funding support provided by the job centre and local council for taking on any staff.
- Write a Business Plan
A Business Plan is a great way to write down all the thoughts in your head. A Business Plan can change daily but it is important so that everyone you work with understands what you're trying to achieve. A Business Plan is required before applying for any Loans, Funding and Grants. Business Gateway can help you create a business plan and provide templates to start with
- Keep your day job until the Business has proved success
It’s so tempting to chuck that job and follow your dreams but the reality is with any business you need a constant source of money. Having guaranteed funds in your account is just what every new business needs.
The job doesn’t just provide financial help. Your place of work can also be a great place to network and sell your products. Word of mouth is free and this won’t be as abundant when you go freelance. Tell everyone about your business.
- Expand your Network
Once you have taken the plunge, Being an entrepreneur can get lonely. Networking is a great way to grow your business. Try to attend as many training events, workshops, conferences, and entrepreneurship groups to expand your network and get the word around about your business. It’s a great way to meet like- minded entrepreneurs.
- Get Digital Savvy
Every business should be thinking digital in 2017. Grow a strong social media profile on all major social media websites, including Twitter, Facebook, Linked In and Google Plus. Learn all aspects of Social Media from Facebook to Blogging at Business Gateway or You Tube.
Check out Opus Matrix too. Optus Matrix Is the Perfect Social Network for Female Professionals to seek exciting resources, new opportunities and collaborate with other inspiring females. Facebook and Linked In Groups are also a great way to connect socially.
- Work Hard
Do it. Go for it. Throw yourself into it. Don’t look back. Work hard, but be prepared to work more hours than you ever have in your day job. You will make mistakes. Learn from your mistakes and move on. It’s the only way you will learn. No-one else is in your shoes. Only you will understand your business journey.
Most businesses aren’t profitable in the first few years. It may take you years to pay yourself a salary similar to what you had before. Growing a business or brand can take years longer than you ever imagined. Are you and your family prepared for that salary drop for the next few years?
- Don’t Give Up
Everything always takes longer than expected and it can be difficult to keep things going when you're not seeing instant success. Most businesses fail because: It got too hard; they were sick of being poor and were tired of failing.
Some of the world’s most successful entrepreneurs haven’t succeeded because they had the best idea or the best product. It was their sheer persistence in not giving up.
It might mean a pivot in your business. It might mean that you experience extreme lows to turn things around but as Rocky Balboa said “it isn’t about how hard you hit. It's about how hard you can get hit and keep moving forward”
Designed by women, particularly for women at every stage of their Freelance journey, The benefits of joining Optus Matrix are absolutely fantastic.
You can sign up to Opus Matrix now with FREE membership on all plans for a limited time only.
The OM Team