By the day, you are an employee excelling at your 9 to 5 job. By night, you are a talented jewellery designer, making stunning pieces for your friends and family. Have you ever thought of turning this side hustle into a full-time business? If yes, you’re not the only one.
Having said that, turning your hobby into business takes immense planning and dedication, not to mention solid financial backing. So, if you’re finally ready to start a full-time business, here are some tips for you.
Research the idea
Up until now, your hobby has been a source of fun and relaxation for you. But now, it’s time to approach your idea as a profitable business. Before you begin, conducting market research will help you understand if your hobby has the potential to become a full-time business. This includes learning about your target customers, market competition, available markets, and more.
Additional Read: Five Ways to Grow Your Business
Write a business plan
Once you’ve figured out a viable plan, it’s time to act. Here, writing a business plan will help you determine the finer details of your business. This is where you need to include your market research, long-term business goals, vision, operational costs, among other things. Additionally, depending upon your product or service, determine the pricing strategy, business model, and target audience.
In addition, your business plan will also be an important aspect of your business loanapplication.
Consider the finances
Naturally, you will need enough financial backing to turn your hobby into a full-time business.For starters, you need to develop a financial plan to identify your requirements. This will come in handy when seeking a loan at affordable business loan interest rates
The next step would be to separate your personal finances from your business. Having separate bank accounts is a good way to manage your business transactions.
Build your brand
When it comes to wide recognition, branding is essential. Start with creating a unique brand name and logo that conveys your business personality. Your branding should define your distinct features and resonate with your customers. You can use symbols, colour schemes, and packaging to establish a different identity for your business.
Additional Read: Turn your Passion into a Business
Create an online presence
Now that you’ve decided to turn passion into a business, it’s time to create your online presence. Build a professional website where your potential customers can learn about your business and contact you. This is where you will interact with most of your existing customers and acquire new clients as well.
Moreover, a website is just the start. To spread the word about your new business, make good use of social media. Learn which social media channels your competitors are using and leverage this knowledge to build your presence.
If you’re looking for affordable loan options for your new business, turn to Tata Capital. With us, you can enjoy collateral-free business finance up to Rs. 75 lakhs at extended loan tenures. Besides, we offer quick loan approval and disbursal at minima documentation.
Check your business loan eligibility on our website and get in touch with us today!