Transforming your hobby into a business

Whether you’ve decided to turn your hobby into a source of income or are ready to be your own boss, starting a business is an exciting milestone.

Before you take the leap to turn your passion into a paycheck, here are a few things to consider.

Do your research

From taking your sewing skills to a shop front, to turning your love of gardening into a flourishing full-time gig, the right research can help you get your idea onto paper.

To help set your new venture up for success, take the time to explore the demand for what your hobby offers, consider who your customer is and analyse your competitors.

Develop a strategy

Creating a clear strategy is a great way to map out the important aspects of your business and guide your decision making.

Include an overview of the company, details about your product or service, your target market, marketing strategy, and key goals.

Create a finance plan

Consider creating a finance plan that includes a budget, cash flow plan, and net worth statement to help map out your projected expenses and income.

As you’re finding your feet in your business, you may need additional funds to support your cash flow and cover any unexpected expenses.

Speaking with a lending expert such as a Liberty Adviser is a smart early step.

Enlist an expert

You’ll be wearing plenty of hats as a business owner – but finance expert doesn’t need to be one of them.

When it comes to your business finances, your accountant can help you get business-ready and prepared to meet your obligations moving forward.

Ready to put your ideas into action? Contact your Liberty Adviser today to learn more about how they can help bring your business to life.