if you've made it to this blog post then you've decided that you're ready to take your hobby and turn it into a business. However, you're unsure of how to do it, where to start, etc etc.
That's why I'm here.
Now, I'm not going to sugar coat it. Most people who decide they want to turn their hobby into a business don't make it. They drop out in year two or three. For whatever reason 92% of people that join the industry don't make it or push it into a full-time job (and that's okay).
But you're different, right?
There are a few key things you should think about before turning your hobby into a business:
Business name a. Is this marketable b. What type of logo do you want associated with it c. If your logo/name easy to UNDERSTAND and DIFFERENTIATE
How are you going to register your business? a. Solo/Individual, LLC, LP, etc b. Do you plan on having a CPA for your business (highly recommend) c. Do you plan on using services like; Square, Quickbooks, etc d. Do you have a separate bank account for your business
What are your short term goals a. Are they actually obtainable b. What is your backup plan if you don't reach them?
What are your long term goals a. Are they actually obtainable b. What is your backup plan if you don't reach them?
Do you plan to market yourself on Social Media? a. Do you plan on branching out and making a YouTube, Tiktok, Snap, etc? b. Why type of information do you think you can bring that will be different than everyone else before you?
Do you plan on purchasing equipment (racks, photo equipment, incubators, etc) a. How do you plan to financial afford these items a1. Paying out of pocket or taking a business loan? a2. This is when you contact a CPA to discuss your taxable options
How do you plan to keep track of your purchases/sales throughout the year a. Do you have an organizational method to make sure you're on top of everything? b. Do you plan on purchasing a program like Husbandry.pro or Cltch? b1. Do you actually plan on using it, or is this another item you'll never touch?
How do you plan on selling animals? a. Are you going to vend a lot of shows near you, or wait and do certain shows b. Are you going to focus most/all sales on MorphMarket c. Combination of both? (make sure you understand the expenses for each)
Do you plan to make personal or business connections inside the industry? a. What is your plan to handle negative attention or limelight?
How much would you need to make to go full-time and is it enough? a. Be realistic
To become successful you have to work at it. You'll make mistakes along the way (everyone does), and it's how you overcome those mistakes that will determine how well your business succeeds. If you do not put in 100% effort, then your business will not reach 100%. Simple.
Take this list above and sit down, take a few hours and go over EVERYTHING. Write your answers down. Really think about it. Talk to your SO about it; fears, dreams, goals, etc. You need to be 100% honest with yourself, your work ethic, and the grind to succeed.