Hobbies that people are passionate about can provide an opportunity
for them to establish their own businesses. However, the ability to do
this, even though the person involved is creative or talented does not
automatically translate into a successful enterprise, experts say.
An upcoming fashion designer, Adeola Adeuja has numerous skills that
relate to craft but her desire for fashion supersedes all the others.
According to her, after years of being at a dilemma as to what to do,
she eventually discovered that she loved designing clothes more than
others.
Adeuja says when she started making designs for money she was
overwhelmed by orders from people who admired them. She adds that
although the work is demanding, she enjoys it and is making money out
of it. While tapping into advanced technology, she offers her designs
for sale in online shops and has a fashion magazine that features the
best designs.
Similarly, a public speaker, John Okoye discovered that he liked
talking when he was a teenager and with the encouragement from his
family, he started reading books written by renowned motivational
speakers and listened to them speak. According to him, reading the
books helped him to develop writing skills. He says he now makes money
from his blog and gets invitation to different countries to speak.
Experts note that many of the social, demographic, economic and
technologic trends that spur small business formation in general are
also leading these hobbyists to start part and full-time small
businesses and this is particularly true of small business artists,
crafters, writers, artisans and other creative professionals.
A report by Intuit titled 'Future of Small Business' notes that
today's passion-driven hobbyists breed many of tomorrow's small
businesses. Stemming from the "Maker" movement, and enabled by
technology, these 'hobbypreneurs' - both knowledge and craft-based -
are leading a new generation of entrepreneurs who increasingly take
the step to turn fun into profit.
Moreover, it stated, that instead of inventing new technology, most
entrepreneurs focus on alternative products, reusing old products and
technology to carve a niche for themselves, adding that this
combination of attributes requires small business owners to rely on
innovative ideas, methods, approaches and business models to create
products and services.
The report professes that the act of turning a hobby into an
enterprise, if inspired by the unique convergence of technology
economic and geographic trends, will continue to grow in numbers and
influence, creating new niche products and markets all over the world,
adding that along the way, they will spur growth and innovation in the
market place.
Although more research is needed to estimate the number of small
businesses that start as a hobby or passion, the report says it is
clear that the new Do-It-Yourself movement is creating new small
business opportunities and entrepreneurs are starting full- and
part-time businesses to pursue them.
It is easier and cheaper to make things
The cost of advanced, computer-controlled tools, such as laser
cutters, milling machines, three-D printers and computer-aided design
tools, has dropped to the point where small businesses can easily
afford them. A small business that does not want to bother with owning
and operating these tools can turn to production services such as
'Ponoko' and 'Shapewise,' which will take digital designs and turn
them into products. They will even handle warehousing and shipments to
final customers.
It is easier and cheaper to start and run a niche business
The Internet and related tools have substantially lowered the cost of
starting small businesses. Online marketing methods have also made it
easier and cheaper for producers of niche products and services to
connect with buyers. Cloud-computing - establishing a virtual presence
on the Internet - allows small business owners to look bigger than
they are which improves their position in the marketplace.
Online hobby social networks and web sites enable and empower small businesses
Social networks, websites and community forums provide a wide range of
instructional information and serve as meeting places for makers to
exchange ideas, methods and knowledge. This information might be
relevant for product development or for business operations, depending
upon the need for information and the sources tapped.
Continue...
ReplyDeleteThe down economy is driving up the need for part-time and niche businesses
The recession has battered businesses both big and small, increasing unemployment. Even if the recovery is strong, large businesses are unlikely to dramatically expand their workforces. Because of the continuing lack of jobs, niche and part-time businesses will be the best employment option for many.
Baby boomers are turning to small businesses based on their hobbies and passions
A wide range of survey data shows that most baby boomers want – and many financially need – to continue working past the traditional retirement age. But they are also eager to try new things and pursue passions and interests they ignored during their corporate careers. As a result, they turn to ‘hobbypreneurship’ to generate income in retirement.
Growing interest in sustainability and unusual products spurs demand for customised goods
Small and personal businesses are best positioned to meet the demand for customised products. They are abreast of trends in the market, understand what customers like and, with less bureaucracy and infrastructure in place, are able to readily adapt to meet those needs.
—PUNCH