Is it a Hobby or is it your Million Dollar Business?

Hi, Friend! 

If you have a hobby or a freelance gig that you love, you may be wondering if it's possible to turn it into a lucrative business idea. While many successful businesses have started out as hobbies or side hustles, not all hobbies or freelance gigs are scalable or profitable. As a conscious, purpose driven entrepreneur, you may be in love with the service or product that you provide! The work that you do may light you up! You may also be deeply satisfied by having the opportunity to serve your community by putting your sacred offering out into the world. 

Whether you read tarot cards, write grants for NGOs, write songs, or offer some sustainable landscaping services, I want to offer some questions to help you determine whether your hobby or freelance gig can be a lucrative business idea.

Is there a market for your product or service? The first question to ask yourself is whether there is a market for your product or service. Conduct market research to determine whether there is a demand for what you're offering. Look at other people in your industry, their products or services, and the pricing models they use. Understand your ideal customers and their needs, and find out how you can offer something unique and valuable.

Can you make a profit? If so, how? In order to determine whether your hobby or freelance gig can be a lucrative business idea, you need to consider whether you can make a profit and, if so, how you’ll make your profit. Calculate your costs, including materials, labor, overhead, and any other expenses. Evaluate your pricing model to ensure that you can make a price for your offering that is a win-win for you and your clients. 

Can you scale your business? You need to be able to scale your business. Ask yourself whether you have (or have access to) the resources, such as staff, equipment, or facilities, to increase your production or service capacity. Evaluate your current business model and identify areas where you can improve efficiency and profitability.

Are you willing and able to take risks and make investments? Ask yourself whether you are willing to make calculated risks and investments in order to grow your business. Consider whether you are willing and able to find the financial resources, time, and energy needed to invest in your business and make the dream a reality!

Are you going to enjoy scaling this offer? Will you love building this business? Perhaps, you’re working hard in your hobby but it’s not something that you enjoy doing or truly believe in. If you’re going to dedicate the time, energy, and resources to turning your freelance gig into a lucrative business, you’ll increase your chances of success if your venture aligns with your values and interests.

I hope that you find these questions useful! If you love what you do, it would be fabulous if you could take some time to determine whether your passion project has the potential to become a successful and profitable business.

Need help growing your conscious, purpose-driven brand? Schedule a call with me! I’m Dr. Hadiya Sewer, a decolonial philosopher, serial entrepreneur, and social impact advisor. I offer 1:1 Conscious Business Coaching to entrepreneurs and leaders who want to build 6 & 7 figure purpose-driven brands. Together, we’ll work on defining your values, scaling profits, and maximizing your social impact. Apply to join here!