You know that little voice that says, “Hey, I love [insert passion here] and could totally make money doing it!”, often followed by “Wow, this is overwhelming, I don’t know what I’m doing, and I don’t have time to start a business anyway…”?
Well, you can go right ahead and squash that second voice, because the first little voice has a valid point! In many cases, you CAN totally make money by following your passion. Plenty of everyday entrepreneurs are monetizing their favorite hobbies, often while working a full-time job (and taking care of their families)! If you are curious about how to transform your daydream into a dream business, follow these 5 steps towards starting your own #sidehustle.
Write down your big picture business idea. What fundamental market need or problem are you trying to solve, and why are you trying to solve it? For example, the market need may be special event stationery and decorations.
Brainstorm how your idea could be a product for purchase. List out as many key features of your product as you can think of, including different price points. For example, a high price point could include envelopes and invitations made from recycled paper that feature hand-lettered calligraphy and are fully customizable. A lower price point could be a line of elegant digital fonts and a few templates which make it affordable, quick, and easy for brides or party hosts to create their own invitations. Need guidance? Check out our Start Up Heart Up podcast episode on building & beta-testing a new product —> CLICK HERE!
Describe the ideal customer for your product. What are they up to in life right now? What do they do for fun? Where do they get their news? For example, the ideal customer here may be a bride-to-be or someone throwing a baby shower, someone who appreciates elegance and tradition, and/or someone simply scrolling through Pinterest® for wedding or party ideas.
Come up with your business name and check whether it is available. Be creative and try to avoid generic words or phrases that simply describe your business (like “The Calligraphy Company”). First, these will be easily confused with other businesses in the same industry, and second, if you ever want to trademark your business name, you are unlikely to receive a federal registration with a generic or descriptive phrase. For example, a calligraphy stationery business might be called “Letters & Love” or “The Lovely Letter”. Check name availability on the TESS system on USPTO.gov (US only) and Google®.
Write a small elevator pitch and practice on your closest friends. An elevator pitch is a succinct and persuasive sales pitch that you could deliver to a stranger on a 30 second elevator ride. Start with the “why” behind your idea, then point out key features that you believe will make your business and your product(s) stand out from the competition. Your trusted friends are invaluable for honest feedback in a safe space. Plus telling people about your goals will help hold you accountable.
Following these 5 steps will help you develop your idea far enough to decide whether you are on to something with real potential. If you struggled to answer any of the questions and prompts in this post, you may want to pivot in a new direction. If that’s the case, don’t lose hope! There’s a dream business for everyone as long as you are mindful and strategic with your business planning. Even if the market is crowded and your passion is not completely unique, sometimes your competitive edge is simply being authentically you while you do it.
♥︎↑
P.S. Did you find this post on how to launch a new business useful? Check out our Idea-a-Day Ideation Workbook which contains many more valuable questions, prompts, & insight to walk through, step-by-step, the future entrepreneur’s idea-to-launch journey. In addition, sign up for our newsletter to be the first to receive annotated business agreement templates and guidance for market research, product development, & marketing strategy.
Kae Gruner, Founder, Start Up Heart Up
Patent lawyer, deal-maker, & lover of ideas, Kae founded Start Up Heart Up with the goal to empower everyday entrepreneurs. Whether building a new business or starting a side hustle, Kae’s expertise in intellectual property and business law can help you bring any dream business from idea to launch.