Geek Passion into Profit: Smart Moves to Make a Business

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Submitted by Bill Casticart on Thu, 01/07/2021 - 16:42

Multi-million dollar businesses: Amazon, eBay, and even Harley Davidson all started from a passionate hobby. So it stands to reason that you can also tap into your geeky passion and turn it into a profit. Before you do so, however, you’ll need to know how to make that possible. Here are a few smart moves to turn your geeky passion into an actual business!

Know Your Target Market

Small businesses have an average life span of about 8 years and a growth index of about 2% each year, according to Nav. If you’re aiming to have your business last that long, you’ll need to know who your target market is. Are you catering to the Star Wars crowd? LOTR? eSports? Narrowing down what your niche is will help you identify who your market is. From there, it’s smart to conduct market research by reviewing your competition and see what consumer needs aren’t being met. Utilize any existing social media accounts to get a pulse on what your target market wants so you can cater to it.

Insure Your Business

As a business owner, you need to have a safety net in the event unforeseen events occur. Experts at Cerity recommend that new business owners factor in insurance in their start-up budget, as this helps ensure that a business is protected. Sadly, 44% of business owners do not purchase insurance and end up having to close their doors due to an emergency, according to Fundera. If you’re planning on having employees in your business, you’ll need to look at worker’s compensation to help shield your enterprise from any work-related injuries. Preparing for emergencies is a great way to ensure that your business can take a bump and survive.

Test the Concept

A good way to lower your business risk is by testing your concepts before launching. While it’s tempting to just set up shop, you need to make sure first that your product or service actually sells. You can do this by tapping into your network of friends and family—or even people from your geek groups. Present a prototype and run it by them and take note of their feedback. It’s important to find out why your product or service won’t entice repeat clients so you can continue to tweak what you’re offering.

Get Your Finances in Line

A startling 82% of new businesses fail because of cash flow issues, according to Julija Andjelic. Another smart move you can do is to get your finances in line before you open up a steady expense. It’s good practice to have a clear grip on the state of your cash flow and make sure every cent is accounted for. It may be challenging, but handling your finances is key to keeping track of whether your business is profitable or not.

Turning your geeky passion or hobby into something you can profit from involves tapping into that same fire that you feel for your fandoms. It will take effort, dedication, trial and error, and a lot of research to get it off the ground. As long as you are open to learning from your mistakes and learning from the best in the business, you and your fledgling business will have a bright future.