How to Turn a Hobby into a Joint Venture Money-Making Strategy

The best businesses are out of personal interests and hobbies. A classic passion-turned-profit story is Microsoft. Bill Gates became one of the wealthiest when he developed the writing language or software of personal computers. Computers were his sole interests then.

Like Bill Gates, small and home businesses can also have the same fate. ChocolateFarm.com is one of them. The Colorado company sells chocolate online. The chocolate business was out of the joint hobbies of making chocolates and internet. What is more surprising is the joint venture was started and owned by 2 young entrepreneurs—Elise MacMillan, 10, then, and Evan MacMillan at 13. Elise cooked the chocolate while Evan managed the Web.

How do you get your hobby turn to money?

First is research. You may know everything about your hobby, but making business out of it is not a well-explained territory to most hobbyists. Conduct a market and competitive analysis. To most, such study is the market feasibility study. Know the size of the market you are entering. Are there buyers of the hobby-turned-product or service? Are there other sellers or similar business in the area you are proposing to establish your new business?

Second, know the future market of your hobby business. Knowing your market and competitiveness is not enough. You must also know long-term condition of your market and competitiveness. You must know whether your market will stay longer or not. Check if your hobby is just a passing fad that will often instantly disappear. Also check if the market you are developing out of hobby will encourage more similar businesses in the future. Thus, your future competitiveness will slowly be marginalized.

Lastly, find your business partner or just mentor to complete your joint venture. He/She can be your friend who has a business management degree or experience. Having a business partner or mentor will guide you in successfully turning your hobby to earning business. With the joint venture, you can focus on developing your hobby into a marketable product or service while your partner manages your business. Of course, general business direction will jointly be planned.

Here's to your success
Rivers Corbett
MyInternetBiz

"Award Winning Entrepreneur, and Joint Venture Specialist, Rivers Corbett offers an opportunity to a limited number of entrepreneurs who are looking to steer clear of the typical ''Get Rich Quick'' hype. Click on http://myinternetbiz.ca for more information.