Episode 78 - From Hobby to Business: Steps to Assess, Plan, and Transform Your Passion into Profit

In this episode, we explore the transition from hobby to profitable business. Bumi discusses the pitfalls of starting a business and how to avoid them, highlighting the importance of thorough planning and market research. She outlines eight crucial steps to evaluate the potential of turning a hobby into a business, providing valuable insights and practical strategies. 

Listeners are encouraged to assess their passion, conduct market research, determine their unique value proposition, create a comprehensive business plan, identify revenue centers, test the market, and understand legal and tax implications. 

Bumi's expertise and real-world examples offer actionable advice for aspiring entrepreneurs looking to scale their hobbies into successful enterprises. Tune in to gain valuable insights and take steps toward creating your own economy.

 

Key Moments: 

00:10 High failure rates among passionate entrepreneurs.

05:18 Evaluate demand, UVP, competition, target audience, costs, timeline.

10:23 Identify various revenue streams from your hobby.

14:27 Transitioning hobby to business: legal, tax implications.

16:14 Embrace correction and transition hobby into business.

 

About Bunmi - 

Bunmi Ajibade is the CEO, Executive Trainer, and Coach of Clarole Growth Resources, LLC. She impacts the lives of individuals, groups, and corporations through Coaching, Training, and Mentoring. Bunmi’s strategies include Creating Awareness, Clarity, and Navigating to be more and do more to achieve success. Through her love, passion, care, and empathy, Bunmi has helped her clients navigate, gain clarity and find solutions that will make them live their best lives and become successful. Bunmi has organized workshops, Seminars, led Leadership discussions, and conducted one on one coaching sessions. Bunmi is happily married and raised three successful sons. She resides in Texas, USA. 

 

How to connect with Bunmi Ajibade: 

Website: https://clarolegr.com

LinkedIn - https://www.linkedin.com/in/bunmiaj/

Facebook Page - https://www.facebook.com/Clarole14

Book a call with Bunmi - http://clarolegr.com/meet