The country is experiencing a tech-driven revolution. Spending on consumer technology is expected to surpass $2 trillion by 2023, according to research by International Data Corporation. However, for decades, a significant portion of the population has harbored a passion for all things technology, including gaming, web design, and scientific developments – also referred to as the nerd population. Since then, many of them have gone on to not only establish successful businesses out of their passions, but change the narratives around being a nerd – making it the ideal time to pursue what you love and turn your nerdy passion into a viable business. Whether it is turning your gaming hobby into a business or selling the latest cutting edge technology gadgets, building a thriving business from your hobby requires the right tools and the right preparation if you want to go from nerdy to entrepreneurism.
Decide On The Best Way Your Passion Translates To A Market
One of the first questions entrepreneurs need to ask before launching a business is normally what their product or service will be. The same applies to you. Examine how your passion translates into a saleable product or income stream. What can you offer that customers would be willing to pay for? How does your passion meet a need in the market? This stage requires some market research and brainstorming. If you are into gaming, use market research to identify trending products in the gaming community.
If you are an avid member of gaming communities like PC Gamer Club or Patient Gamers, you may have a great research resource readily available. Other things to consider are your expertise and interest. Are you interested in in-game or website design? Consider how that translates into a business product like offering gaming design services.
Break It Into Small Steps And Timelines
Starting a new business can be overwhelming – particularly if you are new to the world of business. Focus on establishing small measurable targets to keep it streamlined and manageable. Start with a general business plan. Split into sub-categories such as business financing, marketing, product development, and establishing business infrastructure. For instance, find out what you need to do to legally register your business, such as securing a trading license or applying for copyrights/patent, if applicable.
Similarly, if you plan on opening a video gaming accessories store, you will need to secure a good store location(or establish an eCommerce store), establish supply chains, research business owners insurance policies, and find appropriate storage infrastructure for inventory. You will also need to think about business security – both on and offline. This includes establishing security protocols for the protection of property and stock, along with securing cyber and property insurance for any unwarranted events. If you find that you are struggling, seeking the services of a business planner can provide some clarity on the steps to take.
Seek Help And Professional Expertise
While you may be well versed in your passion, there may still be a lot of things to learn about being a business owner. To give you the best chance, seek professional help if you need it. This can take the form of outsourcing marketing and accounting functions to firms specializing in them. With 82 percent of businesses going under because of cash flow, these functions may be secondary to your gaming business, but they are no less important.
New business owners can also tap into freelancers or contractors for specific tasks such as creating a financial plan before seeking funding or spearheading recruitment for your new business. By recognizing what you can do well – and outsourcing what you cannot – you stand a better chance of making a passion a successful business all around. Do this, and you can not only enjoy what you do, but do it well.