The sad truth is, that most people think that they can make a living from their hobby, so they try making a business from their hobby. Increasing supply, at same demand means FAILURE. Unfortunately many people, friends, colleagues, or personal trainers recommend doing what you like and you will eventually get successful.
However, this is complete bullshit. Sure, there might be a few out there who get successful by doing what they love, but there aren't many. I mean, how many people do you know that are successful by doing what they truly and deeply love?
I don't know any. You might have different people around you, but I believe that most of them might survive with their business, but they are far from being really successful.
If you want to build a business. You have to know what the market wants. If you love to write doesn't mean that people will buy your book. You have to write about the right topic. You remember the lady who wrote Harry Potter? She loves writing and was also successful selling books. Why? Luck? Right timing? Right topic?
People like her are seldom, VERY SELDOM. Look around in your family and friendship circles, how many people are really successful there? And I am not talking about people who have to be workaholics to earn more than average. I used to know a guy (I didn't see him for more than 5 years), who has worked for a global consulting company in a leading position (in the top management). I also knew how much he earned (as we used to be good friends). On average he was working 80-90 hours. He had a a lot of responsibility, no free-time, no girlfriend or at least just for a couple of weeks and he had a high salary. But...wait...did he really have a high salary? Yes he did, but he just earned a few dollars an hour more than I did. When he earned $8,000 per month, I earned #3,500, but he worked more than twice as much. People considered him being a good earner. I knew better and knew about his sacrifice.
What I want to say is the following. Which options do you have for finding a full filling job? I guess, not too many. Or maybe yes?
Yes, there are ways to find what you want or at least something closely related. You know, most people want to go the easy way. If they like to sew they quickly decide to produce self-sewed socks, undies and so on. They rent a shop and sell their stuff. 2 years later they close the shop and think of them being a failure. So, what do they do now? Right, they apply for a dead end job again? Welcome to the rat race.
It does not have to be like that. The only thing that you have to do before launching a job is a good market analysis and you will quickly find out if there is a market for your socks and undies. You think you were the first person thinking of a sewing shop with self-made items?
Fuck, no. There were thousands before you. If you are serious about building a shop, get the fundamentals right. If you do that your business will be successful and your business will develop to a real powerhouse. Analyze the market, do some research.
How to do the research? It's easier than you might think, but if you feel overwhelmed by this, consider asking a strategy expert.
However, I believe that common sense can help you, but might not solve all the questions arising. But if you would like to do it yourself, you could start with #1. family and friends and ask them if they would buy self-made sewing items? (You don't have to tell them you are planning to launch a shop). #2. Look into forums, the internet is the place for research. #3. Type into Google: self-made sewing items or the like.
Take a look at which companies are popping up. Look at the prices but also check the demand for searches. You could do this with this free tool: https://adwords.google.co.nz/KeywordPlanner
Just sign up for a gmail account (if you don't have one so far). You should land on this page:
Search for new keyword and ad group ideas. Afterwards you fill in terms related to what you want to sell. Then click apply / or search (not sure whats the exact name). You will receive a search result and if you scroll a bit down there should be a tab called 'Keyword ideas'. Click it and take a look at what it displays. If you take a look at the columns you will see one named "Search volume". Congratulations, you have found out how many people roughly are searching for your product in the defined location.
That's how market research works. But of course, there are many other tools you can utilize, depending on what you want to know about the market.
When conducting your research you might find out that undies and socks are sold in heaps just a few blocks from your planned shop address, and that there is a growing demand for people searching for self-made socks for dogs and cats. Yeah...now you have a specific target market. Less competition and an increasing demand.
If you know that there is a demand, you just have to do one thing. Built up your shop and penetrate the market as quick as possible. Good luck. Your dreams are possible, you are just not allowed to give up.
If you have any questions or need any help on strategical advice, please feel free to contact me or leave a comment below.
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