4 Steps to Turn Your Skills into a Business

magic-cube-1976725_1280So, you want to earn some extra money or perhaps are interested in exploring a possible career change. But, you don’t really know where to start. You do know you’d love to get paid for what you love to do. Well, that’s a great place to begin and it’s also probably more viable than you believe. No matter your personality or experience, you can turn a skill set into a business. Even introverts can be entrepreneurs. You just need to follow four simple steps to turn your skills into a business.

4 Steps to Turn Your Skills into a Business

The first thing you need to do is to know your strengths and weaknesses. Be honest with yourself and take some time to identify each. It’s best to not only think about your strengths and weaknesses, but also, to write these down. Place the list in a conspicuous place where you see it everyday. Doing so will help you to build on your innate strengths and to overcome your weaknesses. You’ll learn to deal with any shortcomings along the way.

…each of us has skills, knowledge or experience that other people are willing to pay for in the form of a service; or they’re willing to pay you to teach them your specific skill or knowledge. Selling services knows no boundaries–anyone with a need or desire to earn extra money, work from home, or start and operate a full-time business can sell a service, regardless of age, business experience, education or current financial resources. —Entrepreneur.com

After you’ve become fully acquainted with your strengths and weaknesses, ask yourself if it’s possible to put your skill set to work. In other words, can you really turn what you love to do into a business? If what you love is watching sunsets, that’s not a feasible idea. However, if what you love is making special desserts and watching sunsets, now you can take one component and turn it into a business. So, whether you’re just looking for a side income or are ready to follow the Brexit vote and start your own compan, you can do so, by following a simple step-by-step plan. Here are four steps to turn your skills into a business:

  • Identify a pay-worthy skill set. What skills do you have you believe people will pay for? This is very important because many people believe their skills are worth compensation but this might not always be the case. Think about scenarios where people will actually pay you money for what you’re good at doing. Even if it seems a little far-fetched, it’s definitely worth a try.
  • Test the idea out for real feedback. So how do you know your skills are worthy of compensation? Simple — try putting your skills into action. Ask family and friends if they need this or that (whatever plays into your skill set). If you are told “No” time and again, you know it isn’t a viable idea. But, if you’re given the greenlight, then you are on the right track. Put your skills to work for free and get feedback from those you serve.
  • Turn it into a workable, proven system. Once you are given enough feedback, you need to keep putting your skill set to work, but do so for a small charge. This will give you an opportunity to develop a workable system. When you are confident the system works, raise your prices.
  • Incrementally scale it up, learning along the way. Now that you have proven it’s a working business model and have a system in-place, it’s time to begin to scale it up. Do this incrementally so you aren’t overextended. Growing incrementally a little at a time also helps to minimize mistakes and risk.
  • Develop a plan but be flexible to adjust to market demands. As you begin to scale your business up, you need to have a plan which includes your service offerings, marketing strategies, team, operational support, financial model for scaling or at least a budget and cash. Be prepared to implement, test and pivot as the market reacts so that you can meet the demand in the market place, and consider a business consultant, coach or mentor.

Have you taken a hobby or something you love and turned it into a business? What other steps would you include to turn skills into a business? Please share your thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s