“Do what you love and the money will follow.” Entrepreneurs have heard this advice hundreds of times over the years. What’s wrong with it? Nothing really, but most people who try to turn their hobby into a business, normally fails. Complete with a large and expensive hobby, not a successful company…
However, there are a few who have managed to combine their passion with the business intelligence to create revenue from something they love. What makes the difference? A good example of how to run a business based on a hobby is on the TV Travel Channel called “Toy Hunter”. The show is based on following the toy salesman Jordan Hembrough on his visit by basements, garages, warehouses and garages of collectors looking for value toys.
We’ll give you five tips to turn your hobby into a business in the way Hembrough has made his hobby by toys bear fruit:
1. Buy well
Know the true value of your product and estate willing to put aside your own desires. Keep your controlled or end up with a closet full of things that impossible to sell hobby. Many times collectors want Hembrough pay them more for their toy. Therefore, it is common that decides not to carry out such a purchase because he knows what collectors are willing to pay for a particular item in that condition. You may be willing to have that toy, but remains focused on the reality of income.
2. Cultivate relationships with suppliers
– to build close relations Opta rather than make more profit. Hembrough not wantonly to ‘steal’ a toy collectors, but hopes to return and visit again to do more shopping. He approaches every collector with respect, and always asks: “Are you willing to sell it?” Before giving a price.
3. Promote your offer
Getting your message across is equally important to have good products. When Hembrough take a risk and make a large purchase, such as Star Wars vehicle 80’s, he asked his assistant to start making marketing calls immediately. With a big-ticket item, it will take more marketing activities to find a buyer, so the run from the sale.
4. Beware the cash flow
-in the business of collections is important to make sure not to keep too much money in inventory, because soon you will not have cash available. Many shopping Hembrough toys are less than $ 20, but the ship of Star Wars cost USD $ 750, which further increases the urgency of finding a buyer for cash and to pay the bills.
5. Focus on what you know
The toy collection is a huge space with multiple areas of expertise. Hembrough cleverly keeps the best known and has cultivated a customer base for their toys classic TV and film, mainly from the 1980s.
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