While most people have a passion, hobby, or talent, few are able to turn a hobby into a profitable business venture. At SIU Credit Union, we know that it can be done. Use these questions to guide you as you transform your hobby into the next small business in your area.
How can you make it unique? Having a talent for something doesn’t always translate into a successful business opportunity. So how can you make your work stand out from the rest? Get creative and find a way to provide a custom service to consumers by doing what you love.
What need does it fill? To succeed, a product or service must fill a need or solve a consumer problem. An effective entrepreneur must identify consumer needs and find a way to tweak his or her product to fit these needs. To start, examine your community and look closely at what those around you are doing. Then find a way to make your passion solve a problem for future customers.
What do you know about the subject? Possibly the most important aspect of starting a small business is industry knowledge. Know your industry inside and out: the consumers, products, competition, and especially potential problems that can arise. Advance knowledge is one the best ways to avoid pitfalls and make your small business as successful as it can be.
How can the credit union help? Your credit unions is the ideal first stop for a budding entrepreneur. We are dedicated to helping small businesses succeed.
If you’re ready to turn your passion into a small business, contact the business service professionals at SIU Credit Union. Not only can we help with your business loans, we also can work with you to create a successful business plan. Stop by or give us a call at 618-457-3595 or 800-449-7301 to get started.