In these times of the side hustle and trying to break free from of our mundane day jobs. Many of us are looking towards turning that hobby into a business.
There's a clear distinction between a hobby that makes some money and running an official business. And That’s what can sometimes trip us up when trying to make a living doing what we love.
Today my guest Ethan Abramson owner and designer of an acclaimed New York, furniture company shares his story and the insights he’s gained interviewing others that have made the jump. On his podcast “building a furniture brand”.
We talk about the right time to jump from hobby to business
The importance of defining your niche,
The neglected aspects of market research,
Where most fail in pricing and budgeting,
and how to actually, sell something.
Even if you never want to turn your hobby into a business. Chances are you know someone that does. This episode could really make a difference.
Ethan shares a lot of knowledge here. So, let’s get into the show.
1) You have had a successfully furniture company since 2008.
Was furniture making ever a hobby before starting your business?
2) You have a podcast “Building a furniture brand” In your podcast you talk with people who successfully run furniture businesses.
Have you found any quantitative data from your guests when the right time is to jump from a hobby to a business?
3) You are a furniture designer and maker, but IKEA also designs and makes furniture. You clearly can’t compete with the Swedish juggernaut.
How can hobbyist carve their own niche in such an overcrowded market?
4) They say to do your market research before launching a business. This is no small task and if not done correctly it can destroy you r business
What do hobbyists often neglect when researching their market and competition?
5) Budgeting and pricing seem straight forward but this can trip up many starting businesses.
What do most forget, or do not fully comprehend when budgeting for jobs and products?
6) Most of us are creative souls. In love with the physical work of making something. People like us are generally hopeless marketing and salespeople. But if we have you run a business, we are going to have to sell something.
Any advice on how to market and make sales if you are a one man show?
7) Learning from people who went through the nitty gritty of starting a business can be invaluable. Especially those who have done what you want to do. These people can guide you on things to avoid and improve in your business.
What have you learnt and applied from any mentors or more importantly you guests on your podcast?
8) We have talked a lot about money and marketing.
How important is it for you that you maintain a focus on joy and happiness over the profitability of your company?
RAPID FIRE 5
1) What is something people get wrong about you?
2) What is something you like doing that has nothing to do with making?
3) What project is completely priceless that you could never sell?
4) What does happiness look like?
5) Who should be the next guest on the podcast?
Ethan Abramson links