Hey, i have a hobby that i recently got an idea of turning into a business! I have looked into the market and the competition, and it seems the market is growing and the competition is relatively low. In my country all limited and private limited companies are mandated to disclose financial statements to the public. And by the looks of it, most of the companies have good liquidity, growth, profitability and stability in general, but they are small, and have few employees. I think it is a growing market. I havent really started planning, because i dont know where to start…
This is a hobby that is really expensive, and i think thats one of the reasons why it is not so popular, and my goal is to make this hobby cheaper and more accessible to people! And i know about a company that has the same vision as me, making it cheaper and more accessible.
The problem is i dont have any money, experience with owning or operating a company. I dont even have a higher education… How do i go about learning these things? Is there any books that i can read that will help? Any advice?
Without knowing what the hobby is, you can start small scale at relatively low expense. Try selling on Facebook marketplace, craigslist, etc type sites to raise starting capital. Get people to make pre orders if you need the cash upfront to produce the product. That will first of all enable you to test out the PMF for your specific product, and build a customer base/network.