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Resolved Question

How to turn my passion into a small business?

May 5, 2014 4:32AM PDT

I am an electronics hobbyist, and an 19 years student, for some years I have gathered many knowledge on electronics and love to play with it. Now, I want to monetize it by some way.
As an student with less time and investment what would be a smart way to start a business? Weather online blogging will be a good or I should make my own product and sell them or should do something else? Which will be the more smarter step to take?

Discussion is locked

JimutDhali has chosen the best answer to their question. View answer

Best Answer

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Find A Niche Market
May 5, 2014 4:43AM PDT

There are several different directions you can go with a skill like this. The first step would be to find your area of expertise in electronics. Figure out what it is that you have to offer that is better than anyone else. Brainstorm on some ideas for good marketing strategies, come up with a business plan, and jot down ideas on services you can offer such as repairs. When you say electronics, that's an incredibly large spectrum, so figure out what type of electronics you want to specialize in. There is always good money to be made in the music industry with something as simple as repairing amps and monitors. There is also a great deal of money to be made in refurbishing music equipment and reselling. No matter what area of business you're going into, what you really need is an upper hand. Do some research and find out what services and prices you can offer that your competition can't.

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That was helpful, but few questions more
May 5, 2014 6:19AM PDT

I can do repair jobs easily, but it would hard for me to get clients by working at home, moreover no one would trust a 19 years old easily.
I can do the job of repairing amps and monitors too, refurbishing would be great thought, I can buy old or broken amps and repair it or make a whole new board and sell it online. But how will I promote it online, half of the people will go away by looking at the word refurbished? It will be a little hard for me to make connections in the local market.
Or, will it be helpful if I make the boards of amps, mixers etc and sell them online without the chassis? Because making chassis will also be a hard job for me. Or you can tell me how I can.

-Thanks

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Electronics
May 6, 2014 1:43AM PDT

Repairs are more or less just a good way to get your foot in the door, and always a good service to offer on the side. As for the refurbishments, musicians are always looking for good refurbished material. Like I said you need to come up with a business plan. The best way to become a great business is to pretend you're great until you don't have to pretend anymore. Get a facebook page started, promote your posts, and once you've grown enough look into getting an official site. Sometimes a better word for refurbished is "custom." It may sound shady but if you're product is good that's all that matters.

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Thanks
May 6, 2014 1:53AM PDT

I needed to hear this word "Sometimes a better word for refurbished is "custom"".
Thanks that helped me a lot.

I was thinking of starting both business. I want to run the online website too because both have pros and cons for me.

The online website cons is it would draw me customers like students who are like to buy less and I will make less profit, and it takes too much time to get some profit from websites and pros are that I can keep myself in my comfort zone like working a home and working anytime.
On the other hand if I do the amp selling job it would draw me high value customers and my profit will be quick and cons are that I will need to go outside in local market to find customers that is a hard job for me, and making chassis is also out my comfort zone.

Am I going the right direction?

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Electronics
May 6, 2014 12:36PM PDT

It sounds like you're getting your plan together. Starting a website can be rather expensive, unless you can build your own efficiently. I just recently got into graphic design and web development myself and it's no simple feat.
Facebook on the other hand is a very cost efficient foot in the door as far as getting your name out there. Just remember, you don't have to limit yourself to one market with a skill like this. Music is just a suggestion. I'm a musician and I can vouch that there's a good deal of money in the electronics aspect of the industry, however, I would make a list of your top 5 or 10 skills in electronics.
Figure out what it is you do best and try to determine your best options from there. Stay within your comfort zone, while you're starting out and take it from there. Try and make yourself a business plan, and browse your area to see what sort of prices you're competing with. If you can offer competitive prices and great service I'm sure you'll do well. And that's about all the advice I've got. Good luck, I hope it works out for you!
-Jake Social Overseer

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Thanks
May 6, 2014 4:13PM PDT

I think musical field electronics is the only option for me now, so I may start with it, later if I find something else more profitable I will make that too.
I good thing is that I can adapt to any small electronics that can be made from scratch, like I can make 12V to 220VAC converter, I can make home UPS system, maybe some security products. But I will not be able to get hold of the clients that will buy these. Any another big thing is that all these things need good chassis, I can't make that.
I am also a musician so I think this will be good for me.

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Answer
Look up HAK5
May 5, 2014 4:44AM PDT

Great examples of making videos, web pages and more to make and promote their own gear. Will you invest that much? Only you can know.
Bob

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Answer
RE: How to turn my passion into a small business?
May 12, 2014 3:15PM PDT

A great way to turn your passion into a small business is to buy a business that is already successfull. If you are interested in buying or selling a small business, check out http://www.bizimarket.com, the online business marketplace.

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Answer
RE: How to turn my passion into a small business?
May 12, 2014 3:15PM PDT

A great way to turn your passion into a small business is to buy a business that is already successfull. If you are interested in buying or selling a small business, check out bizimarket.com, the online business marketplace.

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Answer
Crowdfunding
May 29, 2014 11:38PM PDT

Look at some of the crowdfunding websites like kickstarter and indiegogo - and you will find examples of how folks are launching their own product / embedded boards / Arduino apps in Electronics, getting them funded and taking it to their customers.

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Business Plan
Jun 3, 2014 8:46PM PDT

First you need to create a business plan, then create a eCommerce website using best eCommece platform like Magento, Prestashop etc. This will help you to put products online and meets your feature demands.

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laser beam focus
Jun 4, 2014 7:58PM PDT

you remind me of the 18 yo phenomenon that i saw in Dan Pena's seminar vids. he is being mentored now by dan and he earns thousands of dollars weekly. maybe you'd be interested to have a mentor like him? i am planning to attend his seminar in a few months too Happy

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To make dream of business come true
Jun 17, 2015 1:50AM PDT

To make yourself stand in business crowded world you need to plan and then act well on your plan. Decide the best in yourself and then show your talent to companies.