Camden, NJ- On June 6, 2019, LAEDA held an information session to promote the new eight-week program called Turning Your Hobby into a Business. The evening’s info session was used to tell residents of the Parkside community about the upcoming program that can help them transform their “side hustle” into a money maker. Through the Parkside Collaborative, LAEDA will offer weekly courses with topics ranging from Product Development and Production Process to Business Administration and Bookkeeping as a way to assist the Parkside residents with formalizing their hobby.
The Information Session began with brief introductions from Raymond L. Lamboy, LAEDA President & CEO and Miosha Lawrence, PBCIP Homeownership Coordinator as well as an overview of the eight-week course given by Jamila Powell, LAEDA WBC Program Manager. Ms. Powell began the conversation by polling the audience, “Who has a hobby that they want to turn into a business… An idea, talent, or skill that they believe they can make money from?” Upon this, the audience members had the opportunity to speak about their business concepts while some even brought in products to show to the group.
Ms. Powell continued by stressing the importance of knowing three essential aspects in business… Production, Sales, and Administration. When starting any entrepreneurial journey, it is important to note that being a secret in the market will not help you succeed. It takes having a network of potential clients who will help to unlock endless opportunities of success. Jamila emphasized that an honest assessment of your product will save you time and money while having a focus group will help to receive feedback on product quality, packaging, and messaging.
“Once you have looked at the best way to develop the product, you must now be concerned about how to produce and sell it”, Jamila continued. Potential business owners must be able to meet the demand for their products when they choose to formally start a business. They must understand the time and costs associated with producing the products in order to sell at the right price. This information will be crucial when determining if the business will not only be practicable but sustainable.
Ms. Powell then spoke about how the administration for the business is just as important as the production and sales. “Keeping good records so you can track your business is vital because this will help you determine the time when the hobby transitions into a business, “Jamila stated. Tracking your numbers will also let you know when you will need more money to grow. Miosha Lawrence concluded the evening by talking about the importance of credit and the four keys to being a good borrower and getting funding for the business. They include: (1) making payments on time; (2) having no open judgments, collection/charge offs, or liens; (3) having fifty percent or more of available credit on your credit cards; and (4) reviewing a recent copy of your credit report from all three credit bureaus (Equifax, Experian and TransUnion). All of these things will be important when trying to get a loan to grow the business.
If you are interested in registering, click here or call 856-338-1177 for details about the Turning Your Hobby into a Business eight-week program.