From hobbyist to businesswoman: turning your passion into profit

Turning passion into a business – where to start

Many successful businesswomen started with a simple passion, something they loved doing in their spare time. But transforming a hobby or side hustle idea into a profitable small business takes planning, strategy and commitment.

Just ask Mari-Mar Walton, founder of Travelling Fit, who built a thriving travel agency for marathon runners by overcoming challenges like branding, marketing, hiring staff and managing finances.

If you’ve ever wondered whether your hobby could become a full-time business, this guide can help by walking you through the most important steps.

Video: How Travelling Fit got started

Mari-Mar Walton talks about her journey from hobbyist to business woman.

Step 1: Validate your business idea

Ask yourself the right questions

Before diving straight into the deep end, consider the following:

• Is there market demand for my product or service?
• Who is my target audience? Be specific.
• Can I generate consistent business revenue?
• What problem does my business solve and what are the key drivers?

Conduct market research

Researching competitors and industry trends helps you discover if your idea is viable. Pay close attention to:

• competitor pricing and customer feedback
• industry growth statistics and emerging trends
• gaps in the market you can fill.

An example of this is when Mari-Mar Walton identified a niche market of marathon runners needing travel arrangements. This raises the important question – what unique angle can your business offer?

Step 2: Create a business plan

A clear, well-structured business plan can guide your journey from hobbyist to businesswoman.

Key elements of a strong business plan

• Future-driven business goals – what do you want to achieve in one, three or five years?
• Business revenue model – how will you make money?
• Marketing strategy – how will you attract and retain customers? Why should they choose you over competitors?
• Financial projections – estimate any costs, revenue and profit margins using a cashflow template.
• Legal and compliance – register your business for an ABN and understand your tax obligations.

Useful resources: NAB offers business banking solutions and financial planning tools to help new entrepreneurs forecast costs and manage cashflow.

Step 3: Set up your business finances

Open a business bank account

Separating personal and business finances is key for tax and accounting purposes. NAB’s Business Everyday Accounts make managing finances simple, with smart features useful to small businesses.

Secure funding and manage cashflow

• Explore small business loans and grants.
• Consider bootstrapping or seeking investors.
• Learn about invoice financing to manage cashflow fluctuations.

Mari-Mar Walton’s partnership with her NAB small business banker helped her navigate currency fluctuations in her industry. Having a business banking partner can provide valuable guidance at every stage.

Step 4: Build your brand and online presence

Developing a strong, recognisable brand can set you apart and attract the right customers.

Develop a brand identity

• Create a unique business name and logo.
• Define your brand voice – is it playful, professional or bold?
• Ensure brand consistency across social media, your website and any marketing materials.

Establish a digital presence

• Build a website with clear messaging and an easy-to-navigate design.
• Use social channels like Instagram, Facebook and LinkedIn to connect with potential customers.
• Consider investing in SEO and content marketing to improve visibility while attracting long-term leads.

Mari-Mar leveraged event sponsorships to grow Travelling Fit’s presence. Think about where your audience hangs out online and how you can reach them effectively.

Step 5: Marketing and customer acquisition

A great business idea means nothing without customers and execution. Build a solid marketing plan that includes:

• Social media ads and organic content, with targeted campaigns on Facebook and Instagram.
• Networking and partnerships with collaboration between industry influencers or related businesses.
• Email marketing involving building an engaged email list over time through valuable, actionable content.
• Referral and loyalty programs that encourage word-of-mouth marketing.

Step 6: Hiring and expanding

As your business continues to grow, hiring the right team is essential.

Finding the right people

Define your hiring needs – do you need to prioritise admin, marketing or customer service?

Look for people who align with your brand and its values.

Provide training, development and career growth opportunities.

Develop employee engagement strategies for future business success.

Hiring wasn’t easy for Mari-Mar, but it helped her balance family life and business expansion. As an entrepreneur, knowing when to delegate is key.

Managing business challenges

No business journey comes without obstacles. Here’s how to tackle some of the most common ones:

Work-life balance

Set realistic work hours and stick to them.

Prioritise self-care, downtime and relaxation.

Financial uncertainty

Keep a cash reserve for unexpected expenses.

Use accounting software to track income and expenses.

Business growth and stabilisation

Be adaptable to change and be ready to pivot.

Seek mentors, advisors and engage in networking to help you scale.

Take the next step: turn your hobby into a thriving business

While starting a business is an exciting journey, having the right support makes all the difference. NAB is here to help women entrepreneurs, as in the case of Mari-Mar, with:

Small business banking resources and calculators to help manage finances.

Small business loans and financing to fund growth – learn what to know before applying.

Business tips and tools and the latest business news, opens in new window to guide your success.

Ready to take the leap? Explore NAB’s business banking solutions today and start turning your passion into profit!