Turning Cooking Hobby into Business Venture

This assignment explores the opportunity of turning a cooking hobby into a new business venture. By converting this passion into a profitable endeavor, entrepreneurs can effectively earn money while polishing their culinary skills. The discussion highlights various methods such as YouTube videos, food blogs, websites, and specialist online platforms for gaining followers and customers. However, it also emphasizes the importance of addressing challenges like funding, getting insurance, time management, and more to achieve desired success and growth in the market.

Putting hobby of
cooking into business
venture

Putting hobby of cooking into business venture
RATIONALE
Main reason for selecting this topic is to put the hobby of cooking into a business
venture. Through this study, researcher can determine the number of resources which are
needed for launching the food business of HobbyFoody. Through this investigation, researcher
get the opportunity to understand the process of converting hobby into venture and to get the
desired success and growth in the market after launching this new venture. Also the researcher
can determine the challenges and issues which will be faced by the firm when converting the
hobby into a new business. Through this study, researcher will be able to determine how the
hobbies can be used for earning money and also to enhance the hobbies. Also this topic was
selected as the people tend to prefer the food of restaurants and hotels sue to the richness in
taste. When new people from other nations visits a country, then they prefer to eat the local
dishes of the country. So for fulfilling the demands of such persons, this idea is taken into
consideration.
AIMS & OBJECTIVES
Aims and objectives are very essential for conducting any research. These both provide
an excellent framework in order to support the research. Aims are basically defined as the
factors and elements which a researcher desires to know and objectives are defined as specific
steps which need to be taken for achieving the predetermined aims.
Aim: “To evaluate the process of converting cooking hobby into a business venture.” A
study on HobbyFoody.
Objectives
 To understand the ways of converting hobby into business venture.
 To determine the different ways through which new venture can easily increase the
growth.
 To determine the challenges and issues of converting cooking hobby into business
venture.

LITERATURE REVIEW
Literature review is a type of scholarly paper which reflects the findings and
methodologies included for providing a theoretical contribution to the research topic. It can be
referred as the summary of the previous research on any topic. In this research , literature
review is being done by researcher on the three main objectives of the research which are
discussed above.
Process of converting hobby into business venture
Converting hobbies into business venture is very beneficial for an individuals or an
entrepreneur. When hobbies are converted into business, then it provides the opportunity to
entrepreneur to enhance their skills and knowledge while simultaneously earning the money.
According to the “Kane Simms”, (2014) When converting the cooking hobby into a new
venture, three steps needs to be followed. These steps are helpful in growing the new business at
a rapid pace and also to gain success in the market. Through these steps, a business idea or
hobby can be successfully converted to a new business firm. For monetising the cooking hobby,
first step is to prepare a structured plan. This plan needs to updated or improved along the way.
This plan is prepared for determining initial strategies which needs to be implemented. Second
step is to prepare the food for relatives, family and friends in occasions for making first sale.
Through this, improvements can be made in the cooking and the friends and family also do not
make any issues in case of errors (10 Tips to Turn Your Hobby Into a Business, 2011). Take
advantage of the trust and familiarity. This sale needs to be made for starting the business, it
does not matter whether it is of $ 5 or $ 1000 (How to Turn Your Cooking Hobby into a
Business, 2014). In initial stages, an entrepreneur must ensure that the time will not be wasted.
Entrepreneur must utilise the time in creative manner. It can be done by waking up early than
regular time and utilise the time in getting some stuff done before going to the workplace. Third
stage is to build online presence on social media platforms. In food industry, word of mouth
plays a very important part in attracting the customers (Turn Your Love of Cooking Into a
Business, 2016). Provide an address and phone number at which the customers can contact you
when advertising on social media.
Different ways through which new venture can easily increase the growth.
Whereas according to the view of “Tom Willis”, (2019) when an individual is passionate
about food and cooking, then he/she needs to use it for earning some extra cash. Social dining
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is also a good way in order to influence people for purchasing the food from business venture.
There are various new social dining platforms which are appearing with time (Ways To Earn
Money From Home Cooking, 2019). It is possible to earn profit and revenue while developing
the skills in kitchen. Yes, I had identified this part of literature which assisted me in converting
the hobby into business for earning money. This part of literature will cover the small ground
as it states the ways for earning the money from the new business venture.
There are various specialist online platforms which are helpful in connecting with the
people who would like to pay for food product at restaurant prices (Initiatives To Increase Your
Business Growth Curve, 2016). After trying the social dining, entrepreneur can switch to
providing recipes of the food products in online classes and on YouTube videos. Through this
the own skills will get polished and also these classes are helpful for amateurs in order to gain
some food and cooking skills.
Challenges and issues of converting cooking hobby into business venture
Miracles do not happen overnight, it requires continuous efforts and hard work. After
online presence is established improved results can be obtained by the firm. There are several
challenges also which can impact the business performance of this new venture. According to
the “Dave Thomas”, (2017) From the various challenges, some of the major challenges which
can impact the business operations are funding, getting insurance, time management etc. The
entrepreneur needs to find funds for launching the new venture. which are useful in performing
the daily operations of the new restaurant Without skilled workforce, newly form venture can
face issues in functioning. Also the entrepreneur needs to find the investors who can invest in
the new business. Yes, I had identified a part of literature which is very helpful for me in
grounding the project into theory as it helped me in gaining some insights on the challenges
involved in the conversion of hobby into business. This body of literature will cover the huge
ground as the challenges are identified which can impacts the performance of my new venture.
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METHODOLOGY
In methodology, different methods and techniques for collecting the data are provided to
researcher in order to draw a meaningful conclusion. It provides guidance to researcher for
executing project in an effective manner. Researcher should determine appropriate methods and
techniques for conducting the study in a proper manner.
Type of investigation
The researcher needs to determine the nature of the research first for adopting suitable
techniques and methods to continue research. The nature of this study can be either qualitative
or quantitative. The qualitative research is taken into consideration for conducting this research
work. The qualitative research is focused on gathering data from qualitative methods.
Qualitative nature of research is based on the feelings and perceptions of humans and
individuals (Barringer, 2015). Whereas the quantitative research is focused on adopting
quantitative or statistical methods for data collection. Quantitative nature of research is based on
analysing the numerical facts and figures. This quantitative method is not used in this
investigation This study deals with the evaluating the process of converting cooking hobby into
a business venture.
Research approach
The perceptions of researcher reflect the approach which needs to be adopted for
carrying out research. The different types of approaches which can be used in study are
inductive and deductive approach (Guercini, 2014). In deductive, a new theory is developed by
creating a hypothesis and then theory is proved using the hypothesis. In inductive approach, the
facts and figures are observed for creating a pattern. Inductive approach is considered in this
investigation work.
Research design
The research design is focused on manner and ways which are useful in conducting the
study properly. There are different types of designs which can be used in the research i.e.
descriptive, exploratory, experimental and meta-analytic. The descriptive design is focused on
conducting study using detailed description of current figures and facts. Exploratory research is
focused on exploring new models and concept for carrying out the study. The experimental
design provides scientific or mathematical analysis in order to prove or develop a specific
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theory (Ilasco, 2013). This investigation deals with process of converting cooking habit in a
new business venture in order to get success and growth in market.
Data collection
Data collection is process of gathering reliable data from both secondary and primary
resources. The data collected from primary sources is considered as primary data whereas the
data collected from secondary sources is considered as secondary data. The secondary
information is collected from mainly journals, articles and other published scholar materials
(Lim and Ting, 2013). For conducting this research, secondary data is collected for generating
positive outcomes. Through secondary data, researcher will be able to conduct the study
effectively without any errors. The data for presenting current scenario is taken from mostly
journals, books and articles.
Issues of validity and reliability
It is important for researcher to obtain reliable and valid output from conducted study
work. So it can be said that both validity and reliability are important aspects which are
necessary to conduct a proper research. For achieving validity, researcher needs to gather
required information from valid and authentic sources (Rexroad, 2010). The investigation can
be considered as valid when reliable and meaningful results can be obtained. This study can be
concluded reliable in nature, when same results can be obtained in different circumstances.
Limitations
When conducting this study, researcher faced several limitations associated with cost.
Due to the less availability of time, secondary data was taken for collecting the data (Sobh and
Perry, 2006). This method is less time consuming and also the cost can be saved using this
approach.
Sampling approach
There are two types of sampling approach which are random and non-random. The non-
random approach is selected for this study and in the non-random approach convenient method
is selected as it is very cost and time effective. This approach is very useful for the new ventures
as it takes less amount of time and money.
Issues of access to data
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There are several issues which needs to be taken care of when doing this study. The
researcher needs to ensure that the personal data or information must be disclosed in-front of
anyone. The researcher also make sure that the respondents must provide their responses
properly for analysing the data in a proper manner.
The intended approach to data analysis
The intended approach for data analysis is the Thematic approach. With this approach,
the primary data which was obtained from the primary sources and methods is analysed
properly. In this approach, the data which will be analysed is in form of questionnaire. The
questionnaire then distributed to the stakeholders of the firms.
CONCLUSION
From the above discussed information, It has been concluded that by converting the
cooking hobby into a new business venture, entrepreneur can effectively earn some money
while polishing the cooking skills. There are various methods such as Youtube videos, food
blog, website, specialist online platforms etc. through which the entrepreneur can gain followers
and customers. The entrepreneur needs to determine the challenges such as funding, getting
insurance, time management etc. for getting the desired success and growth in the market.
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REFERENCES
Books and Journals
Barringer, B.R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Guercini, S., 2014. New qualitative research methodologies in management. management
Decisions. 52(4). pp.662 – 674.
Ilasco, M.M., 2013. Craft, Inc. Revised Edition: The Ultimate Guide to Turning Your Creative
Hobby into a Successful Business. Chronicle Books.
Lim, M. W. and Ting, H. D., 2013. Research Methodology: A Toolkit of Sampling and Data
Analysis Techniques for Quantitative Research. GRIN Verlag.
Rexroad, K., 2010. Business is not a hobby. Journal of Business and Entrepreneurship. 22(2).
p.96.
Sobh, R., and Perry, C., 2006. Research design and data analysis in realism research. European
Journal of Marketing. 40(11/12). pp.1194 – 1209.
Tummons, J., 2014. Using Software for Qualitative Data Analysis: Research Outside
Paradigmatic Boundaries, in Martin Hand , Sam Hillyard (ed.) Big Data? Qualitative
Approaches to Digital Research. 13. pp.155 – 177.
Online:
How to Turn Your Cooking Hobby into a Business. 2014. [Online]. Available through:
<https://www.careeraddict.com/turn-your-cooking-hobby-into-a-business>.
Ways To Earn Money From Home Cooking. 2019. [Online]. Available through:
<https://www.lifehack.org/397168/5-ways-to-earn-money-from-home-cooking>.
Biggest Challenges to Starting a Business. 2017. [Online]. Available through:
<https://www.business.com/articles/the-4-biggest-challenges-to-starting-a-business-and-
how-to-overcome-them/>.
Initiatives To Increase Your Business Growth Curve. 2016. [Online]. Available through:
<https://www.forbes.com/sites/martinzwilling/2016/07/22/8-initiatives-to-increase-your-
business-growth-curve/#2ebd38d44804>.
10 Tips to Turn Your Hobby Into a Business. 2011. [Online]. Available through:
<https://www.wsj.com/articles/SB10001424052748703730804576319724125346708>.
Turn Your Love of Cooking Into a Business . 2016. [Online]. Available through:
<https://www.thedailymeal.com/entertain/turn-your-love-cooking-business-these-
websites>.
Problems When Starting a Business. 2016. [Online]. Available through:
<https://medium.com/the-mission/9-biggest-problems-when-starting-a-business-and-how-
to-solve-them-e3ebc85b189a>.
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