6 Tips to Turn Your Hobby into a Business
Whether it’s baking, writing or taking photographs, hobbies bring a lot to our lives.
While they are an exciting way of passing the time, they also do a lot of good for our health. But that’s not all; hobbies can provide a steady stream of income. And you don’t have to be a pro tennis player or a celebrity chef.
Unfortunately, not many people are able to monetise what they love doing. Here are some tips to turn your hobby into a business.
1. Figure Out What Your Goals Are
Think about what you want to achieve.
Do you want this to be a part-time thing, or do you want to quit your job and get into it full time?
The projected income might help you make a decision here. While it is okay to be optimistic, make conservative projections about the revenue and see if it is feasible.
Either way, it’s always safer to keep your day job until a point when your business stabilises. The starting phase is always the most difficult period. If you can get through it while still having the privilege of a salary, you will be good to go.
The idea is to be exceptionally good at what you love doing and to be patient enough until it can give sufficient returns to support your livelihood.
2. Fashion Yourself as a Business Person
Running a business takes more than just passion.
Aside from the creative aspect of things, you will have to run operations, marketing, finances, and so on.
Even if you have no experience in running a business, you can learn how to become a successful business manager in just a short while.
You can make headway through mentorship, taking business courses and even reading up on what successful entrepreneurs credit their success to.
Adopt a business mindset, as well.
Part of this means being able to take calculated risks, being aggressive enough to talk about your business to all who care to listen and being able to see opportunities.
3. Celebrate Small Wins
Overnight success happens, but it’s more of an exception than the rule.
As you take risks-big and small- and plan to grow your business, make allowances for challenges and setbacks.
Similarly, acknowledge and celebrate successes and progress. Ultimately, these are the building blocks to the grand ideas you have for your business.
4. Think About Multiple Earners
Whatever your hobby is, look for ways to exploit it to the fullest.
Say you love to bake. You can bake for family and friends from home or open a bakery. You can also blog about all things baking, and you can look into giving baking classes as well.
Evaluate your hobby and see all the different streams of income it could bring you.
5. Learn Marketing
If you do not have a marketing background, too bad. You must learn everything there is to learn about marketing, or you will not survive.
You might bake the most scrumptious cupcakes known to man, but who cares if they don’t know about your cakes?
Referrals are a cheap way to market. Start by selling to family, friends and neighbours and ask them to spread the word.
Social media is a close second. Open a business page and post pictures, contacts and information about your business on your page. Make all your information sharable to help you gain traction.
6. Treat it Like a job
Once you choose to monetise your hobby, start treating it like a job.
If you want this to be your primary source of income, you will have to put in some work.
For starters, create a work schedule. If you have a day job, dedicate a few hours each morning or every evening to your hobby.
Use this time to learn more about the business, improve your skills, and market your brand.
One last thing. The longer you put this off, the likelier you are to give up on the project altogether.
If you have a hobby that you can monetise-or any idea for that matter, don’t wait for tomorrow.
Think of it this way, the sooner you start, the sooner you can get over the obstacles, perfect your business and focus on scaling.