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.

Start Today!

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.

Alex
 

Alex is a small business blogger with a focus on entrepreneurship and growth. With over 5 years of experience covering the startup and small business landscape, Alex has a reputation for being a knowledgeable, approachable and entrepreneurial-minded blogger. He has a keen understanding of the challenges and opportunities facing small business owners, and is able to provide actionable advice and strategies for success. Alex has interviewed successful entrepreneurs, and covered major small business events such as the Small Business Expo and the Inc. 500|5000 conference. He is also a successful entrepreneur himself, having started and grown several small businesses in different industries.