Have you ever thought about turning your hobby into a business?
I’m pretty sure you have that one activity you derive immense pleasure and fulfillment doing daily. Could be writing, cooking, painting, barbecuing, we could go on and on, the list is endless but it all boils down to the fact that you’re happy doing it. Most of the time, it could be all that is needed to light up your day that has so far been hellish. But you are so engrossed in the excitement that you barely think of monetizing it. For you, it’s the joy that it brings that’s most paramount. However, if you’ve ever thought about monetizing – converting your hobby into a business, then that’s quite thoughtful of you and I’ll be sharing with you 6 helpful tips that will give you a head start.
1. Understand the Business Potentials of Your Hobby
Before trying to turn your hobby into a business, it’s of utmost necessity that you look at the business prospects of the hobby. It’s the very first thing you should consider. If you venture into business without taking this into consideration, you are making a blind move and chances are, you are going to crash sooner or later. Is my hobby in demand? Are people constantly in need of what I’m about to sell? These are questions you should ask yourself. I’m not trying to sound like a pessimist or realist but trust me, the last thing you want is answering questions nobody gives a hoot about by selling something no one is interested in buying. So ask yourself, will people buy what I’m about to sell? Ask the people themselves too “hey guys! Are you going to buy this thing I intend selling?”
2. Get Terrific at Your Hobby
Whatever it is you love doing, be certain you are very good at it before you think of towing the business lane. Mediocrity is going outlandish and people love the extraordinary, so if you really want to sell, then you’ll be better for it by bringing your A-game to the table. Take out time to hone your hobby which from tip one above, you’ve realized its marketability, then gather resources and glean from them. What you do in business pre-season determines the goals you are going to score when the league kicks off. So use your pre-season to prepare very well.
3. Establish a Reputation
How many people know you are a hot-shot cook in your neighborhood? How many people are aware that the key to your happiness lies in counseling people all day? You see, when people know you for who you are, the journey becomes less stressful. Thinking about making some cash out of your hobby? Then gain a widespread reputation for what you do. Let them know you for who you are and they will run free publicity for you when you eventually start your business. This reputation can be gained by offering free services to people around your locality in preparation for the business on the pipeline, this shouldn’t be a problem if it’s really a hobby.
4. Start Your Plugging
Plugging is synonymous to pitching, publicizing, preaching or promoting whatever you do either by word of mouth, social media or proxy. Employ any means possible to get the word out on the street that you are very good at what you do. This is a sequel to building a reputation but the slight change here is that you are selling yourself to the entire public and telling them that you are an ace at what you do. Your reputation, on the other hand, is all about your activities in the neighborhood that’s silently building you a brand.
5. Get a Business Plan if Need Be
Not every money making venture requires a business plan. Before you raise your brows at me, do you need a business plan to start singing and getting paid for it? But you need a business plan if you love cooking and you’re about to open a cafeteria right? It’s all about the nature of your hobby and the business direction it’s leading you to. Basically, most businesses that demand capital investments go with a detailed plan. Write a business plan if necessary.
6. Don’t Quit Your Job Just Yet
Granted, the adrenaline rush is energetic and you can’t wait to stop working because it is said that “when you convert your hobby into a job, you won’t have to work a day in your life.” I had to paraphrase that to fit into the context, be that as it may, do not be tempted to quit your job. It takes time to fully turn a hobby into a full-time business. While carrying out all the listed tips above, retain your job. When things pan out fully, you can quit, but in the meantime, stick to your 9-5.
We all have various types of hobbies. You have and I do, but what matters most is what we do with them. Your hobby has the potential to make you rich. This can only be achieved if you develop that hobby of yours. You might love to sing, but if you don’t develop yourself in singing, your chances of monetizing it become slim, same goes for other hobbies.
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