6 Essential Tips to Turning Your Hobby into a Business
You may love doing something a lot, but carving time out of your busy schedule to pursue your hobby seems complicated sometimes. So what is the solution? Make your hobby your job. Yes. You must have heard people saying, “Do what you love, and you will never work a day in your life.” I completely agree with this saying, as it eases the mess in our minds.
Following your heart can solve many more issues than we think – For example, if you love to sketch, try selling your paintings and making money out of them. A 9 to 5 job will not be a burden anymore. This way, you’re pursuing your passion while earning. What can be better than that?
But how? There are some rules to follow, and you must be disciplined enough. I have created a list of some to-dos before you dive straight into the thing. Let’s check it out!
How to Turn Your Favorite Pastime into a Money-making Skill in 6 Steps?
1. Make it a Side Hustle
Yes, I think you should not jump into the business and expect to succeed. That is not how it world. Instead, you can start a small business as a side hustle while keep doing your mainstream job for a while until you start generating revenues. No wonder people consider this a super idea as it gives you a great and deep insight into how business works. You will be able to understand the various procedures involved and, most important – How to deal with issues?
And, what do you need to start a small business? Of course, money – is the most crucial factor! You can start saving now. A few months of pocket savings can easily cover the start-up costs and associated expenses. I suggest keeping your mind healthy as it is not easy to balance two things simultaneously. But, keep in that it is temporary. Once you make good money, you will not have to work on someone else’s dreams.
A hobby turned into passion adds to your good mental health.
2. Grow Your Network
Entrepreneurs turn their hobbies into a business, and customers play an essential role. So, if you want to keep growing, there is no other way rather than reach more and more people daily. You can find like-minded people or those who can be potential customers on social media platforms, including Instagram, Twitter, Facebook, Tumblr, Pinterest, etc. What I like the most about these platforms is that they have great marketing tools to help you.
Moreover, it is imperative to learn the way you approach them. Your goal is not to scare them away but convince them to collaborate or buy from you. First of all, try to be a part of a community. Find some groups and pages and start connecting with them. Post the relatable content. You can create something relatable to your customers and explain your business product/service. Well, I know this two-way expressive content is hard to create but definitely not impossible. People are successfully doing it. Good luck!
3. Map Out
Be purposeful! There is no sense in moving randomly anywhere, and you will become directionless despite an outstanding talent as your hobby. Strategize everything, from approaching a customer to handling post-delivery matters. Many experts consider planning the most imperative part of any project. I read somewhere, “If you fail to plan, you plan to fail.” – Benjamin Franklin, and I cannot agree more.
So, what should your plan include?
- Market Analysis and Marketing
- Possible hurdles
- Tribute Shooters
- Technology Integration
Note: The above-mentioned ones are the fundamental cores only. You will have to keep adding in order to move ahead.
Not to mention your expenses:
How can you complete your business planning without counting your money and financial management? It includes the projected income, total invested money, and how much you should spend on different tasks. Make calculations now, you know, maybe some rough estimations only.
Furthermore, I would like to remind you about some legal work. As a business person, you will have to pay some taxes to the government. Do some research – Ask how much to give and when. It will help you do the activities orderly.
Necessary: In case you’re facing self-doubt and having questions like, “should I really turn my hobby into a career? Don’t panic. Keep calm, take a deep breath, think positively, and decide. Remember your first reason for making a career out of your pastime. It is entirely normal and OK to have some second thoughts. Do not let them affect your firm decisions.
4. Perform Market Analysis
Knowing your customers help you to relate more with them. This is such an underrated task in a business. You must know what your customers may like and dislike and the market landscape. Analyzing your competitors who are already doing well in the market is the right target. Also, try knowing who might be your accurate competitors. Everything is crucial, from observing their first pitch decks to how they attract their very first clients. This is enough to give you a rough estimation of the ongoing market trends.
During this observation, I advise you to find the x-factor in your business. Every business enterprise needs a unique selling point to attract customers, so why should you lack behind in the race? And remember to stay honest with whatever you tell your customers.
5. Let Everyone Know
Social media is your all-time buddy for promotion and getting the word out. Let people know what you’re selling or what you’re serving. Make handles on popular social media platforms and invite your family and friends first. Yes, even the big brands had started from this point only. This is the correct route to strategize your long-term user enrolment.
Another critical aspect arising here is the content quality. Pay attention to what you’re posting. Whether you take the responsibility yourself or hire someone pro at social media work, know what can engage your users. Ensure creativity, originality, and information. You can try analyzing some big companies with an attractive digital presence.
Tip: You need some extra brains to manage and balance your mainstream work with this side hustle. Changing your hobby into a profitable business is about streamlining your processes and ideas. Tighten your seat belts.
6. Should I turn my hobby into a career? Reassure and Analyze
Once you’re done with the planning, you must give yourself some time to perform a reassessment. Reassess your goals, planning, strategies, and time calendar. Ask yourself a few questions,
- Do you really want to do this?
- What are your long and short-term goals?
- Does your hobby make you happy?
- Is it possible for you to turn your hobby into an income?
- Will it be able to stand as the primary money maker in your life?
- Is it benefiting society anyways?
Write down the answers and improve your confidence level. This reassessment should be done every 2-3 weeks as a constant reminder. I recommend this as a habitual task because your goals can change from time to time. Suppose when you start, you want to be counted as the best seller of organic sketches, but after a few months, your goal is to sell internationally. So, align your goals with proper planning. Good luck!
- Start curating your hobby into a side hustle
- Make a business plan
- Do market research
- Analyze and observe the trends
- Use social media and word of mouth to spread your business.
- Plan your finances
And you’re good to go!