Hobbies are a great way to de-stress from work and personal responsibilities. But what if you can make money doing something that you do in your pastime?
Turning a hobby into a business isn't new and unheard of. Countless stories circulate the Internet of how a grandmother turned her knitting hobby into a booming business or how a gamer makes thousands of dollars streaming his games on Twitch.
Still, many people remain hesitant to turn their hobby into an income-generating machine, with some assuming that the hobby might not be as fun when they mix it with the rigidity and structure that a business brings.
Others are quickly overwhelmed by the responsibilities that entrepreneurship entails. For the ones who do decide to take the leap, here are seven tips on how to turn a hobby into a business:
Identify the Market and Draft a Plan
Hobbyists tend to have a much easier time identifying their target audience since they are also consumers of the product/service themselves. Knowing if there is a market to serve is key to a successful business venture.
You can devote hundreds of hours of your time per week and thousands of dollars developing a product, but if there is no market to target, then you'll end up not selling most of your inventory.
Over time, this will end up bankrupting you. If there is a market, the next step is to draft a plan. A business plan's most important part is customer acquisition. How do you plan to acquire and consistently grow your customer base?
Be Patient With Your Sales Efforts
It's important to know right off the bat that sales won't be great the first few months. It takes time for business to pick up, so expect your sales numbers and revenues to reflect this gradual, delicate process. Although it seems that your efforts to market and sell your product/service are ineffective, it takes just one customer or investor to take your business from zero to sixty.
Maximize Time
One of the key challenges to turning any hobby into a business is the transition from part-time to full-time work and attention. This can be difficult if you are a full-time employee elsewhere or has other personal obligations to fulfill. Your current obligations may restrict you from ever building the business unless you learn how to manage and prioritize tasks and lose productivity-zapping endeavors.
Build an Online Presence
While billboards and TV commercials still manage to get the public's attention, the web is where most people find businesses nowadays. With millions of people using the web, turning a hobby into small home business is simply impossible without any online presence, especially if you do not have a storefront or physical presence to build your brand with.
A website or blog can help drive traffic into your business. Being active on social media and participating in forums and message boards are other common practices to build an online presence without any out-of-pocket costs.
Be Creative With Your Marketing Plan
Consumers are resilient to the traditional marketing methods that businesses have been using for decades. It's no longer enough to just hand out business cards, hang flyers.
Your marketing campaigns are an opportunity for you to showcase your creativity and personality. Craft YouTube tutorial videos, offer complimentary workshops and starter kits, and get a spot at trade shows so you can exhibit your product line.
Have a Backup Plan
There are hobbies you can make money with and then there are hobbies that should just remain as hobbies. If it turns out that your hobby isn't as popular with your target demographic as you'd hope, it's good to have a backup plan, something that can offset any losses you've sustained and resources you've spent.
For instance, if your hobby of playing online games can't be worked into a business, you can always monetize it in other ways. For instance, you can start a blog and post in-depth guides about the game's characters and mechanics and then monetize that blog site. You can also sell your knowledge through paid online courses.
Never Stop Learning
A mindset that fosters consistent learning and development is key to succeeding in any venture, whether it's business or a personal goal. And in the abstract world of arts and crafts, learning is a never-ending process.
Read books, watch tutorial videos, or better yet, if you're doing something handcrafted, spend time with other crafters by participating in craft workshops. Continuously learning your craft will expose you to different experiences and points of views that you can use to refine your business ideas.
Final Thoughts
Turning a hobby into a business venture takes deliberate effort and time. By following the aforementioned guidelines, you can make the leap from hobby to business with minimal resistance.
About the Author: Yazi is an inspired writer who enjoys writing about personal growth, self-help tips, and women's lifestyle.
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