Making money from a hobby is something that many of us would love to do, and the good news is that in today’s world, it’s easier than it’s ever been before. The keen Myspacers of yesteryear are now money-making bloggers. Your crafty friends and family are selling their creations on Etsy and other online marketplaces. But, most of these people are happy to earn a little pocket money and still see their hobbies as just that. If you want to take it further and turn your hobby into a bona fide full-time income making business, it’s going to take a bit more effort. Here’s a look at everything that you need to get started.
Hobbies tend to be fairly casual. We practice when we’ve got time. You might have an idea of what you want to create, and a knowledge of what you are working on right now, but we tend not to have future plans for our hobbies. If you are going to turn it into a business, you need to get planning.
How Are You Going to Make Money?
First, you need to decide how you are going to make money. Write a big list of all of the ways that your hobby could earn cash. Could you sell products? Hire out your services? Be a part of a larger business? Could you write a blog about your hobby, or teach other people how to do it? Could you take your basic hobby, and branch out into other areas to increase earning potential?
What is Your Goal?
What kind of business are you looking for? A profitable side hustle? A full-time income? A legacy? It’s good to have a goal, even if you change it down the line.
A Business Plan
Once you know how you are going to make money, and what you hope to achieve, start writing your business plan. Check out these easy business plan templates to help.
The Right Tools and Equipment
The tools and equipment that you already have might served your hobby well, but they might not cut it if you need to increase production or offer a more professional service. If you are a baker, you might need larger trays, professional baking equipment and a more powerful mixer. If you work with wood, you may need to invest in a benchtop planer and upgrade your tools.
You love your hobby right now, but to truly be successful, you need this passion to last. Ask yourself if you will still enjoy your hobby when it becomes your job, and the pressures increase.
A Business Mindset
A significant difference between a hobby and a business is your mindset. You need to be able to organize your time and your work, and you need to approach your hobby with the intention to make money, please customers and grow a business. You may have to start thinking about what you are doing in a very different way when you are no longer just doing it for fun.
If you want to turn your hobby into a business, there’s nothing to stop you. It can be a very fulfilling way to earn a living. So, get organized and give it a go.