Obviously, there are many hobbies that you won’t get paid for. No one will pay you to eat ice-cream. But if you can make your own delicious brand, then you’re in business. You need to find a hobby that brings value to the table. Figure out what people will part with their money for. Knowing the difference between hobby and business is important.
How to do this?
Well, put yourself in the customer’s shoes: what would you spend your money on?
The good news is that people have never been more willing to spend money.
People want goods that stand out from the crowd. They like the sense of uniqueness and identity they get from lovingly-crafted products.
Think about it. A label saying ‘Handmade’ is always a mark of quality.
Once you have an in-demand product that’s scalable you can take your hobby from passion to profit.
Don’t make the mistake of going all in!
Many people see the likes of Mark Zuckerberg and Steve Jobs who risked it all to pursue their dreams. These are the vast minority. What you don’t see are the thousands more who risked everything and didn’t make it. Even though it seems that many successful people benefited from high risk, don’t fall into the trap of survivorship bias.
The sensible advice on how to start a hobby business is to hedge your bets.
Always be planning.
Start out by seeing if your hobby can work as a side business. As your success and confidence grow, it can transition to your full-time hustle.
You don’t need to be a world-class inventor to start a successful business in 2018! A lot of the most profitable businesses have thrived on some of the simplest ideas. There are always going to be people who want printed T-shirts or handmade jewelry.
Pick something that you enjoy – this is supposed to be better than the regular 9 to 5!
So you’ve become proficient in a marketable hobby. What next?
Fear paralyzes you by making you question every decision. Instead of figuring out the best route for your business, you are stuck asking yourself: “Should I turn my hobby into a business?”
Were here to tell you these immortal words: “Just do it!”
If you follow this guide, starting your own business will be low-risk. Maybe you are afraid of failure. This is a natural response, but don’t let is paralyze you. Ask any successful entrepreneurs, and they will tell you that they have failed many more times than most people do in their whole life.
If you don’t fail, you won’t find out what works and what doesn’t. Make sure a failure will not be disastrous for you by only investing a bit at a time.
Bone up on your target market, and figure out the best ways to reach them. These days it’s not necessary to spend thousands on advertising. You can promote yourself for free on social media. You could even start a YouTube channel or podcast. This way you can build up a core audience of people who have found you!
There are thousands of people in the US alone with hobbies turned into successful businesses. If they can do it, so can you.
Remember – help is out there.
There are many people who have started businesses helping out people to turn their hobby into a business. If you can find a community of like-minded people, this will be a big help.
Once you have your product, you need to find your customers. Of course, you have your local community. Selling at craft fairs and markets is a good way of making cash and fans from your profitable hobbies. When you’re ready to reach a wider audience, there are e-selling platforms that allow you to start an online store. No technical background required. They even come with ready-made tools for you to manage everything in your store.
Turning your hobby into a business takes planning and perseverance. Success, or even profitability, won’t happen overnight.
What’s stopping you?
You can turn your hobby into a business – starting now!