Now more than ever, people are taking on side-hustles to earn an additional income. But if being an Uber driver doesn’t excite you, think of something you’re passionate about. So, here are tips on how to successfully turn your “hobby” into a profitable small business.
So, what is a hobby? A hobby is defined as an activity done regularly in one’s leisure time for pleasure.
6 Tips to Successfully Turn A “Hobby” into a Profitable Small Business
Has someone ever offered to pay you to cook for them? Do friends and family rely on you to create their websites? Do you love dogs and want to spend more time with your four-legged friends? If you’re talented and passionate about something, there’s nothing stopping you from turning a profit on your passion. So, here are five tips to help you successfully turn your passion/hobby into a profitable small business.
1. Does the Market Exists for Your Hobby Turned Business?
The first step is determining if people will buy your product or service. There is no need to invest your time and money into a business that people aren’t interested in.
Having passion is a huge part of a successful small business/ side hustle. But then again, you must know if there is a need for your product or service or not. Remember that just because you have a passion for something it doesn’t mean it’s something that your audience will want. Or, there are full-time business owners and professionals already saturating the market.
To successfully have a hobby turned small business, I highly recommend that you do your market research. Firstly, start by talking to your target market and find out their needs and if your service or product would be something they would want or need. Secondly, test your products or services with the public. Finally, once it’s clear there is interest in your product or service, ask how much people would be willing to pay for it.
2. Start, Slow & Consistent
Because it’s a side hustle, you don’t have to rely on it as your sole source of income. So, you can put as much or little time into as you want. Most importantly is that you start. However, once you resolve to turning a profit, you should consistently dedicate some time to your craft.
It is also important to take the time needed to grow your hobby to a small business and later an empire. Even if it is baby steps, it must be consistent. Also try setting goals and milestones to ensure traction.
So, firstly you must start. Once you have started, you secondly must be consistent. Lastly, and more importantly is to pace yourself. Start, go slow and easy all while being consistent.
3. Time Management
Develop good time management skills. Working a full-time job, after that managing a side hustle and balancing your other responsibilities is no easy feat. Therefore, time management skills are essential for anyone who wants to successfully turn a profit on their passion.
I certainly advise using technology to keep everything organized and on track. So, learn how to use technology to map out and keep up with your to-do list also including reminders.
4. Create a Website
It’s important for any business to have a working website. A website can do a whole lot of work for you. It can market your business, help people find you online, and educate potential clients about your products or services and how they can hire you.
Your website can serve as a marketing team, a sales team and a customer service team for you. As a result, really saving you a lot of time as a business owner.
A website gives your project credibility as well as a way for people to find your business and learn more about you.
5. Utilize Social Media
Similarly, to creating a website for your business, social media is an excellent way to intimately market your product or service.
Social media is a cheap and effective way to market your hobby turned small business or side hustle. Growing an online presence allows you to engage with potential clients and receive feedback on your product and services.
When you start your side hustle, it’s important to create a separate social media account. Also, to immediately start building your audience. You can do this before having anything to offer, because it’s important to have a market that’s ready to purchase your offer. Afterwards, decide on ways you want to monetize your passion and create useful content for your audience.
6. Share the Passion
Finally, share your passion. People are emotional buyers. If they buy into “who” is selling first, they will buy almost anything. When you share how passionate you are about your hobby you will convert more buyers into your small business. This is in the spirit of follow your passion and the money will follow.
So, this adds to the above tip. Utilizing social media to express your passion is a good idea. However, be careful to not turn away potential clients buy sharing your passion the wrong way.
Turning a Hobby into a Small Business
Our hobbies bring us joy and rejuvenate us after a long work week. It’s only natural to daydream about turning a hobby into a full-time business. Remember, to create a successful business, you need more than just skills and passion.
In conclusion taking on side hustles to make an additional income is easy. But successfully turning your passion hobby into a small business is even easier. Coin your passion by following the above tips.
What hobby are you turning into a small business?
Let me know in the comments bellow.
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