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Could You Turn Your Hobby Into A Business? Here's How To Tell

1 September 20

Just about everyone has a hobby or two that helps you stay entertained after working hours. It may be cooking, doing yoga, gardening, or just riding your bike. Either way, we all have our own ways to unwind and relax.

For some, these hobbies are just a fun way to spend their time. However, you may just be able to turn your favorite hobby into a full-on business, if you have the right approach. Here’s how to tell.

Monetization 

While there is a way to monetize almost every hobby, you need to have a clear vision of how you are going to make money. Here are a few options:

  • Production. This is great for hobby’s that involve creating physical goods. For example, jewelry, ceramics, art.
  • Readership. This is perfect for someone who creates content rather than physical goods. By attracting a sufficient amount of readers or viewers to your blog or videos, you could make money with advertisements, sponsorships, or affiliate links.
  • Educate. If you have sufficient skill levels, you can always educate on your knowledge for a certain price. This could be in the form of individual lessons or even an online course. For example, if you’re passionate about weight loss, you could create an online weight loss program.

Expenses

Next, you’re going to have to evaluate your expenses. What are the recurring costs? How much are people willing to pay for your product/services? How much profit will you be left with?

Persistence 

To turn your hobby into a successful business you have to be persistent and passionate. Realize, that you can’t just work whenever you feel like it. You have to be fully committed and dedicated if you actually want to make a living from your hobby.

Look at your hobby like a job now and pursue every single task with persistence, passion, and dedication.

Dealing with the business side of things

Turning your hobby into a business doesn’t mean that you will be cooking or doing yoga all day long. There is a business side that needs to be taken care of as well. Marketing, emails, phone calls, taxes – there’s a lot of extra work that needs to be done.

Ultimately, it’s up to you to decide – Are you willing to take up all these additional tasks? Or would you rather keep your hobby just that – a hobby?

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