Do you have a hobby that you enjoy doing? Chances are if your hobby produces goods or services that add value to others, it may be possible to monetize your hobby and turn it into a profitable business. It might be a great way to supplement your income during these uncertain times. If you are out of work, now may be the time to start making an income doing what you’ve been doing in your spare time.
As with most things in life, you need to have a strategy. What is your goal and why are you pursuing it? Having a clearly defined “why” will help you create a plan that is purposeful, concise, and useful. Your plan doesn’t have to be complex to start, but it should answer the following questions: What is your business? Who are you selling to? How are you going to get the product/service to the customer? Who is your competition? How much money will you make?
Spend some time qualifying the cost of your goods//service. Don’t forget to include your time, cost of materials, and any overhead expenses in the cost analysis. Then get to work! LIterally, treat your hobby like your job. Start promoting your new business. This can be a challenge, but there are many ways to network. Figure out the best way to reach your customers and do it.
If you have a job and are creating this side business with the goal to replace your job, you’ll need to be very purposeful on how you spend your time. LIfe is busy, and the demands on us are great. Responsibilities to spouses, children, work, friends, and your household will not change. You’ll need to devise a plan that will allow you to move your business forward while keeping up with all of your present obligations. This is when knowing your “why” will come into play. Focusing on the reason you started the business will help you overcome all the times you are too tired, too busy, too ….fill in the excuse.
If you are not working, marketing your hobby can be an opportunity to start fresh doing something that brings you happiness. Make a plan, and execute the plan. Taking action is key. Here’s a tip, you won’t have all the answers, you’ll make mistakes, and your goals may need to be adjusted. With that said, take action and create a business you’ll be proud to call your own.
