Turn Your Hobby Into an Income-Generating Business in 5 Steps
How many of you are unhappy with your 9-5 Job? We dream of leaving behind the daily job and following our dreams and passions; of leading a life where we get paid for doing what we truly want to do. That’s the idea of entrepreneurship. The desire to love our work and to work anywhere we want to.
But how, exactly, do you do that? How do we take a hobby, like music or photography, and turn it into an income-generating venture?
For most of us, the answer is not as simple as quitting our jobs and going for it. Instead, there are important steps we can take to realize that dream and still get paid on a regular basis.
So, how do you turn that hobby into an income-generating business? here’s how in 5 steps.
1. Ask for honest feedback
You’re not the best judge of your work, and neither is your family and friends. You need a mentor — an experienced professional –and honest feedback. Before you can make real money, your work has to be remarkable. Everybody knows how to sing but no everybody has the voice or understand voice notes. Even some top Nigerian artist always seems to forget their notes when performing on stage.
You need to know your idea is good enough to succeed and your skills are up to the task. If possible, you need to find a mentor or a community of experts willing to share knowledge and examine your work critically.
One option is Mogul, a worldwide platform that reaches 18 million women per week and provides personalized mentorship in the form of a 24/7 digital advice hotline. Another option is LinkedIn, a platform that is arguably the best place to search out expert mentors and peers, alike. LinkedIn has been touted as a place to help users create a network of trusted allies and mentors that can help you grow professionally.
2. Proof of concept
“Proof of concept” is a business term used by entrepreneurs that are seeking funding. Even if you don’t need funds to get started, securing proof of concept is not a bad idea. It helps you find out whether people will use your product or service.
A quick-and-dirty method of assessing your marketability is a crowd-funding campaign. Kickstarter, GoFundMe and Indiegogo are popular.
The key to selling your idea is how you pitch your idea. Thousands of projects launch every day. The challenge is, being unique and able to offer value to clients. And a crowd-fundging pitch is a fast, and objective, way to find out if people will pay to use your product/services.
3. Do a side hustle
A side hustle is a way to make extra income that allows you the flexibility to pursue what you’re most interested in or passionate about. It can be fashion, bakery, consulting, life coach or whatever you feel comfortable doing without quitting your 9-5 job. You can work on your own business on the weekends. That might entail going for training, marketing, building networks, working on your online brand, building a website until word gets out about what a great fashion designer or baker or consultant you are.
Additionally, tapping into the gig economy can be a viable way for you to supplement your income or even set up a new, full-time gig. Tech companies such as Uber, Jumia and Airbnb have paved the way for many to earn some extra cash, as well as passive income. Many have even reported earning more from the gig economy than from their basic 9-5 job.
When you take orders that are enough to cover or exceed your month’s salary, you can then be sure that it is time to quit your day job and take your side hustle full time.
4. Create a business plan
If you were starting a business, you’d make a plan. Why wouldn’t you do the same to launch your hobby into a career? This is where the main transformation comes starts. With a business plan, you get to understand the market you are entering into and focus your strategy. Don’t overlook the business side, or you’ll quickly become overwhelmed. You’ll need a customer relationship management (CRM) system to keep in touch with your customers, a website, a social media presence and a strong marketing plan.
Now that your hobby has been transformed into a full-time job, Do you have a website? Having a website has numerous benefits, In this modern era, people and companies are always online for information. Why do you think people visit a website? It’s primarily to find information or buy a product. And if your hobby is now a business, information is critical. You need to have a website for your customers. It needs to contain information about what you can do for them and how they can derive value by using your products or services. Get a website today!!
You are unlikely to succeed in business unless your hobbies are realistic and marketable, But you do have a fair chance of been successful as a fashion designer, a life coach or even a photographer. If your hobby is something in high demand, your chances of success are higher.
So, push your passion, find a mentor and get started.