Working is important to keep us personally satisfied with our personal development but working on your hobbies keeps us interested and more eager to handle the ups and downs of entrepreneurship. The questions “What do you do for a living?” don’t have to be separate from “What do you do for fun?”. This week we’ll be discussing the question HOW MUCH IS YOUR SPARE TIME WORTH?
Now that we’re on the road to financial freedom it’s difficult to set aside or enjoy time for activities that feel unproductive or financially fulfilling. Finding a way to monetize your hobbies will not sacrifice productivity and also add on as an extra source of income. Most hobbies can be can turned into a side hustle if you’re creative enough and it has never been easier with the rise of social media, opportunity awaits to be grabbed. While a solid understanding of business practices is essential, it isn’t necessary. Passion drives motivation, innovation and other habits crucial for success.
1. Are you willing and able to turn your hobby into a business
Many people find that turning your hobby into a business ends up taking away from the pleasure of actually doing a hobby because of the multiple pressures that come with running a successful business. So asking yourself wether you have enough passion to turn your hobby into a business is a very important and is obviously the first place to start. Passion is important because you need to be willing to go through the trials and tribulations that come with turning your hobby into a business.
2. The different ways you can turn your hobby into a business.
• Teaching others to do what you do
• Sell a craft
• Speak or write about your hobby
• Use social media to interact with other enthusiast about your hobby
There are many ways to monetize your hobby obviously depending on the hobby at hand, the above includes a few basic ways to help you get started. When you get started that’s when innovation starts to fall in play and your idea will grow into something bigger than you ever imagined.
3. Do your research and plan strategically
Once you have decided how you’re gonna turn your hobby into a business, you need to learn as much as you can about the industry you’re about to enter. Planning around the information and resources attained is important. What is already being done? Who is the best in your industry right now? What do you have to offer that’ll make you different or take you to the top? What is missing in your industry? Those type of questions will have you planning strategically on how you can fill the gap between where you are right now and where you want to be in the future.
4. Get the word out.
You never know who and where you can find your potential clients, so marketing yourself the way you want your business to be viewed and the brand you’re trying to build and present to your target market.
In addition to everything mentioned above Promoza is running a competition for people who have decided to go the entrepreneurship route. We are offering a 3 month suppliers contract on our twitter page (@Promoza1) . The terms, conditions and regulations can be found in our previous blog post.