Do what you love and the money will come, it’s often said. And it’s often true. But if you’re already committed to a boring full-time job, you likely can’t see how to make the transition.
In fact, the idea seems so far-fetched that each year many head straight into the work force from high school or college to begin a stable, though not necessarily satisfying, career.
Imagine how much happier people would be if they could spend their days doing what they love while also making a decent living?
How in the world can you make that happen?
Whether you’ll make money depends on whether your hobby enables you to sell a unique or in-demand product or service. Not sure? Here are a few income-generating ideas to consider to see if your hobby provides these or similar opportunities:
It’s important to offer a product or service that customers will rave about, so the competitive landscape must be considered. If there’s competition in the field you’re looking at, there’s a proven market.
Literature offered by trade organizations and other industry-based entities can help you find out.
If there’s no competition, you’ll be on your own to convince consumers that they need what you’re providing. That’s a much tougher sell, but not impossible.
Assuming there’s a ripe market for what you’re selling, now’s the time to determine if your product or service can compete. You can start by testing it on family and friends in exchange for their honest opinion and feedback on how much they’d be willing to spend.
What if friends and family aren’t exactly who you had in mind to market your product to? Consider setting up focus groups or creating a survey from a platform such as SurveyMonkey to help you gather the feedback you need.
If consumers aren’t willing to pay enough for your product to cover your costs and turn a profit, you definitely should head back to the drawing board.
Here are some other important things to consider before you commit:
Still ready to proceed? My advice: Consider taking things slowly for some time until you get adjusted and demand rises. During this time, pay off high-interest debt like credit cards. Being rid of that debt will ease the transition from the stability of your day job.
First and foremost, you need a business plan. But there are other steps that new businesses should take. These free resources can help:
Once your business is ready to go, you have to let the world know.
Here are a few no- or low-cost ideas to promote your new business:
While you may never achieve the fame and fortune of Bill Gates, Steve Jobs or any other world-renowned entrepreneurs, you’ll have a chance at leading a fulfilling and happy life if you can make your hobby pay.
Have you converted your hobby into a business?
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