Turning Your Hobby into a Profitable Business

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Wouldn’t it be great if you could do what you wanted and get paid for it? Well, the truth is you can. But how do you bridge that gap between working for someone else and working for yourself? If you have a hobby or passion, you truly enjoy then you can make a living out of it, and the best part is that if it all goes well, you can make it pay for your life. However, there are some essential factors to think about first.

First of all, you need to answer whether your hobby can provide a product or a service? Maybe it’s neither of those? For example, if you’re passionate about movies, what’s then? The best option for you would be to start a blog and write about what you’re passionate about. Having a blog about your passion is also useful if your hobby can provide a product/service.

Most importantly, there are a lot of ways how to monetize your blog. One of which is affiliate marketing, which means getting paid every time someone buys the product/service you had recommended. For example, eLearning platforms like BitDegree can pay you half of their revenue, each time someone buys a course. Not only would you get some money, but you’d also be doing a good deed by spreading knowledge.

If your hobby can produce a product or service, it must be part of some industry. Within that industry are niches in which your hobby can become a hot product.

For example, you like sewing bibs for your babies and babies of your friends. This would put your hobby, also known as your product, in the fashion industry. Now to target what you are doing you would take that a step further and define what your product truly is. All you have to do for these steps are ask and answer some questions relating to what you do.
Does it have a certain style? In the instance of baby bibs, are they made of a certain type of fabric, are they organic, or are they all customized with the child’s name on them? When you answer these types of questions, it will allow you to identify precisely what you have to offer.

Once you know what you have to offer, then you need to know who you are going to offer it to. These are your ideal customers and the demographics of your product. Demographics are statistics that combine data like age range, location, income levels, and many other factors. With demographics, you are focusing in on your ideal customers, sometimes known as a target audience. When you define your product by niches, you are in turn giving it an identity. The more levels you get into the niche, the further you exclude consumers from your target demographics. Now excluding customers would generally sound like a negative thing, but in this instance, it is not. When you exclude people from buying your product you are sorting out people that wouldn’t want to buy in the first place. If you can understand and apply these principles of targeting to your ideal customer, you will save a ton of money on advertising. This is where branding your item or yourself to your audience comes into play. You will figure out what lifestyle you are selling to and make that part of your image. This will come out to play in your company logo and in the way you advertise and where you advertise. This will also help when you need to figure out how to expand your company.

You will also need to decide how you are going to bring your product to the masses. Are you going to try to sell it online? Are you going to open your brick and mortar shop? Or do you want big retailers like Wal-Mart or Kohl’s to feature your product line? These are the types of essential questions you will need to ask yourself if you want to truly be successful and profitable.

After you answer these questions, you then need to make a plan. You need to determine what volume you want to sell your product and the price at which it should go. Sit down and write out everything you can think of and then start asking yourself how you are going to make that happen. If you are going to sell online are you going to use Amazon marketplace, eBay or your website? If you are going to use your website do you already know how to make one or do you need to learn to do it or hire someone? There’s also the possibility of using a web hosting providers help to set up a website. Put these types of details on your plan so that you are taking the right steps.

A plan is nothing more than a map to get where you are going. Sometimes on the roads in those maps, you will run into dead ends, traffic jams, and all kinds of obstacles. However, when you are determined to go somewhere, you change your approach or buckle down and figure out a way to get there.

Sometimes it is easier than others, but when you can look back later on and remember when your empire started as a hobby, you will be glad you made the choices you did.