A girl plays a violin. One can turn a hobby into a serious venture. PHOTO | JOSEPH KANYI | NMG
Do you have a skill that you only use in your free time? Though
you may assume it’s only suitable as a hobby, there’s a chance you can
turn the talent into a money-making business venture.
Hobbies
that could potentially be monetised include painting, woodwork, baking,
web design, dog training — literally anything that provides value to
others.
The problem is that many of us are afraid of
taking action, even when we know we have a marketable skill, because we
are afraid of failure.
We fear that if we attempt to
monetise a hobby and fail, we’ll no longer feel joy or satisfaction from
the activity or others will regard us differently.
This can be a scary proposition that may prevent many talented
individuals from pursuing their dream. If this sounds familiar to you,
then listen.
With a little preparation and strategy, you can enjoy positive results. Here are a few tips:
1 Create a plan in order to begin monetising your hobby
The plan will have to be tweaked along the way. Start part-time and gradually shift into full-time work.
Once you decide that starting a business is for you, there are many books that you can read to develop your plan.
2 Start your business as a side hustle
You
need to first test the waters while you are still working to make sure
you have a viable revenue model for your small business. Don’t risk
losing your day job before you are ready to pursue your business
full-time.
3 You don’t have to go from hobby to million-dollar business in days
Your top goal is to get your first sale. Your first sale is the hardest and most important sale you’ll ever make.
Making
your first sale depends on the product or service you’re selling. If
you’re selling a service, you may want to start by offering a free trial
to generate word of mouth marketing.
If it’s a
product, advertising the right way can lead to sales. Social media is a
powerful tool if you’re trying to reach the mass market with minimal
resources.
While you may believe in your product, it’s
important to remember that other people have no reason to believe in
it. You haven’t proven yourself yet. Hustle for that first sale and then
turn it into multiple sales.
4 Maximise your time
For
most people, working a full-time job and spending extra hours pursuing a
hobby isn’t practical. You’ll have to get creative about how you use
your time.
Wake up an hour earlier than you’re used to and get some stuff done before your regular job.
Alternatively, involve your children in your hobby so you can spend time with them as you work.
5 Go online
Create and maintain a website, social media profiles, and everything else that goes into branding yourself as a professional.
Consistency
will establish a positive image for you, which in turn will result in
more customers. Spend time on at least one social media site to gain
insight about your target customers.
Use time on Internet research to source vendors and suppliers and to confirm your target market.
6 Word of mouth and networking
Be
active in networking and marketing your business through word of mouth.
Reach out to your contacts from college and any business associates to
update your contact database.
7 Research
Make sure that you don’t ruin something that brings you joy. People pursue hobbies to blow off steam.
Research on potential customers before you start turning your hobby into a serious business.
Successful businesses require dedicated work and responsibility.
8 Stand out
It
is difficult for small businesses to compete on price. You must clearly
identify your niche customer and spend some time developing a signature
product or services. Anyone will buy something once. How will you get
them to buy it over and over again from you?
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