Gig Success: How to Turn Your Hobby into a Successful Business

Having a hobby helps you work better, according to a study published in the Journal of Occupational of Psychology. The paper, which examined over 400 employees, found that having a pastime makes you more creative on projects. It also enhances your attitude while at work. It may help in preventing burnout as well.

While hobbies make you a better worker, you can combine both your hobbies and work to fulfill your ultimate dream: making money from your passion. Here are the steps you should take to achieve that goal.

Know Your Market

You or your family and friends enjoy the products of your hobby, but they may not be for everyone. And marketing your products to the general public may be a waste of time and money. As such, you need to find your target market. These are specific people who are likely to buy your products. Determine your target buyers using the following pointers:

• Examine Your Products – List down the attributes of your products. Is it affordable or premium? Does it benefit consumers or fellow businesses? Keep listing them down until they run out. From here, you can see the type of person who may buy your offerings.

For example, if you’re selling crocheted beanies made from expensive materials like wool, you may be looking for people in the middle to upper-middle class who can afford it. To ensure that you’re making money year-round, you may want to sell your products to people located in colder areas of the country. The more attributes you list down, the more you can flesh out the person you want to market your product to.

• Look at Your Competitors – No matter how niche your product may be, you’ll still have competitors. Take a look at their marketing materials, like brochures, websites, and social media pages. Maybe they’re targeting specific markets you haven’t thought of before.

Plan it Out

A business plan is crucial, as it acts as a guide for running your business. Plus, some banks may ask for one if you ask a loan for your venture. Here, you’ll write about the problem you’re solving with your product or service. You’ll also provide specific information on your plans for marketing, operations, and sales. You also need to be clear on what type of business you’re going to run. Will it be a full-fledged ice cream business or an ice cream kiosk franchise? Finally, you’ll provide information on how much you plan to earn with your business. Feel free to consult an accountant or business consultant when drafting your business plan. Alternatively, websites like Bplans have sample business plans on which to base yours.

Execute and Look Forward

Young entrepreneur working

Once you have a solid business plan in place, all there’s left to do is to put your trust into your plan and execute it. Don’t be afraid to make adjustments. Give yourself a deadline on when you plan to make your side-hustle your full-time gig, too. This way, you’ll be more motivated to save money from your current job and think of ways to increase sales. When you’re at your deadline and you’re already making enough cash to sustain your daily living and business expenses (for most entrepreneurs, it’s about $44,000 a year), don’t hesitate to make the jump!

Having a hobby is great as an escape from work. But you can also see it as an opportunity to make cash from doing what you love. With knowledge of your market and a business plan, you’ll have an easier time putting up your venture, compared to going at it blind. And with enough time, effort, and dedication, you’ll be able to sustain yourself while doing what you love every day.

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