One of the good things about having hobbies is that you are rarely bored. Engaging in hobbies also relieves stress, and can be used as a replacement for negative habits. Unfortunately, hobbies can also be time consuming and costly.
In order to counteract this, some people find ways to turn hobbies into money-making enterprises. However, doing this is not simple. It requires research, a commitment of time, and the willingness to do what it takes to develop the skills one needs to go from hobbyist to entrepreneur. If you are looking for a new hobby that will also bring in some money, or looking to monetize a current hobby, follow these 6 steps below.
Here are 5 ways to monetize your hobby:
1. Determine what your interests and talents are
While enjoyment is important, in order for you to earn money from a habit, it must be something for which you have a natural talent. If you have a current hobby, you must ask yourself honestly if you have talent or if it is simply something you love to do.
If you are looking for a hobby, make a list of your talents and skills along with your interests and see where these things intersect. This may be where your profitable hobby lies.
“There is no such thing as a great talent without great will power.” – Honore de Balzac
2. Do some research to determine what others have done to make money
Once you have identified a hobby or two that are candidates for making money, do a bit of research. You want to know if other people have successfully made money doing this, and what they have done to make it happen. If they have made mistakes, you can also learn from those mistakes rather than making them yourself.
There is no rule that says you must follow the path of others exactly, but doing this research will certainly help you to create a roadmap that will help you to get started. As you research, you may want to determine whether or not people are successfully making money with your hobby of choice today.
You don’t want to invest time and energy in a hobby that is no longer profitable due to trends and fluctuating market demands. For examples of this, consider Beanie Baby collecting or baseball cards. Both were once very lucrative hobbies for those who educated themselves and took the time to find desirable products.
3. Check your local and online market opportunities
Your next step is to determine where to market your products or services. Your options include, the internet, space in a store, flea markets, trade shows, or through direct sales. If you know what others are doing, you know what is working for them.
If there is room for you where others are marketing that is great. However, what you don’t want to do is try to sell your product or service where there are too many other people trying to do the same thing. Remember that your best marketing opportunities may not be where others are selling the same product.
Instead, it may be where others are failing to sell that product. If you are interested in freelancing in college, there may be on campus resources to help you get started.
4. Take a class or work with a mentor
In order to maximize your ability to profit from your hobby, you cannot simply settle for being good at your hobby. You must hone in on your talents until you are better than your competitors. The best way to do this is to take a class or to find somebody who is willing to be your mentor.
Remember that you will not only need to be able to produce a quality product or offer a quality service, you will also need to be prolific enough to meet the, hopefully, increasing demand.
“A mentor is someone who sees more talent and ability within you, than you see in yourself, and helps bring it out of you.” – Bob Proctor
5. Create an online presence
No matter how you determine you should sell your product or service, you should create an online presence for yourself. What is appropriate for you depends on the hobby you are trying to monetize. For example, if you are selling arts and crafts or photographs, you should definitely look into opening an Etsy shop.
In most cases, you will want to create a website or WordPress account. Many people find it easiest to use WordPress to set up a website, and to become e-Commerce ready. You may want to create a Facebook, LinkedIn, or Twitter for your new startup as well.