Are you looking to make some money in the new year? Do you want to start a business but are confused on where to begin and how? Then why not start with one of your favorite pastime hobbies?
It may sound too good to be true, but many people are starting to turn their hobbies into side hustles to generate an extra stream of income. The best part of monetizing your hobby is that when you work on something you enjoy and love, it doesn’t feel like work.
It becomes fun.
Whether you’re a painter, a graphic designer, an illustrator, a calligraphy master, create DIY art pieces, an embroiderer, or make custom pieces, you can literally monetize any hobby and start generating an income.
That is why in today’s post we’ll share some tips on how you can convert your hobby into a small business that not only generates an income but gives you joy as well.
Keep on reading to know how you can start, right now!
1. Create a strategy
Whenever you start with a new venture or endeavor, it is always wise to start with a game plan on what you want to achieve, and listing down steps to get there.
When first trying to monetize your hobby, research online how other people in the same category as you are selling their products or services.
List down the steps you need to create a digital marketing strategy that includes the time, resources, cost etc it will take for you to achieve goals you’ve set.
If you have a budget, you may want to invest in Adwords Consulting to get things rolling quickly.
Make sure that you set goals that are tangible and realistic, so that you can maximize the benefits from your strategy and be on track for success.
2. Start a website
Having a website for any small business or entrepreneur is a must, even if you’re not thinking of turning your hobby into a monetary profession for the long haul. Creating a website to showcase the range of products you have or services you offer, not only makes it easier for the right customer to reach you, but has positive outcomes long term.
When you make a website and provide accurate information regarding price, contact info, shipping and delivery details, it creates credibility in the eyes of a potential customer and will help spread the word faster for more traffic. One of my favorite examples I recently found is this site profiling awesome waterfalls a family is visiting. Such a cool hobby!
3. Pitch and reach out clients
Reaching out to potential clients whether locally or online is very crucial to make your first sale. This point is especially important for people who run a food business, catering, provide supplies on a large scale, and are looking to expand their hobby to serve a company or a large gathering.
Whether your first pay check is the $5 or $500, your motivation to continue your new endeavor will be highly contingent on your first sale. In order to get potential clients, pitch yourself via email, in person, or on call to people you know can get benefit from your services or products.
Even if you’re shy of putting yourself out there, dropping emails is a great way to introduce your new business and if you can’t do that, then the follow the next point.
4. Create content for your social media account
Having a social media account even for your hobby is extremely important for exposure and gaining potential clients. Nowadays, both businesses and customers check social media accounts of businesses they want to engage with financially. Making sure you post creative content, regularly will not only increase your following but help you target potential customers as well.
The goal isn’t to go viral overnight, but to hope that one post gets viral enough to land you on the radar of your targeted business/customer for your category. And for that you need some strategies and tips to engage with your social media audience.
According to Oberlo, there are more than 3.5 billion social media users as of 2019, and the number is only increasing. Making sure you market your products the right way to the right customers will only increase your revenue and help you make profit.
And those are top 4 ways on how to monetize your hobby to generate an extra stream of income in 2021. We hope you found them useful and motivate you to start your journey today.