4 step plan to turn a hobby into a business

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4 step plan to turn a hobby into a business

We all have a hobby and I'm sure we've thought about trying to make money off of it one way or another but never followed up on it because we either thought it wasn't going to work or we simply forgot about it. You could be knitting blankets or making 1/8 replica models of a show you like, I'm sure there is someone out there that will purchase what you're making. There are actually a lot of people out there that turned their hobbies into full time jobs, and now love every minute of work that they put in. There are things you need to do before you start out turning your hobby into a full fledged business, such as getting feedback and doing actual market research in order to know if what you're doing will sell.

Think about it, how many times have you heard of a friend who has their own photography business and are doing well? Usually that was a hobby that turned into a profession, even if they did go to college for it, they loved it prior and took pictures of everything without getting paid for it 4 step plan to turn a hobby into a business Now, we're talking about people out of college who are turning a hobby into a profession, and the first few steps to doing that are as follows:

Ask for feedback from family and friends
When you're asking for feedback, your family and friends will likely tell you that anything is possible and that you have a great idea. This is why you need to tell them to be honest, even if they think it will hurt your feelings, because you need to know if it's a waste of time or if it's worth pursuing. When you tell them that, they will likely tell you what they're really think, and you will have a different point of view telling you if it's possible.

You can also go on public forums of Facebook groups and ask for honest feedback, and since these people don't know you at all, they'll be brutally honest with you. Even if they tell you it's a waste of time because the market is saturated, that doesn't mean it's actually a bad idea, it just means it will be more difficult to make a lot of money since there are other people out there doing the same thing in a smaller area. Don't let competition scare you off of your dreams, there's competition everywhere and you will always be dealing with it regardless of what industry you're in.

Get a concept up and running
If you're doing something you love, you shouldn't have a problem getting a concept up and running. This isn't your business plan, this is what you'll be selling or doing for others in order to make a profit. Think of a photographer, they will have the concept of taking pictures for clients at weddings, showers, baby photos, etc. and they will think of how they want it all to look before they even click the camera a single time.

A good concept goes a long way, and can even get you some funding if that's what you're trying to obtain. You can launch your concept on something like Kickstarter to see if it actually has people gravitate towards it. If you have a successful campaign, or an almost successful one, you will be able to judge the success you'll have in the long run. If you're successful with your campaign, you will be able to use that funding to get the equipment or materials you need in order to run your business and even do some marketing to get more sales rolling in 4 step plan to turn a hobby into a business

Make money on the side
If you work a normal 9 to 5 job, you'll need to work a side hustle in order to make some money with your hobby. Of course, you won't want to quit your job right away because you never know if your hobby will pan out into a full time paying career, so just be patient in the beginning and work longer hours. This will entail getting a website up and running, making the product at home, promoting your business on Facebook to get some sales coming in, building up your community, etc.

When your side hustle is starting to be a burden, because you're working it all the time to fulfill orders, you know for sure that you can expand on it and make even more money. You can now go two different paths, you can either take a chance and quit your job to work your hobby full time or you can play it safe and work more hours while keeping your job and security. I would highly suggest working while having your side hustle so you always have your job to fall back on. You never know if your hobby will pan out long enough to make you money for the rest of your life, so keep working.

Write up a detailed business plan
If you're going to take this seriously, you'll need someone to help you out with your business. If you're hiring a friend or family member, you usually don't need to show them your business plan since they will already trust you and your vision since you likely talk their ear off about it lol. If you're looking to bring on an industry leader, as your partner, you will need a detailed business plan in order to convince them to invest their time and money into your business in order to push it towards success.

Write up a great business plan then get it reviewed by your friends and family that actually own their own businesses or are higher ups who run a company. Don't ask your grandma, or someone that will always tell you it looks great, because that will never actually help you out with business.

In Conclusion
You can most definitely turn a hobby into a profession, there are plenty of web designers out there that were making websites for fun when they were kids and it turned into a business. There are people out there that make handmade scarfs, hats, gloves, etc. and make hundreds of thousands each year because of the products they create 4 step plan to turn a hobby into a business So get out there and try turning your hobby into a profession 4 step plan to turn a hobby into a business

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The problem as I see it is that although there might be money to be made by doing this. Alot of the market is over saturated with people who have the same basic ideas and the same hobbies. Use Etsy as an example, so many crafters are on there, the market is over saturated. I think you have to have an idea that hasn't been thought of an a way to promote the product that hasn't been done.

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I guess it depends on the kind of hobby that you do because there are hobbies that are not saturated in terms of business. Handicraft and home made candles or other household needs have so many competition already. But if your hobby is painting an specific type like Santa Claus I guess there is a market because I know of many people who collect Santa Claus figurines and paintings.

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I think you can sell anything crafts related as long as you tap the right audience and demographic. From there - it's all about spreading the word, and maybe getting the right people to help you promote it.

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Nothing becomes enjoyable than turning one's hobby into a career or a money-making venture.A lot of people were doing a lot of things for the fond but the realize they can as well makes money out of it and they began little by little to charge and before one knows it, it has become a career.Those tips above are professional and if we go by that we will make a success of our hobbies.

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I am so glad to have learn this points today. I have some things I like doing for fun and I will try to make money from some. I used to make cards in highschool and wish my friends success in their exams. I also used to make birthday cards. I only made them from old materials I had then stick colorful words on them and finally added some chip to make a sound when the cards was opened. I used to do it for fun until I ran out of materials. Reading this post has made me realize that I can earn from selling cards when I start making them again. I will first invest on some materials and gather old ones too.

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Thanks for the ideas and this is probably a great share as well. I remember my friends always told me that a hobby can actually turn into a hobby and I don't actually believe in him, he showed me his job. He's now an animator on some good known company and ready to build one of his own. He always told me to turn my love for art or for photoshop into a business or work, it's like making money out of passion or doing what you actually love.

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One good thing about making money with what we enjoy doing, which is our hobby, is the fact that one could get to start off without having the pressure to monetize it immediately. In as much as the market won't be paying back at the start, it's a good way to do what we have passion for.

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I think the problem is when hobby becomes business and it adds some stress. And then it becomes less of a hobby and more of a job. And that in turn is going to make things a bit harder if you ask me. Some of the people work hard on business. And hobbies are not something you can think about in that case. I think hobby based business has it;s set of the limitations that we have to learn about as well.

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You are so right about having a side hustle--actually, for me, I'd say that my freelancing IS my side hustle. I have not made enough money with my "hobbies" in order to properly support myself and my loved ones, but I have been able to bring in some income from them to help things out or to have a little extra pocket cash. I assume a hobby is something you have some degree of passion about, so you would most likely be doing it anyway, so if you can find a way to discipline and monetize this hobby (or hobbies) without taking the joy out of doing it, then that's always a great idea. To make a profit from doing something that you love is an ideal situation, of course.

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When I was selling clothing items for a hobby, most of my close friends advised me to make it a business. With the promised support of friends and relatives, I embarked on putting up a boutique to carry the clothing items that I was selling. Sadly, the business did not prosper and I had to close shop before the 1 year anniversary of the business. So what happened? I probably did not have a detailed business plan. My cash flow suffered and that made me borrow money at a high interest rate which led to my downfall.

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I myself am not that sure about turning my hobby into a business because I might just end up getting distracted and too amused by my hobby to get serious about it when I need to treat it as a job. Not only that but I worry that my enjoyment of it might diminish if I start mixing it in with work related stuff. However, it's not a new concept and many people have succeeded in doing this and also many people do recommend it so I suppose I will never know until I at least give it a try. Maybe this year I will try to find a way to monetize my hobby.

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I had an idea, I shared with my siblings and their spouses. They not only liked my idea but also gave inputs. We were all positive about the idea. Then we started working together by setting a reserve fund so that we could collectively work on the idea. We are trying to work on my hobby and make that hobby earn money for us. asking for feedback from family and friends always help when you are trying to do a business.

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It's a great feeling earning from your hobby, but at the start of this, you should first have a stable job in the case that it doesn't take off, and you also have to work extra harder for it to work, but it is very rewarding when you have a business from your hobby.

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