It’s good to have a hobby. It provides us with a past time that allows us to relax whilst also improving our skills and talents in our chosen field. There are an endless possibility of fulfilling hobbies you can seek to undertake, and if you’ve been practising your particular hobby for a long time you might find that your skills have become so good that there is money to be made from your abilities! Go through the check list below to take your first steps to getting a financial gain from your modest leisure activities.
Is your hobby a marketable service or product?
It goes without saying that the easiest way to turn a hobby into a source of revenue is if it is something the majority of people will want to have. You could be fluent in French and become a private tutor, or you may make custom bird houses to order for your client’s back gardens. The principle remains the same, you need to have something that people want or need. Or at the very least you need to be providing something novel and interesting enough to pique consumer curiosity.
Find your target market and advertise to them.
So your skill is something you can market and advertise, excellent! Now you need to test the waters to gauge the interest for what your hobby can provide. One of the easiest ways to do this is by building a quality website. Here you can showcase your product and services, showing why your product is useful, the making of process, commonly asked questions, payment details etc. The website can become your one stop shop to advertise yourself to the global market. Take further advantage of this by offering a monthly emailing newsletter that people can sign up to that provides new information about your product and future sales for example. Having people subscribe to a mailing list also gives you really useful figures for the amount of people interested in your product.
Figure out how to serve the demand you create.
If you’re using a quality built website to serve the majority of your customers then you need to be concerned with factors such as packaging and transportation of your product. Is it large and heavy? Or light and fragile? Do the majority of your customers order from overseas or will it mostly be handled by domestic freight transport? These questions and more must be thoroughly researched and answered so you can make an informed decision about how much to charge your customers for getting your product to them. If the majority of your customers happen to be local then perhaps consider a strategy that minimises your web presence in favour of word of mouth and having a physical location that is easy for a large number of people to come and visit to transport the product themselves.
Don’t let it become a job.
Remember that this should still be your hobby. The advantage of this revenue stream is that it’s supposed to remain a hobby – something you enjoy doing to relax. Always ensure that you keep this in mind. Don’t take on more orders than you can handle and don’t allow the hobby to become a point of stress and unrest in your life otherwise it’s no better than working a stressful job that you don’t like. It’s your hobby so take control of how you want to run it as a small side business, don’t let consumers dictate your management and working hours.
This article has been written by Todd McCullough, an independent blogger and finance researcher. He represents the financial loan company www.wonga.ca by producing guest posts full of useful money saving and organisation information for various websites.
More information for you to refer on turning your hobby into cash cow:
Turn your hobby into a cash cow
An easy way to turn your hobby into a cash-cow