Featured
It takes some dedication to transform a weekend hobby into something you can make money from. Establishing it as a business relies on passion, commitment and some investment. So how do you get started? From carving a niche to planning growth, here are some suggestions.
Find a Niche in Your Passion
There are tons of hobbies you can turn into a business, and they all have sub-categories, known as a niche. A niche will help you focus on a specific part of a subject and become the go-to blog, vlog or expert on a topic. Crafting, baking and even video gaming are excellent umbrella niches that will potentially make money. A credit card processing service is necessary when thinking about monetizing your blog or channel, and any of the above and more are pretty lucrative.
Establish Yourself Online
It is pretty hard to get noticed these days without an online presence. Fortunately, it’s also easier than ever to establish one. Beginning with something as simple as a blog, YouTube channel, or social media account, you can almost instantly begin reaching out to the world. With well-written content, informative videos and engaging posts, you can attain an audience of like-minded people with shared interests. Then, you can monetize using platforms like Etsy and Amazon.
Transform a Weekend Hobby with Branding
One of the most powerful tools for modern online business is branding. Branding has become a go-to action for getting noticed because it offers so many features with stunning results. A typical agency offers PPC, SEO and social media marketing. These are a great way to be more professional when starting your company. Of course, it requires some investment. However, the average ROI (return on investment) from a branding agency campaign is between 5:1 and 10:1.
Consider Growth Options
It can take a long time for a hobby or passion project to grow. Then again, they can take off pretty quickly. Either way, it helps to consider growth options early on. You will need to put a lot of work into growing a hobby business, so a streamlined workflow is a top priority. If you put a lot of time into the company, then you will also need boundaries that separate work and personal life. With time and experience, you can expand with employees and perhaps even office space.
Think Like a Genuine Business
Getting into the business mindset early on will only help you. Running any kind of venture, even if you love it, will cost money. Consider investment opportunities to raise funds, such as loans, grants, and even crowdfunding. This could rely on a business plan with revenue projections and cost analysis. If even for tax reasons alone, consider the structure best suited to the business. For example, are you a work-from-home sole trader or is the business really an LLC?
Summary
Finding a niche you are passionate about makes it easier to transform a weekend hobby into a business. Branding is a major advantage and can help bring in traffic as well as get you noticed. Of course, think like a genuine business from the start to avoid some of the common pitfalls.
Image Credit: depositphotos.com
