Do you have hobbies that you are so good at that people tell you to start earning money from? Do you have several hobbies and have thought of converting at least one of them to a money making venture? Do you have lots of fun with your hobbies but now wanted more than that? If your answer is yes, then you are in the right place.

 

I have couple of hobbies myself and have been able to convert two of them to money makers. It is not difficult but before you can do it you must be able to address few details 7 Things To Consider Before Converting Your Hobby Into Business

 

Here are a few tips to assist you in converting your hobby to a profitable business.

 

  1. Teach Others Your Hobby: 

    You can become a tutor and teach others what you know. This is the easiest way to convert your hobby or hobbies into business. As an instance you can teach people how to bake cakes, sing better, play music instruments etc. You can either do it offline or online through sites like tutor.ng, Fiverr, You Tube and so on.

 

  1. Target Others of Like Passion: 

    If your hobby involves churning out products, then produce such product in a unique way and sell to fans of the niche. For instance if assuming your hobby is baking, you can import or invent the perfect cake mixer and sell to bakers or some other fellow who like baking.

 

  1. Speak or Write About Your Hobby: 

    You can develop speeches or write ups on your hobby and look for audience to deliver it to and get paid! It is not that easy but it is achievable. Start a blog about your passion or a video log (on You Tube), be consistent with it, develop fresh and unique contents and before long you will gain audience. After doing it for a while you would be surprise the type of audience and followership you will get. Don’t be surprised if you receive speaking engagement in a short while.

 

  1. Create a Business Out of The Activities of Your Hobby: 

    You can create another business around your hobby to help people who are in that business line. For example a man working as a Marketer in an Insurance Company with passion for baking, can start a business of teaching bakers Marketing.

 

  1. Research and Plan: 

    Carry out all the necessary research on the industry you are about to dabble into. There is a whole lot of difference between your hobby as a pastime and as a business. Converting your hobby into a business means you have to make it profitable for it to be worth pursuing. There is no joy in doing a business that yields zero naira. Research and plan very well. Planning is essential if you are to succeed with your business because he that fails to plan is planning to fail. Planning reveals ahead of time what is to be done, who is to do it and how it is to be done. Research and planning will lead to Business Plan. Craft a nice Business Plan. You can click to read: Complete Guide On How To Write A Business Plan.

 

  1. Persist: 

    Your hobby is a dream and on the path way of dreams or goals or visions are a whole lot of obstacles. It is up to you to give your dream the wing it needs to fly. Nothing should stop you. Know that you have to knock several doors before you will be able to make your first sale. There is the 80:20 rule of Marketing which states that 80% Marketing effort yields 20% result. Go for it with the energy of a bulldog after a cat!

Read: 10 Important Things You Must Do When Starting A Business

 

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