Turning Your Hobby Into Profits

Turning Your Hobby Into Profits
Hobbies often become passions. You talk about it non stop, you think about your next project or supplies that you need. It can become an obsession. Hobbies help get away from it all for a bit. Some hobbies produce items that you can sell or services that you can offer for profit. Ask yourself if you have made everyone you know gifts and they tell you that you should charge for it or perhaps you planned all your friends parties and they can’t stop thanking you for your help. Maybe the idea has crossed your mind that you could make some money doing what you love to do.

There are many hobbies that you could turn into a small business. If you already are passionate about a subject and spend your free time learning and creating something you love then you are ahead of the game. Crochet, knit, beadwork, sewing, painting, drawing, and so much more actually leave you with a saleable product. You can create what you love and put it out there for sale or you can take custom orders. Perhaps your hobby is party planning, interior decorating, photography, organization or some other service. These are just as fun to market and offer, to turn a profit.

Turning your hobby into a profitable business can be a rewarding endeavor. There are a few things to consider.

Questions to ask yourself before launching your small business.

  • Can you get your materials at wholesale?

  • Does your city/state require a business license?

  • Are you passionate enough about your hobby to make the same item a hundred times, or learn to deal with difficult customers?

  • What will be your business name?

  • Do you need a tax number?

  • Do you have the time to commit to a small business versus just enjoying your hobby?

Remember that it is important to find balance when turning your hobby into a business. Keep working hours so that you do not end up being consumed with creating inventory. Learn new techniques and invest in new equipment to keep your love of the hobby alive. Keep it fun and remind yourself frequently why you love what you do.

There are many ways to get your product in front of customers, but the best tried and true method is word of mouth. So everyone you have gifted items or services to ask them for testimonies, photos, and/or reviews. Add those to your social media posts as well as your website. Ask your friends to share your business cards and posts with all of their friends.

If you have turned your hobby into a thriving business or have questions about starting you let us know in the SO/HO forum. If you would like to stay up to date with the latest articles please subscribe to the SO/HO newsletter, its free!

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