Do you have a life skill that you’re currently only using in your free time? Though you may assume it’s only suitable as a hobby, there’s a chance you can monetize it and turn your talent into a money-making business venture. That’s if you know what you’re doing, of course.
How to monetize your hobby
Hobbies that could potentially be monetized and turned into businesses include painting, woodworking, baking, web design, dog training — literally anything that provides value to others.
Related: How Can I Turn My Hobby Into a Home Business?
The problem is that many of us are afraid to take action, even when we know we have a marketable skill, because we are afraid of failure. We fear that if we attempt to monetize a hobby and fail, we’ll no longer feel joy or satisfaction from the activity at all… or others will regard us differently.
This can be a scary proposition that may prevent many talented individuals from pursuing their dream. If this sounds familiar to you, then listen up.
Trying to monetize a hobby isn’t easy, but on the other hand, it certainly isn’t rocket science. With a little preparation and strategic execution, you can enjoy a positive result. Here are a few tips:
1. Create a plan
In order to begin monetizing your hobby, you have to devise a game plan. This plan will obviously have to be tweaked along the way, but it’s worthwhile to have a strategy in place from the start.
This is something Tom Hess, a successful guitar teacher, regularly tells his students if they express an interest in someday becoming music instructors as well. He advises them to start part-time and gradually shift into full-time work.
“Fill up all your available time on nights and weekends with students and save all the money you make (do not spend a penny!),” Hess says. “Once you have saved enough money to cover four to six months of expenses, quit your job and go all-in to build your guitar teaching business even further.”
This may not be your particular game plan, but you need one of some kind. There’s nothing smart about diving in blindly and hoping things work out.
2. Get your first sale
You don’t need to go from hobby to million-dollar business in a matter of days. Your number one goal in the beginning stages is to get your first sale. Whether that means making a $5 sale or signing a $5,000 retainer, your first sale is the hardest and most important sale you’ll ever make.
There are plenty of strategies for actually getting your first sale, but it all depends on the product you’re selling….