Make Money with Hobby
Hobby to Business
Almost any hobby can become a business. How financially successful it becomes will require research before investing and opening front doors to receive customers who have an interest and need for your product..
The hobby which is to become a viable business needs to fill a need for the consumer. Gardening may be your hobby and it becomes a successful business because research indicates there is a need for fresh herbs in your community by both specialty shops and restaurants. Your business can fill their needs and in return the business earns its financial rewards.
Select a hobby which has diversity. The many facets of a hobby will collectively balance income. It is usually high risk to do one thing, unless it is an exceptional product and in high demand.
Idea, Plan, Action
The Business Plan
Design a business plan as this is the map for a money-making journey. The business plan will have guidelines for a workable hobby which will support the desired income.
Do not be afraid of a business plan. The business plan will be thoughts and ideas which are written to help see the strengths and weaknesses of the selected hobby. As the plan unfolds, questions will arise and their answers will be explored for benefits. The business plan is an active ever-changing guide for building a business.
- The business plan may be personally designed for your eyes only as it is your personal funds which are being invested and therefore accountable to self.
- Other business plans will require more structure for the daily, monthly, and yearly operation because monies are needed from investors or securing a loan from a bank. The investors and the bank will want to know how their monies will be spent and if the business can provide profit for investors or loan repayments with interest. Borrowed monies need accountability.
Business plans are available for free online, at local colleges, local libraries, and the Small Business Administration. If you prefer, business plans may also be purchased online and a variety of business supply stores in your community.
The business plan is a visual aid of your ideas, how you plan to execute those ideas, and placing your creativity and ideas into action. This visual aid will have changes as the action results return.
Selling Hobbies and Interests
Make Money with Your Hobby
It is your creativity and skills which will produce a product or a service which is to be shared with others. Your rewards will be pride in your product or service and financial gains.
Most money making hobbies will be everlasting because the main hobby will have many branches which will also provide an income allowing a business operation for many years. .
Perhaps your hobby is collecting sports cards. The profits will come from selling a variety of sports cards such as; football, basketball, baseball, soccer, hockey, and other popular sports. Profits can be gained by fundraising at sport events or consider conducting workshops and seminars answering frequently asked questions about sport cards as a hobby or investment.
Accessories will be another branch of income; file folders, plastic holders, albums,and other storage containers will be needed to store and protect these cards.
Sell information products such as books, magazines, software, and CDs as another outlet for income.
Celebrity and rare cards are highly valued. This can be an additional market.
Make a List
List hobbies and interests and give each a score. Your scoring system may be 1-5 with 1 indicating the top interest. The list will contain hobbies and interests from childhood, current interests, low income and expensive hobbies, and hobbies yet to be pursued.
After you have listed 100 or more hobbies, analyze the list. Is there a pattern forming? This pattern may be indicative of hobby interests that you are naturally attracted to and one or more of these items may be considered for making money.
Rewrite your list with the five highest ranked items and reanalyze.
Baking is at the top of the list. Baking has been a hobby for which family and friends have complimented you. In fact, there have been occasions when others have asked you to bake a special cake for a birthday or other special event.
Baking may be considered for catering, baking for select restaurants, or opening a bakery of your own. You may talk yourself out of this opportunity because you feel that there would be too much competition. But, you enjoy baking. Consider baking pet treats. Bake cookies and other delights for pets. There are pet bakeries, gift baskets for pets, wholesale markets, and more.
Do the same type of brain storming for the four other hobby interests which you have listed. Then select one which you feel is the winner for making money.
Will Your Hobby Be Profitable?
Test and sell your product and note results. Begin the business on a small scale to allow time, experience, research, advertising, marketing, and strengthening of personal business knowledge and skills. Lessons learned will benefit the growth for a successful business.
Another test is to work for another company which is similar to your hobby interest and learn from their successes and failures. This type of reality training will be beneficial for your self employment as a business owner.
School of Dance
Money Making Question
The list of hobbies and interests is completed and each item has been scored. Five hobby interests were selected and reanalyzed. Under each of the five hobbies list what you like about that hobby.
Start another list of personal talents, skills, and interests. This list helps to define your 'can do' and what you like to maintain a comfortable lifestyle.
Here is an example of my friend's list:
- Research and writing
- Loves music
- Loves sports and is athletically talented
- Must be physical
- Likes challenges
- Requires high stimulus projects
- Enjoys theater and movies
- Is a people person
- Very creative and an idea person
The Money Making Question...How can I make money from my hobby or passion?
Her list opened her eyes to opening a dance studio and there she is able to put her multi-talents to work. She hates office work and loves dancing, teaching, and performing.
Pursue your passion for a more successful life.
Business Marketing Plans
- Are you ready to be free of your boss and set hours of employment? Building a business will require many hours of work and a drastic change from working for someone else. You are the boss and your decisions will be critical. You have only yourself to succeed or fail.
- Do you truly have the knowledge and skills of your product line? Do you know how to advertise, market, and sell your products?
- Are you financially prepared for expected and unexpected expenses?
- Have you considered the size of your company and will you be prepared for growth?
- There will be legal requirements which are required to operate and maintain a business. There will be city, county, state or federal laws which will need attention. You may consider having an attorney if these situations are beyond your knowledge.
- Are you willing to be a chronic researcher, flexible in your thinking, and willing to change according to the marketplace?
- Do you have energy and stamina of mind, physical health, and psychological strength to stay in business?
- Do you have a product or products which are needed, affordable, and will bring repeat business?
- Can you handle money and success?