Do you have a skill that you’re presently using only in your free time? Though you may think that it’s only appropriate as a hobby, there’s a chance you can monetize it and turn your special skill into a profitable business venture.
Everyone, at one point or another, has considered the hobby of theirs as potential means for their living and most of us prescribe to the notion that if you love what you do you’ll never work a day in your life. Hobbies that could potentially be monetized and turned into businesses include painting, knitting, sewing, woodworking, baking, web design, blogging, etcetera – literally anything that offers a value to others.
Yes, your hobbies don’t just have to be free time activities anymore. You can generate a purposeful online business out of it and it could be branded as an honorable and great calling. However, it does take some work to build a side business as there are a lot of things and steps to embark on. But once you have set the right pace for your business, you could potentially find yourself making enough to do it full time.
So how exactly can you turn a hobby into an online business? While there are tons of ways to do it, here are the steps to muse about in order for you to establish a profitable passion.
Step 1: Conduct a market research
Before you get too excited about turning your hobby into a business, you must conduct a research first if there’s commercial demand for it and get a feel for the competitive landscape. This is especially important to do beforehand. Are people buying products related to it? Spend some time searching the internet for similar products. Look for brands or sellers that seem to be your closest competitors and what they typically charge. This could give you an idea as well as a template on how to start your own.
You can also determine if it is really feasible to turn your hobby into a business. By doing some researches, you might find that the common costs for the items you make are too low for the amount of time you put into them; if it is worth it or not. Of course, you want your hobby-turned-business to make money for you.
Step 2: Determine a price range for your product.
The price you set for your product or service is one of the most important business decisions you make. Charging a price that is too high or too low could possibly limit your business growth and it could also cause serious problems for your sales and cash flow. This could be the toughest there is to do in a business. You need to figure out a price that matches what people are willing to pay, but also makes you enough money to make it worth the trouble of turning your hobby into a business.
When setting your prices you must make sure that the price and sales levels you set will allow your business to be profitable. Price your products correctly and that can enhance how much you sell, creating the foundation for a business that will soon prosper.
Step 3: Start brainstorming about your brand name.
Naming a product is one of the most important parts of the launch process. Your brand name is the word or phrase people will think of when they think about your products or services. It can also be the most difficult.
When choosing a brand name, you should focus on what you want people to think, feel, and remember when they look at your product or service. Brainstorm some words and phrases that describe your product, service, or hobby. Also research to see if any of the names you’re considering are already taken. Remember that naming your brand is a critical step – one that deserves your time and effort.
Step 4: Buy a domain name for your brand and web hosting.
A domain name is your unique identity on the internet. It is the address of your cyberspace. Choosing a web host is also important. It is an often overlooked, yet critical, factor in determining your website’s search engine optimization (SEO) rankings since the quality of your web host is a key determinant in how accessible your website actually is.
When you have your own domain and have chosen the most appropriate web host, this would somehow tell the world that you are serious about what you do. Not only that, these could also be an indication that you are thinking forward and a leap for your hobby-turned-business.
Step 5: Build a website that best represents your company.
In business today, everybody needs an online presence to generate action. And a website is considered to be the most important component of your online presence, so it needs to be in sync with your brand in all aspects. You can find templates and website builders that make it easy to put together a legitimate looking website on your own, for cheap or for free. However, you should choose something that is more appropriate for your business. For example, if you’re selling designer clothes online, it’s better to choose chic, stylish elements that will reflect your brand.
Since you will be selling products through your website, you should make sure to invest in an e-commerce software to use on your website as well. These will let you list products, have a shopping cart on your site, and safely accept payments. Your website tells a lot about your business. It shows how much thought your business puts into its brand.
Step 6: Promote your website using various marketing techniques
Your business now has the most important elements and you are ready to promote it. Promotion will be the voice of your company which send out your brand’s message loud and clear. Without this, your brand or service would not be able to garner the attention of the pre-occupied customers. Various media platforms can be used to promote your business and brand. Promote your new business on your social media profiles and to your friends. If you want to know more about different marketing techniques, click here!
Turning your hobby into a full-time online business is truly a worthwhile decision you could make. Evaluate your passion, research its market potential and start building your own online assets. There’s also something to be said for learning through trial and error. If you have a good skill and there’s a market for it, then there’s no reason why you can’t monetize it and earn an extra stream of income.
Dive in and see what happens.
Thanks to Erin for this awesome guest post!