How to start monetising your hobbies
Whoever said the phrase "Make your hobby your job, and you won't work a day in your life" clearly didn't think through the whole process of actually starting your own business and monetising your hobby. As much as we all dream of profiting from painting, playing video games, stitching, singing, writing, illustrating, photography, cooking, or even dancing, it is easier said than done. As someone who recently opened her own local embroidery business, let me break down some aspects of running a business I learned recently which are essential to know before you can actually start selling your services or products and monetising your hobby.
Create a business strategy
Before starting any business, you need to develop a game plan on what you want to achieve and list the significant steps to get there. After you've decided on what your business will be about, research online how other people in the same category as you are selling their products or services. Make a tentative list of the resources and prices you will need to achieve the goals you've set. Make sure that you set tangible and realistic goals to maximise the benefits from your strategy and be on track for success.
Come up with a catchy name
This is the step where you figure out what you want about your business to stand out and what makes you different from the thousands of other companies. Find your niche. Your business name must be short and eye-catching. It must also reflect your business as a whole so that customers coming to your shop can easily know what services or products they can expect to find.
Create a website/blog
Having a website or a space to host your shop is necessary for any small business or entrepreneur. Creating a website to showcase the range of products or services you offer makes it easier for the right customer to reach you and has positive long-term outcomes. You don't necessarily need to buy a website domain, simply create an Instagram business account or open a Facebook page for your shop, and you are good to go.
Consistency is the key
When creating products and content for your shop, it is important to remember to upload consistently to grow a reliable client base. Jump on the new trends, get out of your comfort zone and try creating content catered towards your target demographic. If your demographic is Gen-Z and Millennials, they won't respond to spreadsheets of info; they'll be more interested in funny TikToks and quirky setups. You don't need every post to go viral, but even just one post clicking with the algorithm will do more for your business than you know.
Build your portfolio
Now's the time to start uploading all the information you have regarding price, contact info, shipping, and delivery details for potential customers coming to browse your shop. Use bright and colourful pictures and videos to attract more customers. At the end of the day, if you love what you do, your passion for it will come across in what you post, which is precisely what customers want. For small businesses, authenticity and dedication are everything.
Not every method will work for everyone, and not everyone can monetise their hobbies successfully. Once you've found your niche, if you stick with it, who knows, one day it might become your full-time job.