Income Series: Money From Your Hobby

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Every individual are passionate on a particular thing which would require one’s skills and talents. It is normally called hobby and this exists even in during the Middle Age. But your hobby can be more than knitting gloves, writing poems or growing a garden of various sorts. It can also be a source of livelihood if only you have the passion and the proper mindset. Having extra money while doing your hobby is one good source of income. Much more you can even get involved with your current hobby and improve your ability towards it. If the turnout is good or more than you expected financially, you can even make your hobby the job for you and restrain from employment and be the boss of your very own business. Make your hobby an asset to improve your ability and even improve you financially.

Presented below are steps in how to make it a reality.

Step 1: Identify what you really like. Hobbies are as varied as human beings. In this world, multiple hobby ventures are presented and different person can have different fields of specialization. Therefore, one must determine where your interest lies. For such interest will drive you to the maximum and will boost your confidence. It all lies in enthusiasm and that will be the burning fire and desire to help you personally. Do not lie on hearsays and other easy money ventures from someone close or someone you know. What might be their interest and field may not mean your interest as well. Focus on yourself and the desire to pursue the craft in a way that is productive and beneficial. You may go with the flow or fight the current trend but nonetheless knowing what you really want and the specific area that you’re good at, you can be sure of success and contentment in the future.

Step 2: Learn new things. Once you already identified a path that you love, it is time to dig deeper and indulge yourself in. Getting resources and studying it should be made in order to know the simple and complicated things that might come in the process. Seek helpful tips from existing entrepreneurs or individuals whom you know have the same passion as yours. They can provide you with hints and roads that can truly benefit you and possible pitfalls. In addition, they can help you foresee your future hobby and business as a whole. You may know a thing or two about your hobby but you need to learn more to compete with others in the same field as yours. Your current knowledge may not be enough in the market if you have plans to succeed and earn more. You need to read and review resources and if possible read books and learn from the experts. This not only enhances your existing awareness on your hobby but also revolutionizes your craft in a way or two. As such information is truly powerful. So do not be left behind from the others but rather immerse yourself in your hobby.

Step 3: Ensure your financial status. Every hobby needs a capital amount in order to start. Thus you need to know how much you would be expecting to spend and the possible profit that you can gain. These only take simple mathematical calculations and certain operations. Once the necessary expenses and expenditures are tallied out, you need to know where you can gain them. Perhaps, a savings will do if only a small amount is required for such hobby. On the other hand, one can possibly spend thousands or millions to make it realize. If you don’t have the necessary savings to help you stand financially, seek out other resources such as banks and loaning companies. They offer little interests and can even provide you different plans according to your budget and payment ability. But assure yourself that you can be able to pay them in time with the interest. Predict possible profits that can you gain and inculcate it in the amount that you would like to loan. It is better to know these options or you’ll end up with piles of debts which you wouldn’t want to experience.

Step 4: Organize a business plan. After the few steps had been reviewed and implemented it would then be best to lay out a plan for the business. Like an architect and engineer that need a blueprint for any construction project, so are you who are new to the business. Even if the hobby that you chose is easy to make and you think you already know the ins and outs of it, you need to devise a way that can help you layout the whole production of your craft. In line with this, you need to know your target audience of the hobby. For example if your hobby is about jewelries, your best audience for this kind would be women of a specific age group. Normally children like colorful jewelries while teens like funky jewelries. Women in their twenties would like embellishments with gemstones and other metallic ore. Classifying your age group and your audience will greatly enhance your hobby for you are targeting a specific set and learn from their line of interests. Furthermore in having a business plan, you need to take note of any possible occurrences and scenario. Say for instance if a certain holiday event will come in your area, why not enhance your output’s hobby to suit the event. Devise also plans that will help advertise your craft and showcase to other individuals. Thus careful planning needs to be developed in this phase.

Step 5: Begin to work. Plans with no action can be equivalent to nothing. Thus if you already laid out your personal outputs from the previous steps it is now time to work. By working, you will need to implement your blueprint and learn to start building. It is now time to set aside a time to develop your hobby and a time to advertise and sell your work. You need to toil and labor in order to pursue your new business venture. If there would be possibilities of expansion, it would be best to train someone whom you know who can help you with your hobby in the future. This not only let you share your knowledge and expertise but also have someone whom you can rely and relate to.

Making money from your business is no easy task. The procedures may be tough if you really want to sell and earn more. Thus, a proper mindset and attitude can help you drive during the tiresome days and nights. Small hobbies can help you financially in one way or another. Aside from that, you get to do things that you like and love. So do not waste your hobby skill into nothing. Continuously learn from it and develop it into your advantage and benefit. Start learning a hobby and start earning from it. Learn to monetize it.

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenger Version 2, it is Week 3 already! Did you deposit the next amount yet?