Walt Disney and Bill Gates have one things in common – they were all able to turn their hobbies in successful business ventures. Disney’s love for sketching created the juggernaut that is known as the Walt Disney Company; Gates passion for programming as a teenager led him to build Microsoft.
Everyone has that one things they not only enjoy doing during their free-time, but are also very good at. So, during that moment when you’re thinking of the next business idea or how to begin to make money for yourself without spending so much, that hobby of yours should be the next resort.
Start small with freelancing
You don’t have to instantly transform your hobby into a full-time job. A much better approach is to dedicate a few hours per week to freelancing gigs. Freelancing is a great way to test the waters when you first monetize your hobby.
For example, if photography is what you love, and you’ve been using your camera to take random shots at home or on your streets, you can begin by making yourself available for events. With freelancing, you’re able to work on your own schedule and grow your new business over time at your own pace.
Consider alternative business ideas
Doing your hobby isn’t the only way to make money from it. For example, the only option for a photographer isn’t just to take photos. You can also make money by giving others photography lessons or giving talks about photography.
Another great idea is to teach the business behind your hobby. For our photography example from above, you could teach others how to make money from photography for themselves. With the digital age, people are actively seeking information on the internet. You can make a fortune by blogging about your hobby.
Build an online presence
In business today, everybody needs an online presence to generate activity. This means creating and maintaining a website, social media profiles, and everything else that goes into branding yourself as a professional.
Keeping consistency in the way you present yourself will give you a more established image, which in turn will result in more fans. Along with building an online presence, don’t forget to network and use word-of-mouth. Find conferences and groups in your niche. You’ll learn a lot at these events and get the chance to mingle with people.
If you’re good at what you do, in no time, you’ll build a business empire out of your hobby. The final piece of advice is to treat your hobby like a job. If you want it to become your main source of revenue someday, or at least a sustainable second stream of income, then you need to get serious and give it the attention it deserves.