There are many people with hobbies that can be turned into profitable businesses. While most people are looking for other ways to earn a living, truth is that they are sitting on real income opportunities.
From When Craig Jenkins-Sutton started designing gardens from his Gardening hobby, netting $1.2 in 2011, to Megan Duckett who turned her Sewing hobby to business of sewing and renting and started receiving in 1996 more money sewing than the $45,000 salary from her full-time job at the event-planning company netting $6.2 million in 2011.
The list will be endless- Music Producers, Musicians, Writers, Waste Management Companies, Industrialists, IT experts from Australia, India, Canada, United States, United Kingdom, China, Africa etc the same opportunity abounds.
In this write-up, we will be looking at various ways to turn your hubby into business
Check if you can earn money from your hobby: Knowing you have a hobby is important and considering if your hobby can turn into a profitable venture is another. You need to look and think deeper and see alternatives in your hobby. There are millions of people with great hobbies that could be turned into world business.
Are you prepared for full or part time business: This is a fundamental factor you will need to consider. Running a business takes a lot, therefore you must decide if you are prepared or not. These ranges from prior experience or not, source of funding, time and resource commitment and a lot of others.
You also need to decide if you just want extra income part time or full time.
Write a business plan for your hobby business. While it is easier to start a business from your hobby, it is important you write down a business plan. This will give you the road map of your business and specifics of the business.
Consider how you will generate income from your hobby: The fact that you already have a potential paying hobby is not just enough; you need to consider how to make money with it. For example, if your hobby is writing, you could start writing for blogs or magazines but you will need to first create a platform where you build you portfolio. You could also create an information product on how to write articles and then sell this information to your prospect.
See the long term potential. Comedians like Bill Cosby never focused on the immediate gains from their hobby-turn-business, but on long terms potentials. You need to expand your business as it starts getting more clients.