Turning your hobby into a business

Ian Lucey
Ian Lucey
Jul 10, 2017 · 5 min read

The possibility of making money from doing something that relaxes you sounds like the optimal career path in an ideal world and thus it is understandable that many of you may have considered selling your passion for a living in the past. However creating a business out of your hobby will require high cortisol levels, late nights and a lot of coffee. Three things that are generally not associated with leisure. So how do you become a lifestyle entrepreneur, and what is it going to take, for you to have your cake and eat it too? Below are a few things that are worth pondering over:

1. Know your Goal

Are you looking for a part time or full time business? The former will not require you to give up your job, yet may still provide the opportunity to earn some extra cash to further your short term financial plans. Maybe you’re saving up for a new car or would like to pay off your mortgage in full before a certain time. Having a second revenue stream is never a bad idea.

However turning your hobby into a full time job will result in less income stability when you are starting out. Your income may fluctuate from month to month due to increasing or decreasing sales. Moreover the chances of making profit in your initial months are low.

On the plus side, the pressure to make incrementing sales each month will force you to work harder than you’ve ever worked before. The question you should be asking yourself however is, do you have enough savings to sustain yourself for enough time to get your business off the ground? Weigh your financial responsibilities accordingly and make sure you can survive without an income for a long period of time.

2. Maximize your time

Working a full-time job and then spending extra hours to pursue a hobby as a business will not be practical for most of you. If you have kids, a significant other and friends to attend to, time can be a lot more difficult to maximise. This is where prioritisation and conspicuous planning comes in. You might have to erase social drinks at the bar off your weekly calendar and maintain it as a monthly activity instead. Chances are you will have to start going to bed earlier and waking up earlier. There is no in between.

Start slow and commit to dedicating 1–2 hours every evening and early morning to getting stuff done. If you feel like you aren’t getting enough done, try to keep in mind that little steps will often accumulate to bigger steps. Take your time and watch your masterpiece fall into place.

While your mind and body may reject this sudden change in routine, give it the time to adjust before you call it quits. Remember, it takes 21 days to form a habit. Getting 10 hours done on the weekdays before and after work, and putting in an extra 8–10 hours on the weekend is already a part time job. Don’t be so hard on yourself.

3. Put in the work

There’s a difference between relaxation and responsibility. You need to get comfortable with the idea of treating your hobby like your day job, which means you have to show up every day. Your hobby can no longer be your escape, but your refuge. It won’t be effortless and it won’t always be easy.

At work you have deadlines and targets you might have to reach from month to month. There should be no difference to this when you are trying to turn your hobby into a second stream of income or a main source of revenue.

Study your industry, your market, your competitors, possible revenue streams, and how to create a marketing strategy. If you build it, they will not come. You have to put in the research time, to find out what makes your skill desirable enough to be profitable. Now is the time to dedicate yourself to improving your business acumen if you want to see results. Additionally setting yourself weekly quantitative goals and monthly qualitative goals will keep you motivated and fired up enough to keep improving.

4. Build an online presence

If you’re not just as good at marketing your hobby as you are creating it, your attempt to turn it into a business is going to fail.

Think of creating a website, and social media profiles that are applicable to your business. Begin to sell yourself and your brand. Be consistent with your brand name, logo, font and colour scheme with harmony down the line in order to reflect your business’ personality. Keep in mind that consistency is the name of the game when it comes to developing an online presence that people will respect. The marketing process of building awareness to acquiring your first initial customers can be a short road if you factor in a strong focus on marketing and branding. You need to know what you are selling and know who it will be useful to before you can communicate it to potential customers.

Furthermore the internet is a powerful tool that can help you find people who are already turning your specific hobby into a business. Connect with them on social and learn from them.

5. Be the Jack Of All Trades

It’s important to note that you will be wearing all hats as a solo lifestyle entrepreneur and thus you will act as an accountant, customer service rep, brand ambassador, CEO and so on. Be sure you are comfortable with wearing all of these hats, or at least make sure you have someone you trust who can voluntarily help you with some of them.

The truth is, not everyone will be able to turn their hobby into their business because It’s not always feasible to do so. However if you feel there is a compelling reason why others will want the product or service you wish to sell, take into consideration the tips above to boost your probability of success.

Remember, your career is not about doing what you love, but loving what you do.

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