Have you ever wondered how people turn their hobbies into a real business? What are they doing differently than everyone else? Do you have a hobby, craft, passion, trade that you would love to turn into a business making money doing what you love?
Here’s what you need to ask yourself; is what you’re doing a hobby or a business?
We have all heard the phrase. “If you treat your hobby like a hobby, you’ll get paid like a hobby” and ‘If you treat your business like a business, you’ll get paid like a business”
It couldn’t be further from the truth.
Here are 6 things you can do to monetize your hobby into a business
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Change Your Mindset
Like you, I love creating and making pretty things but spending money and time creating and making isn’t making you money. If you’re spending more than you are making than it’s considered a hobby. You have to change your mindset.
If you want to turn your hobby into a viable business, you will need to start treating it like a business. Fear is what usually holds most women back from starting a business. We dismiss our hobby as a thing that we like to do but don’t look at the potential and gift we have at our fingertips.
Your hobby CAN be a real money-making business if you just have a little faith and take the leap. It’s essential for transforming a hobby into a successful business. Believe in yourself!
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Start Small and Think Big
It’s great to have big dreams. We all have dreams; I know I do. Some of the largest companies started in their garage. Look at Apple, they started out in their garage.
You don’t need all the latest technology and fancy equipment to get started. If you don’t have a website, start with Etsy or Amazon to sell your products.
Use social media to promote your products or services, “It’s Free”. You don’t have to quit your day job, many entrepreneurs started out part-time working just a few hours a week, and eventually turned it into a full-time gig. Rome wasn’t built in a day.
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Market Your Business for Free
I think the biggest misconception people have when starting a business is, they think they need a lot of money for marketing. That might have been the case 10 years ago but in today’s world, we have so many ways to promote our business for FREE, and its right at our fingertips.
It’s called social media. Think about it. Facebook, Instagram, Pinterest, Twitter, and YouTube are all platforms you can use to find your ideal customer and sell your products and services.
Getting the word out is key if you want to make money selling your products. If you’re relying on local businesses, your business is going to struggle, and you are limiting your true potential and growth of your business.
Although word of mouth is one of the oldest ways to advertise and can be very effective, there is nothing like social media. You’re missing out on an ocean full of new customers. Don’t be afraid of social media, it will become your new best friend. If you have any questions and need some help, join my group Ask Cheryl Phan; I would love to help you.
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Treat it Like a Business
Let’s face it. We all like creating and making pretty things, it’s kind of therapeutic, but it doesn’t pay the bills.
It’s probably costing you money. It’s OK to do the things you love and have fun doing it but at some point, you may want to start thinking about ways you can make money and still enjoy what you’re doing.
So how do you know if it’s just a hobby? If you’re not making money, if it’s costing you money if you’re giving your work away, and if you have more supplies than sales.
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Set a Work Schedule
If you’re serious about turning your hobby into a business, you will want to set aside time to work on your business. Having a work schedule will keep you on track, keep you motivated, and create momentum.
I would suggest carving out 1-2 hours a day if you have a full-time job and 2-4 hours a day if you’re working part-time.
If you’re not actively working on your business, then it’s still a hobby. Try and stick to the schedule when you first start your business; it’s so easy to get sidetracked.
If you treat it like a real business, it will pay you like a real business.
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Tax Write-Offs
If you’re not taking advantage of tax write-offs, then you have a hobby. When you are a legit business you have the ability to write off all your supplies and expenses on your taxes. This is huge! Turning your hobby into a business is a great tax advantage.
- If you have a hobby that you would like to turn into a business, I would like to invite you to join Empowering Women. Here you will learn business tips and strategies that will change your life.
More business tips you might want to take a look at:
- Time Sucking Habits that keep you from success
- Who’s dream are you building
- 5 Tips to help you start your own business
Would you like to learn more DIY and business tips?
Blessings,
Cheryl
