From beekeeping to sewing, it can be intriguing to find a way to make money doing what you love. You can turn your hobby into a small side gig you do for fun or into an established business. Either way, here are a few things to think about if you want to monetize your hobby.
Decide how you’ll sell
There are many avenues for selling a product or service. You can sell online by creating your own website or an account with a third-party site. You can also sell in person, for example at a farmers’ market or craft fair. You can even sell your product in physical stores. How you’ll sell is determined mainly by what your hobby is and where you are most likely to find your customers. If you’re not sure where to begin, you might start by brainstorming some places and experimenting to find out what works best.
Consider your marketing
Marketing is essential to both bringing in customers and disseminating information about your business. You will want to make sure your marketing is clear and reaches the right customers—the people who might actually buy what you are selling. Marketing can happen via social media, online ads, or even posters and flyers. Keep in mind that marketing typically takes both time and money, so it can help to research and test the waters before going all-in on something.
Gauge interests and costs
Monetizing a hobby can be more than a small side gig you do for fun. Some people become very successful and can turn their hobby into a full-time job. This requires a larger investment in time and money. Before turning your hobby into a full-time business, you may want to start with part-time. That way, you can gauge interest and decide whether there’s potential for full-time work. Consider how becoming self-employed will impact your overall finances. How much would you likely make after expenses? Will you have to get your own health insurance and other types of coverage like life insurance? How will you save for retirement? As a business owner, is this the right time to consider a permanent life insurance policy like whole life insurance for the extra benefits, such as cash value?
Build brand visibility
There are many ways to build your authority and visibility, including by writing blog posts, creating a social media presence, and making connections with your customers and other sellers whose products complement your own. This helps extend your reach and build a trusted brand. Getting customers interested not just in your product but also in the person behind it can also keep them engaged.
Network and make connections
Networking and making connections is a great way to get a sense of your industry and the other sellers and customers within it. Consider connecting with people who have already successfully monetized their hobbies, even if they are not the same as yours, and learn from their experiences.