So, you’ve got a fantastic hobby that you’re passionate about, and have begun to dream about the day you can work at it full time. And why not? As the saying goes, “do what you love, and you’ll never work a day in your life”. 

Set Your Goals

The first step to turn your hobby into a business is to set some goals for your new venture. Do you want to turn it into a fulltime business and quit your day job? Or do you just need some passive income to take with you on your next holiday? Decide what you think success means in your venture, and you’ll be well-equipped to achieve it. 

Brainstorms All the Ways You Could Make Money

Take some time to sit down and have a good brainstorming session to come up with a whole host of different ways how your hobby could earn you money. For example if you’re a hobby photographer, not only could you sell your photos, but you can also branch out into creating wedding invitations, posters, set up profiles on stock photography sites, and even dabble in teaching.

Set Aside Time to Work on your Hobby

When you make the decision to turn a hobby into a business, it requires time and effort. Starting to treat your hobby as a job is often the most difficult part for most people, since hobbies are generally ways to disconnect from their day job. But showing up every day and making yourself do the work is key to succeeding. It’s also a good time to ask yourself whether you’ll still enjoy your hobby when you do it for money, and whether it’s worth it.

Treat it Like a Job

There comes a time when your hobby has turned into work. That means cultivating some discipline when it comes to your working life. There will be days when you just don’t want to do anything productive. And while a day off here and there never hurt anyone, if you start to lose focus it can be detrimental in the long run. It also means acting like a professional, and making sure you keep tabs on your expenses for tax purposes, get your business insured with companies like NRMA business insurance, and show up every day, rain, hail, or shine.

Choose a Target Market

Business 101 class will teach you that before going into business, you need to know who your customers are. Conducting market research will let you know whether there’s room for you in the market and analyse any competitors. And once you know who your customers are, you’ll be in a good position to appeal to them when it comes to the next point:

Build Your Brand

Once you’ve established who your customer is, it’s time to start crafting a brand personality with them in mind. From the youthful and alternative crowd to environmentally conscious middle-aged people, your branding should directly tie into your core customer or consumer. Things like slogans, how you communicate on social media, and even the font you use on your website can all help build a brand into something that you’re proud of and appeals to your audience.

Establish a Presence Online

There’s no way around it – having an online presence will do wonders for your hobby-turned-business. It generates sales, brings in new customers, and allows you to reach a wide range of people across the world. The first step is building a website, and the second is getting your social media channels sorted. Choose carefully where you’ll set up shop – will it be a Facebook page, Instagram account, Twitter feed, or all anything and everything?

Network and Collaborate

Whatever hobby it is you choose to turn into a business, networking and collaborating is key. Connecting with others in a similar field will help you understand the landscape. You can get advice, avoid mistakes that others have already learned from, and collaborate with other like-minded ventures to help spread the word.