Category Archives for Personal Development

Your Hobby Can Be Your Financial Resource

When Your Hobby Becomes A Business

It is possible to turn ordinary activities into money-making projects. All you need is the determination to put yourself out there with the best of them. There is satisfaction in doing what you love and being paid for it. Here’s a quote by Les Brown: Success is doing what you love to do and finding somebody to pay you to do it.” 

passion hobby

Hobbies can be a fun way to pass the time and unwind. From early stages in our lives, we gravitate towards certain activities that align with our passions or skills. We can sum these activities up as things we are good at or things we learn from those around us. Examples include drawing, painting, dancing, sewing, writing, designing, baking, and so on. The list is endless. Everyone has at least one hobby that they have picked up from childhood; something they enjoy doing outside of their regular school or work schedule.

With the changes we experience because of shifts in global economics and technological advancements, it has become possible for hobbies to become more than just ways to pass time. With so many needs arising because we are always evolving, people use their skills and passions to fill gaps left by conventional businesses and service providers. Many use their hobbies to meet people’s needs. This not only fills the gaps mentioned, but it has also helped people turn their hobbies into profitable businesses.

There are people who found themselves unemployed because of automation. For some, it came as an effect of national and global recessions, with companies having no option but to downsize in order to stay afloat. Others found dissatisfaction in their regular nine-to-five jobs. To find alternative sources of income, they stumbled upon the idea of using their hobbies to make money. For some, the ventures turned into full careers and employment creation opportunities. For others, it put food on the table. When you research on the internet, you find many testimonials of people who are making profits out of things they consider to be hobbies.

Hannah Dale was made redundant in 2007. She was three months pregnant at the time and they had diagnosed her mother with cancer. The situation was stressful for her considering her savings were too little to support her to take care of the baby and her mother. Her hobby, watercolor painting, continued to be her way to relieve stress as she found it therapeutic. She started selling her paintings to local shops, but she was still not earning much. An idea hit her to print her designs on greeting cards and sell those instead. Ten years later, she had started her company called Wrendale Designs, with twenty employees and a substantial yearly profit, all from printing her watercolor animal and bird designs on stationery, tableware, wallpaper, and cushions.

As exciting as it can be to monetize your hobby, it is difficult to do. There is a significant risk that once you fail to make a profit, you will lose your passion for that activity you once loved. The pressure of working to a schedule and meeting financial goals and customer expectations can take away the fun, relaxation, and personal satisfaction in the activity. This, however, should not deter you from trying. After all, every business comes with a lot of risks and failure is a significant possibility.

The art of turning your hobby into a financial resource.

It is not automatic that you can make money out of your hobby. It will demand a lot of hard work, more so because you want to turn in a profit and not just do the normal activity to pass time. Commit the time to research if your hobby is marketable. Not every hobby can turn into a business. Carry out your research. You also have to risk failure. Encountering setbacks is no reason to quit trying to make money out of your hobby. It is normal to find obstacles in the journey to achieving your goals. Push through every barrier you encounter in order to see what is on the other side.

Hobbies that you can monetize.

If you are a performer, you can teach others or perform for a fee. If you are into crafts, you can create something for resale. If you are creative, you can write or draw or paint.

How to turn your hobby into a financial resource.

Do your research.

The first stage is to list your hobbies down. Which one can you turn into a business? This involves extensive market research, including people who are already in the same line of business. Find out if your competitors are lacking something and see how you can cover the gap. Find your niche. Research on how much capital it will require to turn your hobby into a business. Educate yourself further by taking a course. Do everything you can to attract attention to your business.

Come up with a plan of action.

It is never a good idea to delve into a battle without a strategy. It exposes you to failure. Create a plan for monetizing your hobby. Set goals and timelines. Get other people to help you if you must.

Do a trial run.

Take advantage of having friends and family that will give you honest feedback. Let them be your first customer base. Sell to them and record all the feedback they give. Ask for advice on areas of improvement.

Expand your reach.

Once you are in the clear, invest back into the business. Make the improvements you can to attract more customers.

Market yourself.

The only way people will pay you for a service or a product is if they know about what you have to offer. Take advantage of social media to let people know you exist. Build an intriguing online presence. Print out posters and fliers if you must. Attend networking events. Do what you can to get your name out there.

Do an Excellent Job of Planning Ahead

No matter what you decide, you need to plan ahead. You need to know exactly where you’re going and what you’re doing. You can’t hop from one business model to the next. You can’t always have the feeling that “this time, it’s going to work!” Make it work for you. Stick with it until it does. You should wake up each morning knowing exactly what you’re going to do that day. You should know what you’re doing for the next week. You should have a pretty firm understanding of what you’re doing over the next month. You should also have a workable plan for the next year and beyond. Yes, things will grow and change over time. But you can’t effectively adjust your plans if you don’t know what they are in the first place.

Very successful people are really good at analyzing their life and their business. Yet, they don’t dwell. They know who they are and what they want to do. But they don’t let the little things hang them up. Always think about why you’re doing things and what you ultimately want to achieve. Be very truthful with yourself in making changes. Have a vision that you’re willing to do anything to achieve. This vision should be so clear to you that it almost feels real already.

Why You Need To Know Your Why

Your “why” is the reason you do what you do. The “what” is the things you do to help you achieve your why. But why do you need to know your why?

When you know your why, you have the freedom to decide on what you do, how you do it. Before you make any changes in your life, ask yourself why? Why do I want to take this action?

The answer may not be completely clear. One way to know you’re not living your why is through your daily life. Here are some clues:

  • You make plans but leave them unfinished
  • You start projects but don’t complete them
  • Your goals get set but you don’t follow through
  • The to-do list you create never get completed
  • You set up a business strategy but don’t act on it consistently
  • You create a list of companies you’d like to work but fail to contact them

If you’ve become frustrated with yourself because you never finish what you start or you don’t even start, your answer comes from your why. You don’t have a big enough reason to follow through when you don’t know your why.

Take a step back when you find yourself in any of these situations. Are the lists, plans, or strategies in alignment with what you genuinely want to do? Does it bring you excitement? Take the time to find out your why and then adjust your plans, lists, and projects to fit your purpose.

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Figure out What You Want to Do and Why

You have to know what you want to do before you can be successful. Many people I work with and talk to feel lost. They know they want to earn more money and they dabble in a variety of business models, but they aren’t really clear on their next steps.

The world’s most successful people know exactly what they’re doing and where they’re going. They have a clear plan of action and will stop at nothing to make success happen. If you want to be successful, you have to do the same. You have to plan ahead, stay the course, and always make changes where necessary to do even better.blueprint

In addition to knowing what you want to do, you need to know why you’re doing it.  A strong why is a foundation for success.  It will keep you going when you’re tired when you’re frustrated when you’re wondering if it’s all worth it because the answer is always the catalyst for moving forward.

What are you doing in business right now? Maybe you feel like you’re stuck in a slump and you’re ready for some major changes. Maybe you have no idea— you buy various products and courses that are supposed to teach you how to be successful with this business model or that but it hasn’t happened for you yet.

It’s probably because what you’re doing right now isn’t truly in alignment with who you are. You’re dabbling in things; desperately clinging to the idea that one of the “things” is going to help you hit the big time. But the difference between those who are successful and those who aren’t is that they aren’t waiting for a product or a method to make them successful.

They have the mindset that they are the ones who hold the success. They turn the method into a success, not the other way around.

Do you have that mindset? I’d guess you might not. This switch in mindset can have amazingly wonderful results for you.

Consider Your Values

I strongly believe that you’ll be a lot more successful if you align your business with your value system. You have to believe in what you’re doing. Yes, you can be successful even if you don’t follow your passions and even if it’s not exactly in line with who you are as a person, but if everything is in alignment, it will be much easier and much more satisfying.

So, what are your values? Will you feel lost if you aren’t in an area of business that helps people? Do you value creativity and innovation? Are you an artist at heart? These things are closely related to your value systems and what you’re naturally drawn to. Consider this when you plan and shift your business.

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