If you are like me, you have at least one hobby that you enjoy spending your time (and money) doing. However, unlike most people, I turned my hobbies into income streams. It is not very hard to jump from hobby to small business. Here are some steps you can take to turn a money drain into an income source.
Identify Your Hobby List
The first step to making money with a hobby is to make a list of things you enjoy. Be wise and generous when adding things to your list. If you have fun doing it, then it can go on the list.
The key here is to come up with a wide list that does not discriminate. If you like to do it, put it on the list. If you know a lot about it, put it on the list. At this point, it doesn’t matter if you think about it as a business. Just get it on the list.
Is It a Popular Hobby?
Next, we are going to cut down your hobby list to hobbies that are widely popular. It is okay if it is in a niche. It is great to have a targeted audience. However, if you are the only one that does it, it is not a good business.
For example, radio controlled airplanes are very exciting to a small group of enthusiasts. Everyone does not have, or want, a HAM radio, but there are a lot of people around the world that do.
The most important part of this stage of trimming down your list is to make sure there is a dedicated community around your hobby. There has to be other people that enjoy it or want to learn about it. If you can find a hobby like that, you are on the right track.
How Can You Make Money?
The final step involves the elusive dollar. Can you turn that community of followers of your hobby into revenue? Will people pay you for your knowledge or abilities related to your hobby? The answer is probably yes, but you need to come up with a clear plan.
Start by listing out some of the aspects of your hobby. Do people need to pay for parts or equipment for the hobby? If they do, you can sell it to them.
Do people need something done for them to be able to participate? You can provide that service.
Is it a complicated hobby that requires classes, licenses, or instruction to begin? You can be the teacher.
You have some knowledge and abilities that new people to your hobby do not possess. That is a strength that you can turn into a revenue stream.
Even a blog can be a money making adventure if you have a good niche and can build a community around the hobby. Be creative and you can write up a business plan that will lead to profits.