Many people have hobbies that they do during their free time, but few think about turning it into a money-making venture. Yet, the reality is that some hobbies can generate an income that is enough to survive on, meaning that you can quit your boring 8-5 job and concentrate on what you enjoy doing.

Hobbies like painting, baking, doing makeup, doing hair, designing clothes, making clothes just to name a few, can make you lots of money if you have the right ideas on how to turn your hobby into a money-making venture.

So what do you need to do to start making money from your hobby?

Turning your hobby into a money-making venture can be challenging for most people, there is the constant fear that people will not be willing to pay you for your efforts. Yet, you have been doing these things for free, for example, you may be the one who makes your friends hair all the time. If you’re not doing it well, they would not call you, so do not be afraid to make them pay for it.

Have a game-plan.

Have a strategy in mind on how you can monetize your hobby. Start small, for example, charge your friends a small amount in the beginning but let them know that you’ll be increasing your rates as time goes by. Invest in relevant tools that can make you work better and faster.

Use social media platforms to advertise your services, and offer free trials or discounted rate for the first few customers. When using social media put into place a plan of how you will increase your subscriber base so that more people get to know about your product or service. You can also think about creating a website so that people can get a better feeling or what you do.

Maximize on your time.

Invest time in whatever it is you do. Have enough savings so that if you are to leave your job, you can survive comfortably for about 6 months as you get your business off the ground. You may need to spend fewer hours sleeping and more hours working on your hobby. Get help from your friends and your family as you start the process of making money from your hobby.

Build your networks.

Word of mouth is very powerful when getting into a business. The people who have been benefiting from your hobby can be called upon to spread the words to their friends to try you out. There are also many social media platforms that you can join where you’ll find people who share your interests. Be active on those online platforms so that people can get to know you.

Treat your hobby like your job.

Give your hobby the attention it requires. Talk to financial experts, Toronto GST Lawyer, accountants amongst others to know how you will handle your financials once your business picks up.

Many people fear to go into business, yet they have such potential. Do not be afraid to explore turning your hobby into a money-making venture.

By Chakraborty

Dr Chakrabarty is the Chief Innovation Officer of IntuiComp TeraScience. Earlier she was Assistant Professor of Delhi University, a QS ranked university in India. Before that she has held research positions in IIT Mumbai, IIT Chennai and IISc Bangalore. She holds 2 patents and over 20 research publications in her name which are highly cited. Her area of research is in smart technologies, integrated devices and communications. She also has a penchant for blogging and is an editor of Business Fundas.