The key motif of this newsletter has been the fact that you can invest as much time and resources into your hobby as you want. Regardless, a side project gives you the opportunity to take your hobby a little more seriously, with the opportunity to make an income from it.
When beginning a side project, it is important to figure out costs, hours involved, resources, and limitations. For example, if photography was your hobby, approaching friends and family as a wedding photographer would be a great way to test and improve your skills.
We live in an age where entrepreneurship is at the forefront of the workforce, and turning your hobbies into side projects is a great way to not only create new challenges, but to also make extra income.
Here are some important steps and tips to help establish whether your hobby can become a business:
Decide if the market exists:
Just because you have a passion for it, other people may not. Do some research on the particular market and try to find a unique angle.Start slow, but be consistent:
Because it’s a side hustle, you don’t have to rely on it as your sole source of income and can put as much or little time into as you want.Develop good time management skills:
Working a full-time job, managing a side hustle and balancing your other responsibilities is no easy feat. Time management skills are essential for anyone who wants to successfully turn a profit on their passion.Create a website:
One of the things which legitimizes a business is a website. They create an air of professionalism and allow possible clients and customers to gain an understanding of your product or service. These days making a website is relatively simple and not costly.
