So you love to sew, carve wood, play golf, or ?. And you had a brainwave: if you were to start a business doing what you love, you could make money and build a business.
It’s a great idea. It’s done all the time.
But the most important key to unlock profit, is to know that just because you build it, doesn’t mean “they’ll come”… making money from a hobby is not about building a business around what you love, because even if you were to boast the best skill, if no one knows about your product or service, no matter how awesome it is, it’s not going to sell.
And so, it’s all very well and good to build a business doing what you love, but you have to know that without the right marketing strategy, it’s doomed. It’s important to mention this, because most businesses fail within a few years of starting up, and one of the greatest reasons for failure, is unrealistic expectations.
Without the right marketing strategy, any great idea will likely not generate money.
As long as you’re aware of this, you also need to know that where there is a will, there’s a way, and if you are persistent and determined, well, the world’s your oyster…
In this article, learn how to use technology to make a profitable business around something you love:
Ideas to Monetize a Hobby
There is so much you can do to monetize a hobby, and in so many different ways. Ideally, start a mindmap with all the different ways you could make money from it; online, these methods are popular:
Your options for teaching others are to a) either teach the skill of the hobby you love, or b) teach others how to sell the hobby.
Build an online course, write a book or make money blogging about the hobby.
There is so much technology to choose from if you decide to start an online course; make sure you know your options as well as the pros and cons of each one:
- Platforms that host your entire website and courses. These are probably the easiest options to start with, but the most pricey, and they also have their own cons.
- Platforms that host your course. These are generally free to start up. They take a small percentage of your sales.
- If you own a WordPress site, you can use LMS (Learning Management Systems) or membership plugins to create and sell your courses from inside your website. This option is the most difficult one to set up if you’re a newbie, but has the benefit of being owned completely by you, unlike the other options.
If you make things, you can sell them online using a variety of technology or online selling communities like Etsy. For instance, Shopify (amongst many others) is a complete ecommerce solution, and affordable if you’re just starting out.
Alternatively, depending on your location, you can set up a Facebook ecommerce store.
There are WordPress ecommerce plugins that can be used to set up a store right on your website.
Do your homework, because you don’t want to rush into something and then have a hard time later on down the road, if it’s not the right solution for your particular needs.
Promoting Your Offerings
Whether you choose to teach your hobby or sell it as a product, it is your marketing efforts which will make or break your business. Here are the most basic options for marketing online:
It’s always a good idea to have your own website, so that it can be listed on search engine results when their users search for the kind of solution you offer. But this only works when regular, fresh, quality content is added to your site.
Social media marketing is one of the best ways (for most niches) to get in front of your target audience. The aim is to use the right channels for your niche, and then learn how to use them effectively, targeting the right people, with the right content. Social media monitoring is a powerful way of achieving this.
Advertising via search engines and social media are affordable and work well, if you know how to use each of them otherwise you could end up losing a lot of money. The great thing with both methods is you can set a limit so you don’t go overboard. It may be advisable to hire a freelancer who knows how best to use them, otherwise you will need to learn yourself.
Ways to make money from a hobby are to either teach it, teach the business of it, or make it and sell it online.
But to make your business idea profitable, it has to be promoted effectively, and for this you should set up a website to attract search engines, use social media to build awareness, or run paid ads for quick results.
The most important element to a successful business is your marketing strategy, which must be based on the needs of your target audience.