Do you have a hobby or passion project that you wish could be your full-time job? Maybe you have a fear that you won’t be taken seriously if you tell people you make customized stuffed animals for a living?

Fear not! Some of the most renown inventions and businesses started with “a crazy idea.” If you thoroughly enjoy your hobby and feel comfortable with ultimately putting in 40+ hours a week into it, it is worth doing.

As you consider the transition from hobby to job (or empire!), you may want to research the market for your goods or services. You can join communities on social media or professional networking organizations that may offer advice and stories that could help you to avoid some of the pitfalls others have experienced. Go to the marketplace and look at the price points for similar offerings and, if possible, look for sales numbers. Starting a business does not need to be expensive, but you need to make sure there is enough demand to make an income that can support yourself or those that depend on you.

We’ve said a few times on The Gig Life that it is important to treat any form of self-generated income as a business. For example, if you are consulting on an area you are passionate about, you do things like log your hours and track expenses. If you are making or buying objects to sell, what are the costs and returns? How many items need to sell each week or month to make your goal?

When it comes to doing what you love, there are no boundaries. Do you love make-up? You could be a beauty vlogger and generate income from sponsorships and ad revenue or working as a make-up artist for weddings and events. Do you love animals? You can use platforms that could help you line up pet care jobs, do pet photography or start a mobile-grooming business. Are you a collector? Use your knowledge to curate amazing collections for retail or an online store.

Lastly, having a hobby without intent to make money is perfectly fine too. You know best what will bring you the most satisfaction. No one else defines that for you.

Featured Loan Partner

0 Comments

Submit a Comment

Your email address will not be published.