Perhaps you’ve got a penchant for crocheting? Maybe you really like reading dystopian young adult fiction? If you’re unable to identify your hobby, think of an activity you wouldn’t mind doing the entire day.
Simply put, a hobby is an activity done in your leisure time that you derive pleasure from doing. Once you’ve identified your hobby- from parasailing to posting on Instagram- you might want to start making money off of it.
Whatever your hobby might be, this article will provide you with 5 unique suggestions that will aid you in your monetization journey.
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Gauging the Profit Potential of your Hobby
What exactly is profit potential? Profit potential is virtually the potential for a product or a service- in this case, your hobby- to generate revenue, which would then lead to your net income after subtracting your expenditures.
Gauging profit potential has a few steps. Firstly, it’s important for you to conduct a little bit of market research regarding your chosen hobby. Some parameters for you to touch on while conducting research include identifying how other people have generated revenue through your chosen hobby. Research about how other players in your niche are doing and what exactly stands out about them.
Let’s say your hobby is photography, then the first thing you should be doing is delving deep into it. Do you want to sell your prints? Or are you better at wedding pictorials? Researching and experimenting are two facets of the process that will continue no matter how much revenue you have generated.
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Creating an Online Course
You might have heard of the ever so known Skillshare advertisement that pops-up on nearly every YouTube channel. Similarly, if you are particularly knowledgeable about an area of study, consider creating your own course. Creating an online course isn’t just a way for you to monetize your skills, but it also helps you get into the field a little deeper.
However, before diving deep into the process of course creation, it’s necessary for you to take some time out to analyze other popular courses in the field of your choice. Doing so will help build the base for you to design YOUR course. Analyzing the duration of their courses, the body of their course and the content of the videos itself, is a crucial part.
You can use platforms like Canva and Adobe Photoshop to design the contents and cover of your course. To plan the materials out, Google Docs and Microsoft Word are key.
Skillshare, Udemy and Teachable are some platforms on which you can publish the actual course.
Turning to Social Media
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Major crocheting and embroidery brands had their start on Instagram. Instagram has certain “business tools” like adding contact details, promoting posts and viewing your analytics. Leveraging these features can help your business get a headstart on Instagram as well.
This is a lucrative field also because most young adults and teenagers frequent the platform as well. This makes it easier for you to connect with like-minded individuals who are nurturing the same hobby as you. Instagram advertisements can also help you reach new customers and give your business a boost!
With Instagram, you can also leverage your creative side as new trends are on the rise daily. Creating reels will not only help your business reach new customers, but will also familiarize you with the art of content creation. Hence, you’ll be hitting two birds with one stone.
You can utilize Instagram if some of your hobbies include crocheting, selling your used clothes, making stationery and stickers! You can design clothes and sell them as well.
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Freelancing your hobbies
If teaching isn’t up your alley, then freelancing ought to do the trick. Freelance platforms like Fiverr, Upwork and Freelancer are ideal for setting up your freelancing services. What exactly can you freelance?
Nowadays, almost every skill you can think of, has clients looking for freelancers. From graphic design to editing, from copyrighting to photography, freelancing is a versatile heading to have.
You can also consider creating a resume that you can show to prospective employers. Showcasing your portfolio will help you not only identify trends in your work but also expose you to a wider range of comments and advice. You could consider setting up a website of your own that showcases the entirety of your skill set.
Platforms like Wordpress and Wix are website hosting platforms that are ideal for this purpose. Your website should include information about yourself as well as your professional contact details like an E-mail. This will help streamline the contact process between you and your potential clients.
Once your clients start trickling in, it’s essential to remain committed to the process and design. Taking criticism productively and constructively is also a big part of the process. You should strive to constantly improve both your craft and communication skills.
At the end of the day, freelancing isn’t just a way for you to monetize your hobbies. When utilized the right way, freelancing can provide the biggest aid in your creative learning process.
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Using Marketplaces
Marketplaces can essentially work online or offline. In the online mode, marketplaces include Amazon, Etsy and EBay where you can sell your services. Marketplaces are essentially intermediaries that mediate between buyers and sellers.
With the right amount of branding, you can utilize marketplaces to monetize your skills and hobbies. Online marketplaces have an easy-to-use user interface that makes selling products absurdly simple.
You might have heard of authors who first got their start by self-publishing their books on Amazon. KDP or Kindle Direct Publishing is another feature of Amazon that aids budding writers in their purpose. However, with so many marketplaces on the rise, picking the right one is crucial. While picking your “base” marketplace, factors to take into consideration include the size, reputation, fees, policies, and target audience of the marketplace.
Once you’ve decided on a marketplace, it’s time for you to craft an attractive profile. Optimize your listings with a clear and easy to recognise profile picture along with a memorable bio. This will make your services more attractive to customers as well.
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Setting Sail
To conclude, it’s important to remember that even Rome wasn’t built in a day.
With your earning journey, it’s essential to remember that growth is linear. Staying consistent is the biggest investment there is. It’s also important to remember that staying the course is more important than small bursts of extensive work.
