Do you have a hobby you love—an art you want to share with others for profit? If you do, it’s time to start discovering how to turn your side hustle into a business! While this may seem easy, doing this incorrectly can leave you feeling overwhelmed or burnt out. Begin by laying out a plan with a strong foundation so that you can put in the time and keep your craft enjoyable.
Do Your Research
First, look at the market you plan to target, as this will help you establish prices and a product. This step is particularly significant if you’re still trying to decide what hobby you want to profit from. Moreover, by evaluating your market, you’ll find out more about the people so that you can best cater to them. Consider looking at:
- Local groups to meet your potential customers in person and understand what they’re looking for
- Online groups to investigate what people are talking about
Through research, you also lay out much of the groundwork and learn what to expect once you begin working. And make sure to include all of this in your business plan.
Decide on a Hobby
Once you understand your target market, decide which hobby you’ll transform into a moneymaker. Learn as much as you can about what you’ll be doing; for example, if you plan to sell jewelry, make sure you know the essential tips to get started. If you practice multiple hobbies, settling on just one may take some time and require a few pros and cons lists. As you do so, evaluate the crucial elements, such as:
- Cost vs. revenue
- The time necessary for completing tasks
- Necessary materials
While you want your revenue to outweigh your costs, you also want to ensure you’re selling something at a reasonable price that customers are willing to pay, which is another reason that researching your market is critical.
Establish a Schedule
Of the many steps you’ll take as you discover how to turn your side hustle into a business, establishing a schedule is the most important. Remember, your hobby is now a business. As you do this, keep in mind that your prices should reflect your schedule—if making one blanket takes you several hours, its price should reflect that.
Consider writing out a schedule for when you need to complete each task and how long it will take. This time-management technique will ensure you can deliver the goods to clients in an appropriate amount of time. Moreover, it prevents you from burning out as your workload increases. Once you’ve made yourself a chart of how long each project should take, it’s time to gather the materials and jump in!