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- From Passion to Paycheck: Turning Your Hobby Into a Fulfilling Career
From Passion to Paycheck: Turning Your Hobby Into a Fulfilling Career
There’s a saying that you’ve probably heard, “If you do what you love, you’ll never work a day in your life.” Those may not be the exact words, but you’re likely familiar with the sentiment. Many of us have dreamed about getting paid for enjoying a hobby, but is there a way to make this dream a reality? Let’s examine if this is a realistic goal and how we might achieve it.
Is It Possible to Make a Living from Your Hobby?
Enthusiasm about what you do for fun is not usually enough by itself to turn it into a viable occupation. In other words, you need to see if it’s realistic (financially and practically speaking) to turn your hobby into a career. But when answering this question, you should keep a few points in mind.
First, even if you can’t turn your hobby into a career, it might at least be a side hustle or a fun way to make a few extra dollars. So don’t get too discouraged because monetizing your hobby can’t replace your day job.
Second, don’t ignore how much time and effort it takes to make a living from your hobby. This can sometimes be hard to do when you’re enjoying your hobby-turned-job so much. One of the biggest differences between a hobby and a profession is not just skill, but efficiency. What takes a hobbyist three hours to do might take a professional only 20 minutes. It doesn’t matter how much fun you’re having if you can’t turn a profit and pay your expenses.
Third, if you can’t directly turn your passion into a career, you might be able to slightly modify it or add to it and turn those activities into a career. For example, if your hobby is playing the guitar and teaching others how to do it, maybe offering guitar lessons won’t earn enough money to do more than pay your utility bill each month. But in addition to offering lessons, you could also have a YouTube channel and work as a music instructor at a local school.
Establish a Plan and Goals
If you’ve decided to turn your hobby into a business or career, you’ll want to set out your goals and create a plan for getting there. Your goals are important because they give you something concrete to help you decide how to build and establish your business.
Maybe you want your business to generate enough revenue to pay your mortgage and car payments. Or perhaps you want your business to consistently grow so you can sell it in 10 or 20 years and retire. Whatever you decide to do, create a plan that contains goals with deadlines that are specific, quantifiable and realistic.
Do Your Due Diligence
This includes not just figuring out your business’ expenses and your potential customer base, but also what legal and/or regulatory requirements you have to follow. Doing this research will also help you decide on how to structure your business, such as becoming incorporated or being a sole proprietor.
It also helps to test your business idea on a small scale. Sell (or gift) your product or service to friends and family and see if they come back for more. Or before getting a loan from your bank, try crowd-funding.
Don’t Be Afraid to Start Small
If going all out with your new business makes you a bit nervous, consider starting with a more modest plan. Instead of opening up a storefront for your bicycle store and repair shop, consider using your garage and a website instead. See if you can become a part-time entrepreneur before quitting your day job.
Other Considerations
Find a niche for your business. Offer a product or service that no one else provides. And if you provide something anyone can get anywhere, deliver that service or product at the lowest price. Put another way, figure out what your competitive advantage will be.
Find a mentor. You will make mistakes converting your hobby into a career, but a mentor can at least reduce how costly those mistakes are.
Marketing is important, but how you do it will depend on your personality, available resources and the type of business you’re trying to run. Whether you’re on social media, rubbing elbows in your local community or putting your company’s name on a t-shirt, decide how you’ll market your business.
Finally, be realistic about how fulfilling your new career will be. Just because it’s based on your hobby doesn’t mean you’ll enjoy every single job task you do. A great example of this is photography.
For many professional photographers, wedding jobs are not their first choice. However, many photographers rely on these less-desirable jobs that pay well so they have the financial means to take on jobs that they really want, but are few and far between or pay a lot less.
Conclusion
Turning your hobby into a career can take a lot of work. There’s also a bit of risk involved, too. This doesn’t mean you can’t do it, you’ll just need to do your research, create a plan and not be afraid to get advice from others!