Life is like a constant pendulum swinging between ups and downs. But, for this routine to not get bored, a few icebreakers, like passion, hobbies, etc., make life exciting and beautiful.
On the same note, life becomes so cherishing if passion and hobbies can constitute a good profession/ career/side hustle and give great returns, apart from just happiness and entertainment. That requires a process – right from having potential hobbies, planning, execution, and maintenance until post–establishment works. In this guide, you will understand everything in this loop effortlessly and feel inspired.
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Importance of having a hobby in life
As important as good habits are for one’s life, equally important aspects are hobbies. It is due to the prime fact that hobbies break the monotony and stress of everyday life by rejuvenating the body and mind.
Additionally, there are ample benefits to having friendly hobbies in life. Some of the major ones amidst the sea of other services are explained below:
- Finding and exploring oneself: Exploring oneself is one of the most crucial things everyone must do without knowing one’s likes, dislikes, strengths, and weaknesses. One can’t be successful in anything, and hobbies are vital in understanding oneself and defining its purpose.
- Rendering a break: Similarly, hobbies can render some time off from the fast-paced world and routine to relax, refresh, and re-boost one’s energy levels.
- Equipping for career: Indeed, hobbies are off from career time; good hobbies would ensure one not to be drained out of work and increase productivity in one’s career.
- Preventing from indulging in harmful activities and developing bad habits: Most importantly, hobbies help prevent developing/breaking bad habits by indulging even when one is idle and making the best use of time even in free time.
Moreover, hobbies offer an excellent time for entertainment, space for personal and professional growth and development, and promote confidence, innovation, socializing, and many more amusing benefits.
How can a hobby turn into a side hustle?
Hobbies are merely splendid with the countless direct and indirect benefits they offer. Thus, the idea of a hobby as a side hustle can be the most exciting thing, as passion can help earn money in a professional environment. Here are the significant steps in converting a hobby into a side hustle:
- The idea of converting the hobby into a side hustle isn’t a complete goal and, instead, is a broader range of thoughts. The essence of how the business would be, would that be simply a challenge taken or is there any potential for creating a new product/service, etc., are the essential questions one should ask to oneself, find answers to, and then decide if it’s one’s cup of tea.
- Also, one must equip oneself very well with time management if one is in a full–time job and takes care of the hustle part-time.
- First, the reality that many individuals would be aspiring the same, and few have already established themselves in the same arena, should be understood. Thus, a complete market analysis is mandatory to stand out and have a smoother and more profitable process for a side hustle.
- Co–competitors present market trends for a product/service, strengths, weaknesses, opportunities, and threats for one’s side – hustle should be thoroughly understood, and initiatives should be formulated/redefined accordingly.
After the market analysis, one has to do another vital research – the business model that would constitute the hustle. This analysis ultimately involves introspecting about one’s idea, its validity, and mode of earning profit by pondering on a few essential aspects – the cost involved in the production, the price involved in marketing and selling, the cost that the customer would be ready to pay, mode of selling (one-time purchasing/ subscribing /Ad – revenue, etc.).
- As long as it is paper, the idea would seem nice and perfect. Real-world application or experimentation will teach the lessons one hadn’t learned before and thoughts one hadn’t gotten back.
- Thus, experimenting/testing is crucial for validating the idea and seeing a sample forecast of the future of the side – hustle is also possible with testing.
- Testing can be in any form, like accepting pre-orders, launching a ‘releasing soon’ landing page, digital advertisements, etc. The results would be measured against the metrics of the success set. For example, the number of individuals who landed on the home page, the number of pre-orders received, etc.
Business and financial plan
- Suppose the idea is received nicely by people. In that case, it’s a great start, and one can proceed to craft the business plan, a collation of everything – idea, market analysis, operational costs, sample forecasts, long–term business goals, etc., for seeking a loan or reaching out to potential investors.
- The business plan helps take one’s ideas to the investors/ lenders. Similarly, the financial plan, the snapshot of the business’s present status, would give the investors a glimpse of their financial position.
- Thus, one must align all the financial documents – Profit and loss statement, cash flow statement, balance sheet, prediction about sales, individual / team’s plan, the results of business ratios, and break-even analysis in order.
- Similarly, one’s personal financial position and its correlation with business are also required to be understood and to be penned (if needed).
Mastering the basics of marketing
- Marketing is the heart of any business, as it aids in reaching out to customers, sustaining them, and maintaining the business. To streamline time, money, and energy in marketing rightly, i.e., one must be so vibrant in digital and physical marketing.
- Digital marketing should pave the way for the customers to reach out quickly to the product/service – a complete website and social media channels can be suitable.
- Social media marketing is crucial to building brand loyalty, showcasing the online presence, engaging with potential targets, and quickly getting feedback; thus, one must highly count on it.
- Investing in digital ads on Google and Facebook can be another cost-effective promotion method. Before investing in TV ads, one should consider it feasible for a startup in the early stages.
- Physical marketing material is also equally important. But above all, with regards to marketing and sustaining in the market, one must try hard, be very creative, reach the customers often, trying hands at various strategies, be ready to fail, and rise again, even if one fails.
- One of the most challenging yet essential steps is obtaining the first few loyal customers. One must keep them engaged and sustained by incentives, attractive discounts, and even zero-cost services for reviews and feedback in return.
- It is one of the preliminary steps in building a public reputation and customer base, and thus is highly important to act accordingly.
- A business mentor can help throughout the process, from the pre-establishment establishment to post – establishment support, and aid in taking the company to the next heights.
- The mentor can be from a present network/ colleague/or an individual from a local startup community, or even a great entrepreneur.
- One shouldn’t feel burdened about mentorship or forced and compelled to have a mentor for oneself but should be willing to explore, learn, listen and hear from the mentor, their ideas, and experiences.
- The final yet core aspect of any business has milestones/ benchmarks. These are highly different from the initial goals.
- Benchmarks would declare the mission and vision of the side hustle, inspire the founder to do more, and ensure progression and avoid stagnation.
- Initially, one could aim for a specific count of the audience. Then, think about the consistent organic followers in social media channels and service variations. Later, one can aim at collaborations and much more, positively and healthily contributing to the side–hustle to spread its wings to greater heights.
6 Examples of successful side-hustles businesses
Many people have achieved this dream of converting hobbies to side–hustles and flourishing. Here are the top personalities who can be the finest examples of the same:
- Justin Weissberg, the co-founder and the President of the prominent online hangout platform, Kast, is an excellent trendsetter in gaming. He excelled in virtual games, connected with like-minded people worldwide, and took mentorship from them. He rocks the world today with their inspiration and his novel idea of creating a platform to connect people for gaming to solve an important problem of non–the availability of many platforms.
- Mike Smith, the founder of Skate for Change and The BAY, chased his passion for skating, socialized with people, and focused on his aspirations. All his efforts yielded great results – Skate for Change is now a global youth movement and The BAY, with four companies, is also a well-known work of the traditional Nebraskan startup entrepreneur.
- Micheal Davidson, the CEO of Black Infusions, developed an excellent firm rooted in his personal liking for preparing delicious wine that could be a perfect combo and food. He made the people another promise – to make all foods with natural products without artificial sugars and preservatives and was right about it and earned a vast customer base.
- Srihari and Shrinidhi Karanth, Bengaluru-based twins, had an intense passion for web and app development and continued with the power down the lane and developed an idea of increasing user safety using smartphones. This idea, consistency in passion, gave a significant push in getting a startup established – TrackMyphones.
- Mandeep Chhokra, Raj Singh, and Aharnish, three coffee fanatics, started BiziBean, which had an idea of coffee brewed from locally obtained coffee beans. Two of the founders left their corporate jobs later to be a part of this coffee segment and presently received angel funding of around two crores.
- Maria, an accountant, started an experiential traveling firm based in Bengaluru, inspired by her treks and short trips. MakeItHappen is one of the most successful travel startups today and inspires many that travel can be a fantastic source of earning.
Benefits of having a hobby-based side-hustle
There are myriads of benefits in converting a hobby to side – a hustle and lucrative returns, too, including:
- One can be one’s own boss, set to make rules that demand the best of oneself. One can unleash one’s innovation, try one’s hand at it, and none would question failures too.
- One can also take immense pride in one’s work, feel contented and satisfied, and be productive. The market for handmade products and unique services is so huge and sought after, and thus one’s works can have tremendous reach.
- One’s knowledge in the passionate hobby would help set off with flying colors as one might have all the necessary equipment, contacts, experience, inspiration, and pleasure in prior that can aid positively in running the hustle.
Some final words
In a nutshell, you can get the most out of your hobbies in your side-hustle businesses! Hobbies are not just friends in leisure time but can help extensively indulge in professional aspects. It can help explore, experiment, and earn the right amount of dedication and proper planning.
There are also so many inspiring personalities like those mentioned above, whose lives took a significant turning point with their hobbies transformed into side–hustles. Everyone can achieve, so if we are passionate about our hobbies, building mighty empires!
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