5 hacks to monetise your hobby
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Today’s overview:
5 Steps to Monetise Your Hobby
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5 Steps to Monetise Your Hobby
With the extensive growth in new social media businesses and every person claiming that they are making 6-figure incomes - you’re bound to question yourself.
“What the hell am I doing with my life?”
It’s not that simple and easy but the truth is - not everyone who claims they’re making money, is making money. It’s part of a larger marketing scheme (mostly).
But, let me tell you that you can start small, start slow and build a lucrative business out of any of your hobbies. It’s not easy (to start) but the journey does get easier on the go.
This framework equips you with the tools to transform your hobbies into a money-making side hustle, one that could even become your full-time passion project someday.
1. Master the art of not working for ‘free’ (Even for Small Jobs, even for a friend):
Freelancing or offering friendly advice on something you’re an expert at? Charging even a small amount is the key. If you don’t practise with your friends who know your worth how will you convince some stranger to pay you?
Start early with existing connections. And, to make your work look legit and to track your income you can always use free invoicing tools.
2. Figure out a way to reach potential clients
I’d say start with LinkedIn. It’s the one-stop shop for anything business or money. You can network with individuals, share your work and even promote your services through organic marketing.
There are many freelancing websites too but they’ve become highly competitive - you can take a look here and see what suits you well. Once you have practised your hobby with close friends it’s time for you to start reaching potential clients.
Save this template if you want to reach clients with a simple yet informative note;
“Hello Rajesh, Thank you for connecting with me. I am offering freelance graphic designing services to businesses and individuals on a budget. Do you have any requirements that I could work on? I am giving the first week with a few designs on pro bono. If you're interested, please do let me know.”
Customise the message if you want to but try to provide something immediately and then try to convert them as a full-time client.
3. Keep up with the industry trends and pivot
It’s a human tendency to jump the gun and start running towards one goal but in the business world, you’ve to take smaller steps that help you think and execute. And, secondly, you have to keep yourself updated with industry trends to be on top and be aware of what the larger clientele is expecting.
For example, you can’t design on Canva if your client is expecting a custom design. Learn Adobe Illustrator in this case.
If in 2-3 months, you don’t make any significant progress - I’d suggest you explore another hobby that can make money. That’s called ‘pivot’. You don’t keep running around a tree and expect to reach somewhere - you change direction and get somewhere.
4. Keep a strict habit tracker
It’s hard to study, work, ‘search for a job’. ‘look for a switch’, upskill and then also work on building a side income.
I have done it - a lot of others have done it. and, so can you.
You need a support system that can keep you accountable. You can ask a friend to keep you in check with your habits but to put your habits down on paper you need a tracker. A habits tracker that can tell you how much you’ve progressed towards your ultimate goal of becoming independent and whether or not you’re taking the right actions or not.
Some of you wouldn’t even have figured out what hobby or skill they can monetise. That’s all right - you can use the habits tracker to figure it out through the rest of the year.
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This week’s question to you
What is the one hobby you want to monetise? I receive over 15000 responses on each question and I am so happy that you take this step to share your thoughts and feelings. Step out, drop me a line with your thoughts, doubts or questions. I am happy to respond to each one of you.