Turning a Hobby Into a Business: Can It Be Done?

Can Your Hobby Become a Business? | Student FinTech

As you prepare for your college career or a training school program and think about the end of your high school days, you may have many thoughts and emotions. You may feel sadness at leaving friends or the routine that you got used to in high school. You may have feelings of joy and anticipation for what is to come. These are all normal feelings because you are in a transition. It allows you to explore what you want your life to be.

One thing you need to realize is despite what people say, and you are more in control of your future life than you think.

You could choose to go to a technical school or a four-year institution, and you can decide whether to work for an employer and get a regular fixed income or create your own business and have a business of your own that you create.

There are advantages to both but for those who want to build their own business, think about how you could do that. One way is to turn a hobby into a career.

If you think about the people who started businesses in the past, it has been about something that they enjoyed. Steve Jobs turned his hobby of building computers into a multimillion-dollar technology company. Jeff Bezos turn his interest in books and basic items into a billion-dollar retail industry that is all but eating up many of the others.

Empires can be started in the backs of garages, in your craft room, or even in just your mind. The key is to focus on a hobby that you not only enjoy, but that has a market which is just as enthusiastic about your hobby as you are.

For example, if you are into model cars, and you want to turn this into a business then you would need to find the market of people who share your interest in this area. This will be a small niche and would not appeal to a large majority of people, but if you can find the people who would be interested in your products you can turn your car model business hobby into a business.

Mark Cuban describes the process of how he started many of his businesses:

  1. Think of something you enjoy and that you have a big passion to do. Because you will be doing it a lot.
  2. Do the research. Cuban’s also stated that he felt that whenever he started a new business venture you need to be the most educated person about his business of anyone. He did the hard work and the research and looked up how the product or service he wanted to create was doing through Google search and other names. He also read all the material he could about his niche market to get to know his audience.
  3. Find your market. This is a why Mark Cuban always uses this phrase on the “Shark Tank” show and it is a convenient tip that you should consider if you’re planning on starting your own business.  You have to find out who is interested in your information and your niche area and who would be willing to purchase your products or follow you on social media.
  4. Find a way to be unique. This is one of the most important things because you’re not going to reinvent the wheel totally. You might make a better wheel, or you may create something unique in that it has not been done the way you were doing it before or perhaps the purpose of the thing you create is different. Whatever you do make sure you market it is something unique and not just a copy of what has been tried before. This has to do with branding which we have discussed previously, and you should consider the image you’re putting out to your target audience.
  5. Treat it like a business. It might be easy to think of your business as a hobby, but once you turn it into a business, the focus is on making money. If it’s something truly unique, you probably will not get tired of doing it, but there’s a lot of hard work involved in developing a hobby into a profitable business. You will have to treat it like the regular job that you are obsessed with 24/7 if you’re going to make it successful.

If you have a business idea, you can get a degree in business in college or focus on one of the more cutting edge training programs such as FinTech (financial technology) or something related to your specific type of business.

Alternatively, you may want to get some courses in Entrepreneurship so that you can learn the ropes regarding running your own business. When you are running your own business, you have more responsibility, but you also have a paycheck that you alone define based on the measurement of your hard work and effort.