This year has reminded us how important multiple streams of income can be for true financial freedom. Oftentimes that additional income stream is something we have a passion for. Once you identify your true hobby or passion project you can decide how you’ll monetize.
1. Set the Goal
Setting a goal and working backwards allows you to maintain accountability for yourself. Ensure that your goal clearly defines the why, what, who and how. You can also create milestones for your goal, it’s a nice way to keep you motivated and able to celebrate the small wins.
2. Do the Research
There’s so many things people are willing to pay for, so find what makes the most sense for you and your skill sets. Remember, the market is saturated with so much of the same already so be inventive and identify your differentiator if you want to scale your hobby to make consistent money.
3. Define Your Strategy
Get clear on what it is that you’re selling; is it a product, a service or a combination of both? Defining your strategy works in tandem with the above steps so remember that in order to set a good strategy you’ll have to understand what’s already been done based on your market research. Above all us, don’t over complicate your strategy. Especially in the age of “social media monetization” sometimes personality outweighs business strategy so execute in your strengths!
4. Set your Budget
Setting a budget allows you guardrails so that you don’t over invest into a hobby that isn’t going to profitable long term. For many people, having a side hustle is considered a luxury and it’s usually funded by your “9-5” so budget wisely.
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