“The three most dangerous things are heroin, carbohydrates, and a monthly salary.
They’re highly addictive.” This is a quote from Nassim Taleb, a statistician who predicted the 2008 financial
crisis.
Indeed, getting a salary at the end of the month is alluring for many people. It gives them a sense of financial security. However, it also has some hidden costs.
While a monthly salary lets you pay the bills and keep a roof over your head, it can also hinder you from creating true wealth. Need proof? Take a look at some of the world’s wealthiest people. They’ve curated businesses, utilized their creativity, or leveraged their skills in one way or another.
That being said, you can’t rely on your salary if you want to create genuine wealth. Instead, turn your attention towards building multiple streams of income. An excellent way to start is by converting your hobby into a source of income.
While you might believe this will take a sizable amount of start-up capital, you’d be surprised to know you can still do it as a college student. However, it will take up a considerable chunk of your time. Your attention will be split between turning in assignments, having a social life, and working. Thankfully, there are resources that will lighten your load. Whether you need essay helper or study buddies, you can find it on the internet. Essay service EssayHub can help you out.
Benefits of Starting a Side Hustle
Recently, there’s been a lot of controversial discourse on having side hustles. Some people believe it promotes an unhealthy obsession with work. Hustle culture, as it’s referred to, has even been called toxic. On the other hand, creating a side hustle out of a hobby can help a person build the life they want.
Take successful YouTubers for example. Most YouTubers began their careers by filming themselves having fun. It’s clear that there’s a niche for almost every hobby. One of the richest YouTubers, Ryan’s World, makes a living reviewing toys. Others, like Pewdiepie and Jaclyn Hill, make commentary or film makeup tutorials from the comfort of their own home.
The greatest benefit of starting a side hustle is having an alternative stream of income. You can use the extra money to upgrade your lifestyle, build your savings, or even pay off debt. If your business picks up, it might even be worth leaving your job for. If that isn’t enough motivation, then what is?
Additionally, if your hobby is in the same field as your area of professional interest, making a business out of it will build your portfolio.
3 Ideas On How to Turn Your Hobby Into a Business
Are you sold on the idea yet? Well, the good news is that you can make extra money doingthe things you already love. Are you well-versed in writing objective reviews? You can start with something like an EssayHub review from NoCramming and end up becoming a true pundit! To make things clearer, here are a few steps on how to turn your hobby into a source of income.
Figure Out If It’s Marketable
In order to have a successful business, it’s imperative to know your demographic. Agreat business idea holds no weight if there isn’t a substantial amount of people who would be able to sustain the business. One should first start out by trying to solve a problem. You don’t have to reinvent the wheel.
Most great ideas simply connect already existing concepts in a novel way. As you decide whether your hobby is marketable, consider the following questions:
- What business niche can I enter?
- Is this idea feasible?
- Will my idea have a positive effect on
the community?
It is important to first analyze whether or not your idea is feasible.
Create an Online Presence
Every successful business needs to be marketed. You might be offering amazing services or products, but that won’t matter if no one has heard of it. Fortunately, we live in the age of social media.
Social media is the least expensive and most accessible form of marketing. Start by sharing your products or services on your personal page to drive traffic to your business page. Encourage engagement
as much as possible. This can be done by asking questions, creating polls, and making videos.
Buying ad space also works wonders for generating organic growth.
Keep Getting Better
The business world is extremely competitive. Once you decide to monetize your hobby,
you’ll need to keep perfecting it. This means keeping up with trends and learning how to offer better services or
products.
Gradual, yet continuous, improvement is the only way to build long-lasting success.
Conclusion
Turning your hobby into a profitable business isn’t always easy. It comes with
challenges like learning how to beat the competition. For a college student starting a side business, it comes with
challenges like trying to keep up with school work. However, turning your hobby into a source of income will afford
you financial freedom in the future.
