There are many successful entrepreneurs who began by turning their hobby into a side hustle – extra paid work beyond your regular job and main source of income.
The financial stability and flexibility this opportunity offers are among the top reasons why a side hustle is a viable option for many to pursue. Supplementing one’s monthly income outside of traditional employment can also facilitate a sense of creativity that will inspire and create long-term growth.
A recent survey found that three in five Canadians are looking for a side hustle to supplement their income.
Hobbies are part of what defines you, and turning your hobby into a side hustle can be one of the most enjoyable ways to earn extra money. But before you dive headfirst into pursuing extra income, it’s a good idea to lay out a blueprint and course of action for your time, energy and investment.
1. List your hobbies and passions
Start by reflecting on what your favourite hobbies are. Make a list and begin to narrow it down by prioritizing what it is that brings you the most enjoyment. Time well spent and fueled by passion will inspire you to commit to your hustle, instead of dropping it in the first moment difficulties arise.
2. Conduct market research
Market research for your service or product is integral. Successful growth will require you to thoroughly identify and understand your niche market. Is there a demand for your side hustle? Who is your target demographic? What is the story behind your service? How will people connect with you?
3. Test your ideas
Testing your ideas will allow you to take your initial concept and build it into a solid and structured side hustle. Find a few willing customers from your target demographic and see how your products or services land with them. Seek out feedback and make adjustments that will allow you to hone your skills and refine your offering.
4. Strategy for Marketing
Create a strategy that will efficiently market your small business. Be mindful of the amount of time you spend on it, and be realistic with your expectations, especially at the start of a new venture.
Have fun with what you are creating! Brand your side hustle, create a logo, gather marketing materials, ask for advice, and make sure you hit publish on your website. There are many outlets to market your product or service in, and part of your testing period will be to determine what the best resource is for you and your target audience.
Successful side hustles
It’s always in your best interest to make plans that will scale your new side business. Network with other like-minded entrepreneurs, expand into additional marketing outlets and collaborate with other brands.
And if your side hustle becomes a profitable source of income that grows beyond your expectations, it’s time to ask yourself if you want to turn your side hustle into a full-time business.
Transition your hobby into a side hustle with a credit union
If you require funding to turn your favourite pastimeinto a budding business, visit your local credit union. Credit unions are the leader in small business lending and support over 374,363 small and medium-sized businesses in Canada. To find yournearest credit union, click here.