If you have a hobby you enjoy doing in your spare time, you may wonder how to actually turn it into cash. If so, then you are among a large part of the population that is striving to create additional streams of income doing exactly what they love. I was always fascinated by people who are able to turn their hobbies into cold, hard cash. The most interesting part is that they are able to do that on a very part-time basis while still holding on to their careers and fulfilling their various personal and professional responsibilities.

In the age of social media and technology, it has become even easier to monetize any hobby, from writing and blogging to knitting or fishing.When I started blogging, it was purely for fun and to relieve some of the pent-up energy I had from work and life in general. As I got more interested in it, I realized there are many bloggers out there for actually making a living out of something they might have started as a hobby. This is when I started thinking of the very possibility of monetizing our hobbies and even turning them into actual careers.

Here are a few way you can do the same with your hobby:

Get clear about what you like you as well as your natural strength,talents and abilities.

Taking your hobby to the next level by monetizing it also means being very clear about what it is and what your natural strengths and abilities around it are. Being aware of what you enjoy doing and how good you are at it will give you the confidence and the strength you need to pursue it. As I was enjoying blogging and writing in general, and that I realized that I had some skills around it, I was able to be more confident and more energized to develop it.

Get clear about your why

One of the first questions to ask yourself when seeking to monetize your hobby is: “Why do I want to monetize this activity?” Is it to create a side income? Is it to change careers? Is it to replace your full-time income? Is it to follow a passion? To defend a cause? Whatever the reason is, it’s important to be clear about what may spur you to turn your hobby into a source of income. It is your “why” that will help you in times when your motivation falters, or when you’re not sure whether to continue or not.

My own why has always been to follow my purpose. Whenever I hit a wall or I’m too overwhelmed, I remind myself of the very reason why I even started on this journey. It keeps me going, motivates me, and helps me make sense of it all.

Identify your target audience

As you seek to monetize your hobby and start a business, another question that you want to ask yourself is: “Who is my target audience?” This is a fancy way of saying: “Who am I serving?” Your target audience is made up of the people whose problems your hobby-turned-business is meant to solve.

For The Corporate Sister, it’s working women who want to thrive in their careers and in life on purpose. For any financial advice blog or business, it would be people who desire to better their financial situation. For someone who is passionate about surfing, it would be other people who are passionate about the same things and are looking for solutions around it.

Identify an unmet need that you can help solve

The root of making money out of anything is first identifying an unmet need and then solving it. Your hobby-turned-business has to be able to answer a question that keeps many people up at night. Those people are your target audience.

For instance, if your hobby is knitting, your audience may be made up of people whose problems are centered around knitting. You may be helping them solve problems around knitting more effectively, having better tools to knit or selling their knitting products. Whatever the problem that you’re helping to solve is, orienting your hobby towards providing an effective solution that your target audience needs is the answer.

Provide solutions to your audience’s needs 

Once you have identified an unmet need that your audience has, now it’s time to provide solutions. You can do this by creating products or services through which you can channel the answers you’re offering. If you’re a blogger, then your blog should be helping your target audience through your articles, as well as through adequate products and services. As an avid knitting fan, you may be creating a new knitting product or even a community of people like you who are interested in finding motivation and inspiration around knitting. The point is create a solution to answer the questions of your target audience.

Create a community

Monetizing a hobby cannot done alone. In the world of business you need other people. In other words you need a community to support your efforts and direct your products and services at. This community may be made of your target audience, as well as other people who also thrive and gravitate around your idea.

Social media has made it easier nowadays to build such a community by providing online access to like-minded people. Networks and groups of individuals interested in your hobby are also great sources of support and community.

Enjoy the process

One of the biggest mistakes many people make when monetizing a hobby is losing the enjoyment and the fun of the process while striving to succeed. The reason why you started was because it was enjoyable in the first place. This is why you launched into this adventure of turning your hobby into a business.

It’s important then make sure that you don’t lose this joy as you start thinking about dollar figures and profits. A good way to do this is to keep reminding yourself of your why. Another way is to be aware of your own progress and evolution as an individual as you’re monetizing your hobby. Is the process making you happier, more miserable or flat out drained? This will help you calibrate and adjust as you go through this journey.

Now your turn: How do you go about monetizing your hobby?

To Your Success,

The Corporate Sister