Having a successful side hustle is a dream for many employed people. Some have at least one side hustle that’s working very well for them. However, many are the ones that tried to set up a part-time business and failed.
Managing your time when you have a full-time job and a part-time business can also be challenging. When all is said and done, your job pays the bills. So you have to give your job priority over the business.
But what if you feel trapped in a job you don’t find rewarding? What if you feel like you could be better off working for yourself…but you don’t know where to start?
The key to living a more fulfilling life is to go after your passions. Being someone’s employee often requires you to put these passions aside so you can work towards their vision – not yours!
Becoming an entrepreneur is not for everyone. There are many obstacles between you and your dreams, including:
- Dredging the willpower to get started on your project.
- Finding the confidence to get through multiple mishaps.
- Devoting many hours of hard work to building your vision.
Being an entrepreneur is hard work and can be disheartening at times – but owning your business can be a very fulfilling and freeing experience.
One of the easiest ways to get started on a business if you’re employed full-time is to monetize a hobby.
Follow these steps to turn your hobby into a successful side hustle
1. Find your calling
You could base your business on a talent you have, a hobby you love, or your desire to make a difference in people’s lives.
There is a popular belief that it takes 10,000 hours of work before one can be considered an expert in any field. This belief may not be true, but it shows that expertise requires time and hard work.
It’s much easier to start a business by turning a hobby into a side hustle. This will reduce the learning curve for you as you will be working on something that you already love. Only this time, you’ll get paid for it!
2. Test the business idea
While you’ve probably perfected your hobby, you don’t know whether people will actually pay for it. The next step in making your side hustle successful is to find out if people:
- Need or want what you’re selling.
- Are willing to pay for it.
- Are able to pay for it.
Create a Minimum Viable Product (MVP), which is a simple version of your product or service. Find out the people who need to want it. Sell it. Get their feedback and use this feedback to create the next version of your product or service.
In this way, you won’t waste time creating the full version only to find that there’s no one who needs it, or that people are not willing or able to buy it.
Also, when you use the MVP process, you get people to pay you as you validate your side hustle. It’s very fulfilling and rewarding when you get paid for something you love doing!
In Weeks 4 and 5 of the 12 Weeks to Startup program, we help participants identify create their MVPs and start testing them in the marketplace. This program is for you if you can spare 12 hours a week, and you're ready to turn a hobby or skill into a side-hustle. Book a complimentary Discovery Call to find more about the next 12 Weeks to Startup group.
3. Register your business and apply for the necessary licenses
Registering your home business is a very simple process. All you need to do is register your business name through your local business registration service. This can be done online in Kenya through the e-citizen portal.
At this point, just do a simple sole proprietor registration. You can turn your business into a limited liability company or partnership later when the need arises.
You will also have to register your business through your local state or county government. Applying for licenses and permits is also necessary if your field is regulated. For instance, if you prepare food, work with dangerous chemicals, or if you provide services that require special qualifications such as legal advice or accounting.
Keep in mind that your hobby is not something that requires training or certification. It’s something that you do for fun. So we’re not looking at things like provision of medical services or selling medications. If that’s what you’re interested in, then the process outlined here won’t work.
4. Create your business plan
Creating a business plan is a systematic process that provides a blueprint for your side hustle. A business plan will also help you move this from a side hustle into a business. It also comes in handy should you need to obtain funding for your project if needed.
Here are the basic elements of a business plan:
- Start by explaining what the purpose of your business is and how you’ll achieve it.
- Explain what kind of products you want to sell or list the services you’ll be providing.
- Define your target audience in as many details as possible.
- Create an outline for your marketing strategy and include your expected prices as well as how much profit you expect to generate.
5. Explore your financing options
Go over your budget and business plan carefully to assess how much money you require.
If you’re thinking long term, create a plan for getting investors. You can get investors among your friends and relatives. You can also borrow from your bank, credit card, Sacco or Chama if you cannot find investors for your project.
However, since this side hustle is something you’re doing in your free time, I’d advise that you hold on before getting investors. Instead, use the income from the hustle to turn this into a full-scale business.
6. Get to work!
The best way to turn your hobby into a successful side hustle and grow that into a business is to put together a detailed plan with a series of small, manageable steps that will lead you to your goals.
Divide the large goals from your business plan into smaller goals you can accomplish on a weekly or daily basis. This division will also help you assess your progress.
Keep in mind that your goals might have to shift if your market changes.
Over to you…
Having a consistent income from your hobby doesn’t come easy. It requires time, hard work, and real dedication. A lot of time will go into developing your products or services, promoting your business, and providing excellent customer service.
It’s also important to work on acquiring more skills that will help you scale up as your business grows. Use the 6 steps outlined here as a broad template and add any additional steps that are relevant to your business.
And if you’re ready, I can help you turn your hobby into a side hustle. Book a complimentary Discovery Call and find out how the 12 Weeks to Startup program can help you monetize your hobby in a faster and more consistent way.
(Image credit: Unsplash)
