Let’s be honest: the 9-to-5 grind isn’t perfect, and the idea of making money while doing something you love (that isn’t your full-time job) sounds pretty enticing to most people. If you have an extra income stream coming in from something you enjoy, that’s even better!
Turning your hobby into a side business has never been easier. With the internet, you can reach a worldwide audience without leaving your house or speaking to anyone on the phone. But how can you actually make that dream a reality? Don’t worry—Peter DeCaprio has got you covered.
Here’s everything you need to know about turning your hobby into profit!
Peter DeCaprio’s 5 Tips To Turn Your Passion Into Business
Decide What You Want
As you’re brainstorming a variety of hobbies, think about what you enjoy doing and ask yourself what your strengths are. If you’re an excellent baker, for example, maybe you can make some extra money by selling homemade cupcakes at a bake sale. Think about what kind of entrepreneurial ventures make sense for your skills and interests. You might discover that turning your hobby into a business is easier than expected.
According to Peter DeCaprio, not all businesses have to be full-time endeavors. You can start with something small such as crafting jewelry or creating graphic designs on Etsy—and then expand as your customer base grows.
Be sure to do thorough research before diving in so you know how much it will cost to get started and how much it will cost each month in order to maintain your new business venture, e.g., advertising costs.
Choose Your Niche
Your skills and interests are certain to find an audience, but you’ll have to choose a specific niche. If you have a skill (such as sewing) or hobby (like photography), you can make money off that interest by sharing it with others, doing one-on-one lessons or workshops in which you meet up with people at their location.
As per Peter DeCaprio, not only does it require less start-up investment than opening a store, but it also means you get paid for something you’re already good at doing. Remember to choose a niche that has an audience!
Choose Where You Will Sell
When deciding where you’ll be selling, it’s important to choose an environment that legally allows you to do so. Some ideas may require that you sign up for a marketplace like Etsy or eBay, but others may be better suited for local spaces, like in-person yard sales or craft fairs.
Once you decide what environment is best for your business, start building out a website and get your stock ready!
Once you’ve determined what you want to sell, get customers for your product. As per Peter DeCaprio, you can either sell directly to friends and family or create a store that showcases all of your products. To start, take some of your favorite items and nicely display them. Use social media platforms like Facebook and Instagram to market your goods.
Just be sure not to spam people with posts about how great your products are—and don’t forget to include price tags on everything!
Keep An Eye On Taxes
Making money through a side business is great—but you’ll want to make sure that you aren’t losing money in other ways. Failing to keep an eye on taxes can cost you big time. If you’re not ready to tackle taxes on your own, find an accountant who can help ensure that everything is on the up and up.
Peter DeCaprio Suggests to Stay Consistent
The truth is, if you want to turn a hobby into a profitable business on the side, it’s going to take some extra work. You might have to start small and develop an audience one client at a time. You may need to look for opportunities that allow you to combine your new pursuit with your day job so you can learn as you go. And, in some cases, all that grunt work will feel more like pulling teeth than having fun—but If you stay consistent, it can bring you loads of revenue.