So, you want to turn your hobby or passion project into something that makes you a bit of cash? Well, I'm here to encourage you to do just that! If today's market has taught entrepreneurs and aspiring business owners anything, it's that by allowing yourself some creative freedom and promoting yourself appropriately, you can start a successful business.
Why might you consider doing this?
Well, because even if you have a day job, most well-off individuals have more than one revenue or income stream.
This begs the question, what is a revenue stream?
By definition, revenue streams are various sources of income from which an individual or a business earn money.
This can take several forms, but the main takeaway is that having a "side-hustle" or two, even if you have a standard 9-5 job, can be beneficial (mentally and monetarily).
1. An increased sense of purpose and fulfillment.
Pandemic and current world events can leave many feeling pretty down. With mental health and burn out sharply rising, having a healthy escape/coping mechanism can be a huge help. Not only can starting your own something bring you a sense of pride and joy, but it can also help you to focus your time and energy into a project that turns into something bigger and better than you could have imagined.
Do you have a solution to a problem you've been thinking over? A board or video game idea you've been tossing around? Some crotched cuties or ceramic pieces you've been crafting in your spare time? These amazing outlets offer you time to enhance skills outside of your professional wheelhouse as well as a possible source of income in the form of a new business venture.
2. Multiple revenue streams can provide more financial stability (or cash to spend).
Depending on your level of commitment and determination into turning your hobby or passion project into a money making idea, there is always an opportunity for you to do or make something that can generate cash. Whether you're creating artwork, teaching online classes, providing consulting, designing artwork, etc. Have one or more projects that earn a profit can provide you with some extra cash. The amount you can generate will largely depend on the amount of time, effort, and planning that you put into your idea/creation, but the sky is the limit if you take your time and do your homework.
3. With time, effort, and planning, the hobby, passion project, or side hustle can turn into something much bigger than your regular job.
Similar to the idea mentioned above, you never know how big your idea can be. Something that may seem small or commonplace to you can inspire and inflame the hearts of many others. Perhaps you have an ecofriendly solution to waste clean-up, this could be something you share with the local community and scale to a size where outside companies want to partner or purchase your creation.
Perhaps, you've always loved playing video games, but never considered yourself someone that could stream or upload to YouTube. If it is something that you are honestly interested in pursuing, why not give it a shot? Yes, you should always consider time and finances--but that's where the planning comes into play.
A lot of times, you'll see people list:
- Be your own boss.
- Scale your own business.
- Make millions.
- Have the best work-life balance imaginable.
But, let's be honest for a moment. If you have something that you're passionate about and really want to try making a profit from, you'll have to commit a lot of time, effort, research, and flexibility. No matter what you want to do, you'll have to spend a little... from tools and equipment, to products or packaging. You'll likely need to shell out some cash upfront. Additionally, you'll likely encounter a slew of ups and downs, but that comes with the territory of stepping outside of your comfort zone.
Anyway, that is for another day and another blogpost. In short, if you have something that you want to try and turn into a side hustle or full-fledged business, consider it. Research, brainstorm, and don't hold yourself back from taking the first step!
Have you started your own business? Successfully run a profitable side-hustle? Feel free to drop a comment down below and share your story. You never know, you may just inspire someone!