Can You Turn Your Hobby Into a Profitable Niche Business?
One of the points I mention in my book, Get Niche Quick, is whether or not you should consider your hobby as a profitable niche business. Usually, the question is not so much can you turn your hobby into a business – but should you?
To see if your hobby is a labor of love or a lucrative niche – you’ll want to ask yourself these four crucial questions:
1. Do You Absolutely Love Your Hobby? Could you work at it night and day? Does it not even seem like work? To start a business doing your hobby, you’ll have to absolutely enjoy every minute of it. It doesn’t even have to be something “hands on” to profit from it. For example, if you enjoy cooking with unique or elegant spices and making new dishes, you could easily transform your love of cooking into a blog complete with a video membership where you can “sell” new recipes and show people how to make them, step by step.
2. Are You Good at Your Hobby? You have to be extremely good at something to show other people how to do it. You also need to be enthusiastic about teaching it to others. Excitement is contagious and people will flock to listen to or read content given by someone who is not only good, but loves to show their hobby to others. You don’t have to be perfect, but you do have to know what you’re doing.
3. You’ve Got to Know a Secret or Two – In all your time of practicing your hobby or past time, you’ve probably come across a better way of doing things, a new method, the right ingredients and so forth. It has to be something that’s not commonly known and can’t simply be “Googled”.
4. People Have to Want to Buy What You’re Selling – To make money from a hobby, you have to reach a market who wants what you’re offering. It could be a product, a service, a training course, or a combination of things. You need to figure out exactly who is looking to buy and what, exactly, they’ll get from doing business with you.
If your hobby can fulfill a demand, and you know enough to be able to start marketing it properly, ask your friends, family and fellow hobbyists what they think. This is the “poor man’s” version of market research, but it often yields results that are much better than the millions of dollars corporations pay for the same thing!
Do your research and homework now. Make a list of ideas or potential customers and then go for it!
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Can you really make money with a niche blog? I’ve heard people talk about it, but I haven’t tried that strategy yet. Of course you still would need to get backlinks, and lots of links from articles and other sites to get traffic. sounds like pretty good plan, if you find the right niche.
Great post, by the way!