Looking to monetise your hobby? New Zealand’s premier accounting professionals Tauranga-based Tutbury & Associates Limited have a few tips about how you can turn your hobby into a money-making business venture.
First thing you need to do is research. Look into the market and determine whether people will buy your product or service, you don’t want to invest time and money into a business that people aren't interested in. “Just because you have a passion for it, that doesn’t automatically mean other people will want it,” advises Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.
Market research will allow you to analyse competitors and identify your target market. Take some time to develop your hobby, read all you can about the industry, learn about sales and marketing.
Developing a business takes commitment and skilful management to make them successful, so you need a game plan from the beginning. “While you will have to be updated as you grow and change along the way, but it’s worthwhile to have a plan in place from the start,” advises Kelly. Being your own boss means that success or failure will fall entirely on your shoulders alone.
Changing your hobby into a money-making business is a tempting prospect. However, something to keep in mind is that turning a passion into a job can draw some of the fun from it. A loved hobby can become stressful when there are demands and deadlines to meet.
You will also want to test your idea before you fully launch it. If you offer a service, try putting it through social media and see if it generates any interest. You can also create a “coming soon” landing page, take pre-orders, selling a limited run, start a crowdfunding campaign, and running some social media posts.
Be honest with yourself and ask yourself how much you are willing to sacrifice to make your new business succeed. If you are planning to launch your new business while working a regular job, how much of your spare time are you willing to dedicate to it? “You will probably need to work long hours for an extended period of time before you’re able to turn a profit,” comments Kelly.
If you’re good at your hobby and there’s a market for its product or service, then it’s worth looking into ways you can monetize it and earn a second stream of revenue.
About Tutbury & Associates Limited:
Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.
Contact Tutbury & Associates Limited:
Phone: 07 576 2194
Address: 23 Myres Street Tauranga