Chances are whatever you’re doing, or thinking about doing for a freelance business probably started off as a hobby. And, depending on your life and career going, you may decide to keep certain activities or skills as a hobby. But, if you decide to start capitalizing on your skill there’s nothing wrong with that. In fact, turning your hobby into a side hustle can be one of the most exhilarating ways to make money.
But, it’s important to be honest with yourself. Maybe you want to keep your hobby just for yourself as a way to unwind, relax, and recharge? Perhaps the added pressure of selling your work may not make the task as enjoyable for you anymore. Turning your hobby into a side hustle doesn’t necessarily make sense for everyone. But, for others, making money doing something you enjoy so much this may seem like a no-brainer.
Here are some questions to guide you on whether you could turn your hobby into a side hustle.
What qualitative and quantitative value does/could your freelance business or project offer?
Depending on the product or service you’re building, determining the value of that project not be entirely clear. Value is about so much more than just money or earning potential. Although money is important, other “value adds” of your hobby can help inform its revenue generating potential.
Say, for example, you run a blog all about organized living. You write weekly blog posts on everything from non-toxic, all-natural cleaning products, to the best closet organization hacks. There are several different determinants of the value of this blog, including variables like:
- Monthly readership and web traffic
- Social media following
- Blog subscribers/email list
- Organic, direct, and referral traffic
- Inherent value
Some quantitative measures of value include web traffic, social media following, and email/newsletter subscribers. But, the inherent values of your blog are important as well. These qualitative measures are where a lot of the lasting value of your product comes from. This is how your work affects consumers. Are your readers sharing your content with their own friends and family on social media? Are they engaged with your content and excited for what you’re putting out? All of this counts! It can have a very real effect on your bottom line.
Even if monetization isn’t clear at first, recognize the many other ways your work adds value to consumers. You can iron out your monetization strategy by then assigning a monetary value to those quantitative and qualitative value components.
How can I add a financial value to this project?
Using our example of the organization blog, start thinking about ways that we could leverage value. What specific products and/or services could be associated with some of those things? In our example, physical products like storage containers, non-toxic cleaning products, or shelving units might be a good start. What companies sell or manufacture these items? Many retailers now offer affiliate programs to influencers and vendors who promote their items online. Or, you could have your blog or social media posts sponsored; this can usually be a faster, and more direct way of making money through your content.
Lastly, using our organization blog example, there may be an opportunity to start your own line of cleaning products. How about creating an online course and selling that to your audience? Your readers are already fans of your brand. They would be more inclined to buy a product from someone they know, like, and trust. That’s you!
Think about the value you’re offering through your hobby. Attach a price tag to some of those intangibles by creating products or services around it. The possibilities for your side hustle or freelance business are limitless.