Hobbies give people a much-needed escape from the daily grind. But what if they can be transformed into lucrative enterprises as well?
Here are two valuable lessons from people who successfully monetized their hobbies.
Never lose your enthusiasm for the task
Loving what you do is an excellent foundation for business success. It is the birthplace of quality and innovation. Take Christine Watanabe, for example, who plays tennis nearly every single day. A true enthusiast, she was not happy with any of the scorekeepers she found in the market.
Frustrated but eager to find a solution, she partnered with an engineer specializing in plastics to develop her own product and see her vision through. “Score At Hand” was born.
Designed by Christine herself, Score At Hand is receiving excellent reviews particularly from seniors who also previously struggled to keep score.
Believe in the value of what you make
People may love what they do, particularly when they are doing it just for themselves, for their own consumption. However, it takes bravado to introduce a new product to the market and command a good price for it. You will need to believe in yourself.
You will also need financial backing, which you can easily get through a small business loan in Ogden you can get from institutions such as wasatchpeaks.com.
To give you added that confidence; know that as of 2017, the size of the US creative Industry is about $43.9 billion, according to the Association for Creative Industries. That means more people are profiting from their creativity and there is a growing market out there for these unique products.
Hannah Dale, for example, has just lost her job in 2007 and caring for her mother who has cancer. She began to watercolor merely as a means for release. But she took her hobby a step further by designing greeting cards.
It eventually turned into a company called Wrendale Designs, which turns over roughly $3 million a year and employs 20 people.
Everyone has a talent or a passion that they can share with the world. If you can use yours to develop quality products, get organized and have faith, and you might find yourself making good money doing something you would have done for free.
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