Tuesday September 25, 2017 – How To Turn Your Hobby Into A Multimillion Naira Business Empire
By Gbenga Adebambo
MONETIZE YOUR HOBBIES…STOP GIVING TOO MUCH OF YOURSELF AWAY FOR FREE!
“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking”- Steve Jobs
Marc Anthony once said, “If you do what you love, you’ll never work a day in your life”. There is so much joy in getting paid at what you love doing. Apart from the fact that you will earn a decent living, it will also give you a deep feeling of fulfillment. Our hobby carries within itself the secret to unlock our wealth and fulfillment. When your hobby becomes your source of income, it will not only give you financial freedom but also ensure that you will have ample of time with family and friends.
Phyllis Mufson, a career coach once said, “A hobby you really enjoy can be an important part of choosing a career because your hobby is a window into what you love and value and do most naturally, which are all important components of a career where you’ll flourish.” Knowing your hobby is one of the flawless ways of blessing the world! Most of us have a hobby, a passion or something that we love to do outside of our regular job. Very few of us ever thought we could turn this passion into a source of income. You may not want to give up your day job, but the idea of sharing your passion can make for an extremely rewarding spare time activity, as well as give you some extra money on the side.
As long as you have a hobby, you have something to sell! Your hobby is your ‘natural’ business. Hobbies are those activities we’re so passionate about that, not only do we do them without getting paid; we often pay to do them. I am here to tell you that you can flip that around. You can actually get paid to do the same activities you already love to do in your spare time. One of the major reasons why people are so poor is simply because they give too much of themselves away for free! When a lot of what we love doing is for free, it becomes an open invitation to poverty! I am not disputing the fact that we must do some things for free to bless others but it must not be everything. When everything that we do is for free, we gradually bankrupt our potentials.
Your ability to exchange and leverage on what you love doing for money is the core essence of entrepreneurship. When you are constantly adding value to others without financial returns, then you are defrauding yourself! If we spend the majority of our time doing the things we love (which is generally only possible if these things pay us) we are more productive and happier, and society is bettered.
As an entrepreneurship coach, one of my core areas of expertise is in helping people evolve and metamorphose their hobbies into money-spinning ventures. Over the years, I have come to realize some mental blocks that are keeping people in poverty. I have three categories of this mental blocks and I really want to implore the reader on the need to sincerely and diagnostically put yourself to where you belong! The first mental block is ignorance! I have often said that there is no man that is truly poor; we are all rich in something. While the ‘rich’ are rich in ideas and self-awareness, the poor are rich in ignorance! Many are simply poor because they are ignorant of their hobbies and how it is linked to their wealth and financial freedom.
The second mental block is the inability to evaluate one’s worth. When you realize how much you‘re worth, you’ll stop giving people discounts! Nobody will pay you more than you value yourself. I normally advocate for my mentees to always carry out what I call “WORTH-ANALYSIS”. You deserve to know the worth of your hobby; this will seriously help you in the process of pricing the value you are adding to people.
The third mental block is actually the subject of my discussion for today. This third category of people are not ignorant neither are they oblivious of their worth but their ‘Big problem’ is that they give too much of themselves away for free! They have not come to realize the core principles of a sustainable life, which are the principles of ‘exchange’ and ‘trade-offs’. Many people are living in a manner that is unsustainable. When you give too much of yourself away for free, you deplete your ability to earn a sustainable income. The principle of wealth is simply exchanging ‘values’ for money. We are being paid simply because of the values we are adding to others. You deserve to be paid as long as you are adding values to others. Stop offering yourself for free, and except you are doing a volunteer work or humanitarian service, make sure you get paid whenever you add value to others! Stop letting your emotions or ‘excessive’ generosity get in the way of living a sustainable and decent living. If you cannot stop the emotions, then you can decide to give a part of your wealth for free after you’ve been paid but never allow your emotions or over generosity to hinder you from getting paid for adding values to others!
There is tremendous joy in earning income from doing something that you might happily do for free. Blogging was a hobby for LI but today, she earns a fortune from it. Hobbies like photography, writing, cooking, baking, home or office organizing, drawing and painting can be metamorphosed into money-spinning ventures. Walt Disney’s love for sketching and drawing created one of the most vast entertainment company now known as the Walt Disney Company. KFC (Kentucky Fried Chicken) was born out of someone’s hobby of cooking!
There are many hobbies that have the latent capacity to be turned to wealth. The list is unending, but I will like to underline a few:
FITNESS: If you are a fitness addict or Pro, you may be able to start making money at it. You can become a fitness coach at Gyms or even a personal trainer. There are top executives that need fitness advices to keep fit. You can even become a fitness consultant to companies that have great concern for leisure and fitness.
PHOTOGRAPHY: Photography is a hobby that can be honed to spin money. Whether your passion is for nature, celebrities, fashion, street/ documentary photography, climate change and environment or entertainment and lifestyle, photography is a hobby that captures virtually every facet of life. There are a number of major websites, such as Flickr and Shutterstock, that provides photos to various users across the web. You can earn some money by setting up an account on those sites, and adding your photos to sell to potential clients.
GRAPHIC AND WEB DESIGN: There is definitely a market out there for graphic and web design. All that is needed is creativity and knowledge of some design software. Though, there are lots of software packages out there that can help anyone to learn this but a passion for it will always put you ahead. Many companies are paying a lot for web and logo designs; all you have to do is to polish your skills in graphic design software like CorelDraw, PhotoShop, GIMP/GNU, Illustrator, Inkscape, InDesign, Serif Drawplus, Xara Xtreme, Corel PaintShop, Corel PhotoImpact, Cyberlink, Sumopaint, Vector, Google Sketch-up, etc.
WRITING, EDITING AND PROOFREADING: Writing is a hobby that has a universal demand because there are billions of books, magazines, articles and journals that get published every year. The opportunity is limitless. You don’t have to limit your work to straight writing assignments either. You can also try your hand at editing and proofreading other people’s work, as well as speech writing. If you have become a prolific and veteran writer, you can even consider tutoring people on how to write. It’s a weakness for a lot of people, who may be willing to pay you to help them get better at it.
SOCIAL MEDIA: Do you spend a larger chunk of your time on social media every day? Then, you need not consider it a time waster if you can turn this hobby into a moneymaker. Companies, big organizations, and even politicians are increasingly recognizing its value as a means of promoting their products and ideologies. Social media marketing and promotion is now the face of a new order. If you know how to build a following on any of the major social media outlets – Facebook, Instagram,Twitter, Tumblr, LinkedIn, Google+, and others – you may be able to carve out a money making niche for yourself. Social media management is becoming a career field on its own. As you grow into social media from a business perspective, you may be creating a new career for yourself – out of what is now just a hobby.
COOKING AND BAKING: Cooking is becoming a major money spinning venture especially when the person involved has a wide spectrum of cuisines. Everyday, different kinds of dishes are evolving across Europe, Asia, Africa, North-America, South-America, Australia and Antarctica. You can even teach people online on how to cook mouth-salivating dishes!
BLOGGING: The easiest way to start blogging is to blog on your hobby. Is there a subject that you are particularly passionate about? It can be fashion, business, finance, politics, health, fitness, entertainment, cooking, IT or just about any category you can think of. If you really want to become an on-line authority on your hobby, then blogging is expedient! Start your own blog and become a member of the growing ranks of self-styled experts that are populating the web. When your blog site is pulling the crowd, you will get a steady flow of visitors which can ultimately open the doors to advertising arrangements, as well as affiliate deals.
COMEDY: Some people are natural born comedians; they have a natural tendency to always bring humour out of any situation. The entertainment industry is today more populated with comedians than even musicians, actors and actresses. In a world that is being ravished by depression and recession, the need for ‘ humour mongers’ is highly alarming! You can look out for clubs and special events that need your service. You can even take your comedy skills and use them to be MC at a variety of events.
CRAFTS, BUYING AND SELLING: If you have an uncontrollable hobby for window-shopping, buying and selling, then you can turn it to a big business. Some people are fascinated with bags, some with shoes, while for some it is jewelries and perfumes. No matter the craft you are interested in, it can be turned to big business. You can even leverage on technology, internet and social media to sell. Amazon, Ebay, Jumia, Konga, Payporte, Jiji, Market hub etc. started in a not too impressive way but they have all leveraged on technology to rule the world of On-line sale.
PETS: If you love pets, there are plenty of ways to make money out of it. One area that can be particularly lucrative is taking care of exotic pets. Even more specialized is pet grooming. This includes bathing, fur trimming and cutting, as well as nail clipping- primarily for dogs and cats. Many rich executives can literally pay a lump sum of money for the upkeep of their pets than that of their own children!
INTERIOR DECORATION AND EVENT PLANNING: Some people have great aversion for disorderliness and are really gifted in organizing and bringing order in a way that brings out the beauty in a place. You can improve and repackage your skill and hobby in such a way to add glamour and beauty to events, occasions, companies, outfits and even people’s apartment.
TOURIST GUIDES: Do you have this special zeal for travelling and navigating some natural and artificial tourist sites in your country, then you might need to consider being a tourist guide. You might even have an itinerant lifestyle and eyes for details, being a tourist guide might be the goldmine you’ve been waiting for! You only need to gather additional information on the cultural, historical and contemporary heritage at venues of significant interest like educational establishments, recreational points, religious and historical sites, museums, wildlife centres and zoological gardens.
MUSIC AND MUSICAL INSTRUMENT: If you really enjoy music and playing a certain instrument, then you are certainly in demand! Many parents are often looking for teachers and tutors to help their children master an instrument. Think of the people you know who will engage the services of teachers and tutors for piano lessons, guitar lessons, drum lessons, violin lessons, or any of the hundreds of other instruments out there. You could become one of the teachers or tutors that can help both children and adults to master the craft.
PUBLIC SPEAKING: For most people, public speaking is a Herculean task, which is exactly why this can turn into a goldmine if you carve a niche for yourself in a specific area. It can be something on relationship, addiction, depression, entrepreneurship, marriage or even religious topics. As a youth coach, I am personally fascinated with topics that relates to the youths such as entrepreneurship, creating educational opportunities, relationships, addictions, talent and gift development, youth employability, leadership skills, Information and Communication Technology (I.C.T), and youth inclusiveness in politics and government.
I want to reach out to everyone out there to make your hobby your profession! Whether as a full-fledged passion or a retirement plan, monetizing your hobby is the most sustainable way of living. Look inward and repackage what you love doing to make money. Making money from your hobby is excitation, but making money from your job alone is exhaustion. Discover and monetize your hobby so that you will not spend the rest of your life lobbying!
QUOTE OF THE WEEK: “If you don’t discover and monetize your hobby, you will spend the rest of your life lobbying”- Gbenga Adebambo