Generate Income: A Hobby or a Business?

It easy to confuse having a hobby and having a business. There must be a transition from having something that you simply like and taking the necessary steps to make it into a business. Try answering these few questions. Remember, a hobby will not help you generate income.

What is a hobby?

A hobby is something that you like. This is usually something you’d do for free and you’ve loved it for a long period of time. Everyone has a hobby. The people that don’t have hobbies usually don’t have a strong, memorable personality.

What is a business?

Simply put, a business is the act of making one’s living or making money by producing or buying and selling products (goods and services). There are several different types of businesses available to operate in this day and age. To keep things¬†simple, we’ll only talk about online businesses.

The Transition to Generate Income

There must be a transition from having something you simply like, a hobby, and having a business that can help you generate income. Before we begin this list, you must understand that changing your mindset is what’s important. Hobbies do not help you make money!

Step 1: Learn

The very first step is to learn more about your hobby. The main goal here is to transition from having the hobby to being an expert. For example, let’s say you love bikes. You want to become the person that knows more about bikes than everyone else. You should know about the history of bikes, the best bikes and follow the best brands for bikes on social media. Learn from these brands

Step 2: Develop a Skill

Your next step is selecting a skill that can be used around your hobby. We’ll stick with the bike example. You can learn how to fix bikes or become an amazing bike salesman. Having the knowledge and information is great. But you don’t¬†want to end up as someone that knows everything but actually does nothing. The useful skill of fixing bikes or selling bikes will take you into the action phase.

Step 3: Sell Your Skill

Packaging a skill to sell is honestly the easy part. This is where you develop your positioning, build a brand and work on your social media presence. After you’ve learned about bikes and developed a skill around bikes, you must now sell this skill to generate income.

Build a Business

The first two steps of this process, learning about your hobby and developing a skill based around your hobby, will help you with the last step of selling your skills. Building your business is the much longer process but it’s possible. If you want to generate consistent income, you’ll have to build a legitimate brand. But before any of this starts, you have to invest in yourself. We talked about that last week.


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