Use Your Hobby to Make Money

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If you have a special talent, there may be a way to turn your talent into a money-making business.

Here’s how to get started:

  • First, think about where you see your business going. Ask yourself questions like, “How much money do I want to make?” and “Where do I see this business in 1 year and 5 years?” Also, be sure to think about how much time you have to invest in your new business. Writing up a business plan is a great way to help you answer these questions.
  • Next, you’ll want to look around and check out others that are doing the same thing you want to do. Watch them to learn what makes them successful. Research online, attend shows and join forums to get insight into the business you want to start.
  • Do lots of research to determine how much you are going to charge for your goods or service. Take into account how much time it takes to get the job done to make sure it is worth your time.
  • When starting your business, keep operating costs as low as possible. Only buy supplies when you need to use them rather than just buying them to have around. Consider working extra hours to save up start-up costs instead of taking out a loan.
  • Identify different places to sell your product-try online stores, outdoor markets, stores and fairs.
  • The best way to increase exposure to your business is to market yourself. Business cards, logos, websites and blogs are ways to help you expand. Always be ready to talk about your business. If you make something, wear it or have it with you to spark a conversation. When someone comments on the item, thank them and give them one of your cards. If you sell a service, find unique ways to showcase your business.
  • Once you are ready to open shop, be sure to register your business with the county or state agency. If you earn more than $400 per year you will have to pay taxes on your income, so be sure to keep accurate records. Check out The U.S. Small Business Administration for free advice on starting a business.

Do you own a business? If so, was it difficult to get started? Do you have any advice for those considering starting a business?  Leave comments in the section below!

Other Managing Your Money Posts:

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Tips to Reduce Impulse Spending

Why You Need an Emergency Fund


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