Starting a business/ monetizing your hobby
So many persons have hobbies they enjoy doing at their leisure. It could be playing games, photography, watching television, blogging, basically anything. But do you know there is great joy in turning your hobby to a money making venture? Won’t that be something? Doing what you love and earning from it! Lots of people don’t see how this is achievable considering they have other jobs to do. I will give you a very good example with someone whose hobby is taking pictures. Photography can be of any type, nature/ wildlife shots, snapping people at the park or particular interest pictures. You could simply turn this love you have for capturing moments into a business. Either as a studio photographer or as a photography blogger. Now to monetize your hobby, there are things you need to think through. Below are a list of things to do when monetizing your photo hobby.
1. Give it a name
! As simple as this may sound. It is very important to give your new business a befitting name. A good catchy name means it will easily stick in your potential customers mind. You don’t want a name that doesn’t roll of the tongue. For instance, Joe’s amazing photography. Think something short and punchy like Joe’s shots/ Joe’s photos. A catchy name is very vital when starting a new business.RESIDUAL INCOME/PASSIVE INCOME
2. Do your research:
This is probably the first thing you should do as it is very vast. You’re going to make research for several things. You have to check and confirm if the name of the business is already taken. You have to research the business itself, how rampant it is in the area you want to start it. Do people in the area appreciate the services you are going to offer. You have to research potential competitors as well. Check how successful they are, how they go about their business, how do they operate. Proper research is very vital any how you look at it, wether you do it yourself or hire someone to do it for you. Make sure you do a very in-depth market research before you start any business.
3. Working tools/Equipments
Tools and equipments are very important in any business. You don’t start a welding business without a protective welding glass. What materials do you need to start the business? Make sure the things you need are ready. Check for the ones that are most important to start the business and buy them if you don’t have them already. If it is the photography business you want to start, then you will need a camera, a good one of course, you may or may not need a stand, a camera stand, etc.
4. Registration and license
Off course you don’t just select a business and start without proper registration and license. It is important to go to the nearest licensing agency in your area and get registered. Once you’re licensed, secure your license and keep it safe. It shouldn’t take more than a week to get licensed in any field of choice.