Ready to make that dream a reality?
Do you start gardening immediately after your nine-to-five job, or cook up a storm in your free time just for fun? Are you such a fitness freak that your friends end up messaging you for health advice? If so, then you might consider turning your hobby into a side gig. This way, you'd be hitting two birds with one stone: doing what you love, and earning real money from it.
Whether you are looking to monetize your hobby or trying to run it as a full-time business, now may be the best time. Google search for "Home Business" peaked at 100 percent locally in June 2020, three months into our New Normal, according to Google Trends. Before you get started, make a plan, set a deadline, and check out these six tips - from finding your niche to getting a personal loan that works for you.
Find your niche
The key to maintaining a successful side-hustle-turned-home business is to specialize. There are thousands of bakers on Instagram, so think about what will set you apart as a specialty baker. Or if you are a writer, perhaps you could focus on articles about parenting or healthcare, for which there is quite a big demand.
Explore and research
Ask yourself: Is there a market for your product or service? Is the demand high enough? How are your potential competitors faring now? Does your particular line require special business permits or licenses? All of these factors should be considered and studied carefully, even before you get started.
Add to your know-how
There's a plethora of online (and mostly free!) content and workshops that will help you improve your craft. Aside from taking these skill-based lessons, you could also consider learning more about e-commerce and digital marketing, which would be helpful once you start your business.
Take advantage of online opportunities
The easiest and most cost-efficient way to market your hobby-turned-business is to make your presence felt online. And when we say "presence," it shouldn't be a whisper-develop your brand and put it out there by setting up social media profiles on a range of platforms. Aside from creating a page or Instagram profile, boost your discoverability by joining selling groups and instant-messaging-app communities to promote your product or service without spamming.
Is your start-up capital requirement too high? Don't make the mistake of emptying your nest egg on your side gig. If you need to borrow to get your venture going, do it within your means and consider getting a no-collateral personal loan instead. Citi Personal Loan offers up to P2 million in loan amount with a flexible payment terms of up to 5 years.
Don't blow your earnings in one go
Made your first big sale? Don't be tempted to spend what you earned on an impulse buy. Set up a separate bank account and record every sale or expense. Once you have saved up an amount that's big enough, invest it in good-quality materials or in tools that will help streamline your production process or improve your service.
With a good amount of planning and by keeping your heart in the right place, you can finally make that dream business of yours come true.