Turning hobby into a career

YOU CAN break personal finance into three broad categories: income, expenses, and savings.

A common goal is to end each month with a positive balance – with money left over to put into savings.

With planning, dedication and an understanding of how your skill set could benefit clients, you could make the transition to a more entrepreneurial role and increase your income.

A friend recently started working out while looking for a way to release stress. Soon, exercise became her hobby. And then her passion.

Several years later, she got the necessary training and certifications to go into business for herself as a fitness instructor and personal trainer.

Others have similar experiences. A photography

Practical money matters

or coding course sparks intrigue, which leads to an eventual career or part-time income source.

Or, you may decide it’s time for something different, and start exploring an entirely new path.

Acknowledge that you may be giving yourself a new job. First, consider whether you really want to turn something you enjoy into a financial pursuit.

Some people find that the transition can ‘ruin’ their hobby in a way – it could feel like a chore or job rather than an enjoyable outlet.

As long as it doesn’t require a substantial upfront financial investment, testing the water before diving in fully could be a good idea.

With the proper clearance, you can stay at your current role and start a small side business, or offer your services as a freelancer to see what the experience will be like (and how much money you can make).

Identify ways to make your offering uniquely yours. It will take a lot of work to make a business succeed and even with a driven entrepreneur at the helm, many businesses don’t make it past the first several years.

Figure out who your target customers are and what they like. If you’re going to make money, you’ll want to identify a target market.

Generally, this will be a group of people who want and can afford your offering. Both qualifiers are equally important.

Be brutally honest with yourself. There isn’t always a profitable market, and some hobbies don’t make great businesses.

Working within a proven market – selling something that people already buy – can be a good thing because you know there’s at least some demand.

From there, you can figure out the best way to find customers that like the twist or extra touch you’ve put in.

Drawing on my friend’s experience, she has found ways to attract her clients.

Some people already have an active lifestyle and don’t need added motivation. For them, she emphasises her knowledge of fitness and health.

She can craft a meal plan that aligns with their physical

Nathaniel Sillin directs Visa’s financial education programmes.This article is intended to provide general information and should not be considered health, legal, tax or financial advice.